OptimumBank Offers Competitive Money Market In South Florida

POSTED ON SATURDAY, JANUARY 26, 2019 BY Ken Tumin

Update: These offers and rates have expired.

Deal Summary: Personal Money Market, 2.60% APY ($100k+), 2.10% APY ($1k+), rate guaranteed through January 31, 2020, $1k minimum opening deposit.

Availability: Market area includes the Florida South Atlantic coast, but out-of-area accounts may be possible.

OptimumBank is one of those banks that does not list any of its rates, making it quite difficult to take advantage of any great rates that come along. Luckily for us, DA reader, leemd, saw a promotion on the Sun Sentinel’s website for OptimumBank’s Personal Money Market (PMM). Now through January 30, 2020, the PMM will earn a guaranteed 2.60% APY on balances of $100k and above. Balances between $1k and $99,999.99 earn 2.10% APY.

While there are no rates listed on the website, OptimumBank details the particulars of the PMM. (FYI – OptimumBank lists the PMM on the Checking Products page, not the Savings Product page.)

$1,000 minimum deposit to open

$1,000 minimum daily balance to earn interest

$1,000 average daily balance or Direct Deposit to avoid $20 monthly maintenance fee

Interest rate tiered by account balance

Interest compounded daily, credited monthly

Limited to six (6) third-party debits by means of check, preauthorized automatic transfers, telephone transfers, electronic banking or mobile banking

$10 per excess debit per statement cycle

FREE 1st order of wallet style checks

FREE Mobile Banking with mobile deposit

FREE Online Banking

FREE Online Bill Pay

FREE eStatements with check images

Thanks to all the DA readers who commented on leemd’s Forum post about OptimumBank’s Personal Money Market.

Availability

Headquartered in Plantation, Florida, OptimumBank’s market area is the Florida South Atlantic coast.

Opening a Personal Money Market account can be done at any of three Florida branches located in Deerfield Beach, Fort Lauderdale, and Plantation. OptimumBank’s online banking platform is currently dedicated to account management and bill payment services..

DA reader, RickZ, was told “that a person who lives out of their branch area may still open this account by telephone/email but that it would have to be approved by a branch manager.” I was told the same thing in a phone call yesterday.

Bank Overview

OptimumBank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on September 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $3.95 million, an excellent growth rate of 7.19%. Please refer to our financial overview of OptimumBank (FDIC Certificate # 35430) for more details.

Founded in late 2000, OptimumBank was the brainchild of a group of local Broward County businessmen, who “decided to reverse the trend of out of state mega-banks and give the area a true community bank.” In additional to focusing on traditional in-person banking values, the Bank’s directors gave local investors (large and small) the opportunity to become an “owner” of the new bank. OptimumBank is currently Florida’s 105^th largest bank, with assets in excess of $97 million.

How the Personal Money Market Compares

When compared to 220 Money Market accounts tracked by DepositAccounts.com that are available in the Bank’s market area, OptimumBank’s Personal Money Market Account APY currently ranks first, regardless of minimum balance requirement.

The above rates are accurate as of 1/26/2019.

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

micheleforan | Feb 7, 2019 | Comment #8

This seems to be the best place to park your money until a great CD rate appears (4% again soon?). Optimum guarantees the 2.6% APY until Jan 31, 2020, and if you go below the $100,000 minimum needed to get 2.6%, you still get 2.1% on money between $1000 and $100,000. Note, for very little work you make over $9 per month more for each .1% difference in APY [for each $100,000 you transfer] My EBSB savings account earns 2.5%, but that rate is not guaranteed, and it may not be available to new customers. Thus I transferred $100,000 yesterday and will get $9 extra each month. I lost 1 day's interest when I pushed the $100,000 from EBSB into Optimum, but that was less than a $7 loss. One slight problem with Optimum is that you cannot initiate transfers from their bank. But you can push and pull from any external bank or company.

Human | Feb 9, 2019 | Comment #9

Hi Micheleforan, I also have the same account at EBSB with a large amount, and I'm considering to open an account at Optimum Bank or opening a 6 month CD at the credit union that pays 2.78% APY. I wish EBSB would raise the rate so I don't have to do any thing. With the Optimum I would get extra $900/y but it would be liquid to take advantage of better future deals. Did you have to call the bank to open the account?

micheleforan | Feb 10, 2019 | Comment #10

Human. I did have to call the bank, and Charmaine Barnes was very helpful. I filled out some PDF form she emailed to me, and I emailed it back with no problem. It was a PDF that I could easily fill in online, and even sign online. Once the accounts were open ( I decided to open both a free 50+ checking and a Money Market account) I did the test transfers from my EBSB. Once I verified Optimum I pushed the money into the 2 accounts starting at EBSB. [Optimum does not have convenient ACH initiated transfers.] The Money Market account is a checking account, and I will be auto paying my 4 Chase credit cards with this account.

Human | Feb 11, 2019 | Comment #11

Thank you micheleforan, I'll contact Charmaine and let you know what happened.

Human | Feb 11, 2019 | Comment #12

micheleforan, Charmaine told me that the rate has been pulled temporarily and I asked her to send me the application form and let me know when the rate is back on again.

midas89 | Feb 12, 2019 | Comment #13

Human, thanks for posting that Optimum has pulled the 2.6% Money Market (perhaps temporarily).

Comments

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13 Comments.

RichReg | Jan 26, 2019 | Comment #1

At $100K min., they'd better give you free checks.
Nice rate if you want to park some just-matured CD money and
waiting on some amazing unannounced CD special that's coming out soon.

What special that might be, I have no idea....

RJM | Jan 28, 2019 | Comment #5

That sort of describes me. But the $100k minimum to get the top rate is too high. Because I will want to buy CDs if & when deals appear and don't plan to leave $100k+ in a money market for months on end.

Im leaning toward the Premier 17 month at 3.20% when a large CD matures on 2/5. Unless something better comes up by then. By then it might be 18 months at 3.25% the way they keep increasing the rate & extending it.

Mikey1 | Jan 26, 2019 | Comment #2

So you’ve noticed the good interest rate and the “A+” rating. Do yourself a favor and read the disclaimer underneath that rating. My decision is to wait a bit to see how their growth influences decisions in managing all those funds lured in by the 2.6%. With a $100K minimum I need to have the confidence earned by a good track record with a larger asset base.

Anon | Jan 27, 2019 | Comment #3

Great. I live very close to one of their branches. Thank you.

Svensk | Jan 28, 2019 | Comment #6

Northern Bank jumps to 2.5% !! It is an excellent place to park that loose cash! Has checking with unlimited amounts. Give it a look! Question: Why are some banks are excluded on this site. I know the paid advertisers get top billing, but, to be fair, all banks should be included if the site is truly legit.......

RJM | Jan 28, 2019 | Comment #7

I don't think Ken excludes any deals he knows of. Right now, the Northern Jump appears to only be for existing customers. (Their website still shows 1.51% for new accounts)

I happened to have an old account with $10 left in it that has been untouched for months. So glad they raised their rate rather than having to open new accounts.Also, the top rate is up to $250k so you don't really want to go over that.

EDIT: I just called and verified that it is NOT open to new customers.

Joyce | Jun 16, 2019 | Comment #14

In the past Optimum would match rates if you brought in an ad from another bank or credit union as long as it was new money. Not doing this now. Apparently it was very successful and they raised a lot of funding. Always worth asking in case they will do,this again. It is NOT advertised. Love the bank and its staff. I had knee surgery and could not drive and the manager came to my House. Very personal service. Felt like I lived in a previous era!