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.
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.
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 105th 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.