It's happened again: another competitive rate has fallen before I could publish a blog post. Miami-based Pacific National Bank’s (PNB) 13-month Online Promotional CD had been earning 2.70% APY for more than eight months; last week, 2.70% was a very competitive rate for a 1-year CD. PNB has lowered that rate to 2.60% APY, which could possibly be a competitive rate following a projected lowering of the Fed rate. All of PNB’s CDs require a $1k minimum deposit of new money and are capped at $240k.
PNB still makes it difficult to determine what the Early Withdrawal Penalty (EWP) is. Although there is a Terms and Conditions document listed on the online application, rather than containing any detailed information, it states,
Refer to your specific Truth in Savings Disclosure (consumer) or Specific
Account Details (business) for early withdrawal penalties and other product details.
According to CSR, the EWP for the 13-month Online Promotional CD is 30 days. The terms of the CD Truth-In-Savings (TIS) CSR sent me a few months ago are still in effect. Rather than a blank copy, I received one that was already filled out for an 18-month CD, showing a 30-day EWP. As that is the smallest EWP listed on the TIS and it applies to the 18-month CD, it applies to the 13-month CD.
Funding and Accessing Maturing Funds
Funding any kind of PNB account can be done through ACH, with a maximum deposit of $1 million allowed. Maturing funds can be distributed through ACH, wire, or by cashier’s check. There is a 10 calendar day grace period before CDs automatically renew.
Unlimited beneficiaries can be named but the percentages assigned must equal 100%. While Social Security numbers for beneficiaries can be added to the online application, they are NOT required.
Headquartered in Miami, Pacific National Bank’s original market area, which had been limited to South Florida, has been expanded to include all U.S. citizens and resident aliens, 18 years or older, who have a valid Social Security Number.
Pacific National Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.49% (excellent) based on March 31, 2019 data. In the past year, PNB has increased its total deposits by $47.65 million, an excellent annual growth rate of 14.64%. Please refer to our financial overview of Pacific National Bank (FDIC Certificate # 26299) for more details.
In 1982, Banco Del Pacifico Ecuador (BPE) established Banco Del Pacifico Internacional as an Edge Act bank in Miami, Florida. (The 1919 Edge Act allowed national banks to participate in international banking through subsidiaries chartered by the Federal Reserve Bank.) Within three years, the Miami branch changed to a national bank charter issued and re-branded as Pacific National Bank. PNB operated as wholly owned subsidiary of BPE until 2012, and in late 2014, the Bank was sold to a group of U.S. private investors. PNB currently is Florida’s 38th largest bank with assets in excess of $499 million.
How the Online Promotional CD Compares
When compared to 202 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, Pacific National Bank’s 13-month Online Promotional CD APY currently ranks seventh.
The above rates are accurate as of 7/28/2019.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates Table page.