Ocean Bank (Florida) Adds 13-Month CD

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Deal Summary: 13-month CD (2.65% APY), 9-month (2.35% APY), $2.5k minimum deposit, new money.

Availability: Market area includes the South Florida counties of Broward, Miami-Dade, and Palm Beach.

Ocean Bank is currently offering special rates on two of its CDs: 13-month (2.65% APY) and 9-month (2.35% APY). Of the two, the 13-month APY is more competitive. Either CD can be opened with a minimum $2.5k deposit of new money, which is defined simply as “funds not currently on deposit with Ocean Bank.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.44%$2.5k-Ocean Bank9 Month CD Special - New money
Rates as of December 1, 2023.

As stated on the Certificates of Deposit page, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of one year or less, but more than 31 days: The fee we may impose will equal 90 days’ interest on the amount withdrawn subject to penalty.

If your account has an original maturity of more than one year: The fee we may impose will equal the remaining interest due through the maturity date with a minimum penalty of 180 days’ interest on the amount withdrawn subject to penalty.

Many thanks to DA reader, Kirkland, for posting about these Ocean Bank deals.

Availability

Headquartered in Miami, Ocean Bank’s market area includes the South Florida counties of Broward, Miami-Dade, and Palm Beach.

Opening a CD can be done at any of the 20 full-service Florida branches located in Coral Gables, Doral, Fort Lauderdale, Hialeah (2), Hollywood, Miami (9), Miami Beach, Miami Lakes, Pinecrest, West Miami, and Weston.

Ocean Bank’s online banking platform is currently limited to account management and routine banking transactions, including bill payment services.

Bank Overview

Ocean Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.29% (excellent) based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $174.04 million, an excellent annual growth rate of 5.71%. Please refer to our financial overview of Ocean Bank (FDIC Certificate # 24156) for more details.

Established in 1982 as the Ocean Bank of Miami, the Bank’s original home was a small trailer situated on the lot where the current Ocean Bank headquarters is located. With assets in excess of $3.7 billion, Ocean Bank is currently the largest independent state-chartered commercial bank headquartered in Florida. The Bank has also been the most active Small Business Administration (SBA) 504 lender in Miami-Dade County since 1995.

A March 2018 press release, stated that,

The Miami Marlins and Ocean Bank announced today the bank has become the team’s “Official Banking Partner” and features Ocean Bank as the entitlement partner of the Blue Quadrant at Marlins Park, which includes major signage at Marlins Park, along with promotional rights.

How the CD Compares

When compared to the 265 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available with the Bank’s market area, Ocean Bank’s 13-month CD APY currently ranks second.

The above rates are accurate as of 8/30/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Miami CD rates, 1-year CD rates

Comments
3.55% 7-Month CD & 3.75% 13-Month CD at Ocean Bank in South Florida
Ocean Bank is offering a CD promotion with two competitive rates: 3.55% APY for a 7-month term and a 3.75% APY for a 13-month term. Minimum deposit is $2,500. These also available in an IRA. These specials don't seem to be listed on the bank's website. A reader commented on these, and I contacted the bank today and verified that these are available as of 1/06/09. The CSR said that rate can change at anytime.

A branch visit appears to be required to open accounts. Branches are located in Miami-Dade and...

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4.40% 7-Month CD & 4.50% 13-Month CD at Ocean Bank in South Florida
Ocean Bank is offering a CD promotion with two competitive rates: 4.40% APY for a 7-month term and a 4.50% APY for a 13-month term. Minimum deposit is $2,500. These specials don't seem to be listed on the bank's website. A reader emailed me news of these, and I contacted the bank today and verified that these are available as of 12/08/08. The CSR said that rate can change at anytime.

A branch visit appears to be required to open accounts. Branches are located in Miami-Dade and Broward County.

Ocean Bank...



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Money Market Account and CD Specials at Ocean Bank in Florida
Update 11/17/08: These specials appear to have ended. Please check with the bank for the latest specials and rates.

Ocean Bank has updated its promotion page to include the CDs that I reported on in this post from two weeks ago. The two competitive CDs include a 4.75% APY 13-month CD and a 4.40% APY 7-month CD. The minimum deposit is $2,500.

One thing that's new is a money market account special that guarantees a yield of 3.50% APY through 4/15/09. The minimum opening deposit is $2,500. The minimum balance required to...



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4.75% 13-Month CD at Ocean Bank in South Florida
Ocean Bank is offering a special 4.75% APY 13-month CD. The minimum deposit is $2,500. This 13-month special doesn't seem to be listed at Ocean Bank's website. A reader mentioned it, and I sent the bank an email for additional details yesterday. From the email I received today, they're offering 4 specials:

Term APY
7 months: 4.40%
11 months: 3.56%
12 months: 4.40%
13 months: 4.75%

Note, Ocean Bank does have a CD promotion page listing the 7- and 12-month CD specials. The 7-month...







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4.01% 10-Month CD at a South Florida Bank (Ocean)
Ocean Bank is offering a special 4.01% APY 10-month CD. The minimum deposit is $2,500, and there's no maximum deposit. This special doesn't seem to be listed at the bank's website. A reader mentioned it, and I just called for additional details. I was told that there are no special requirements such as a checking account. The CSR did not know how long it will last.

Branches are located in Miami-Dade and Broward County. The bank has been FDIC insured since 1982 (FDIC Certificate # 24156).

Thanks to the reader who...



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