Pacific National Bank Now Offers CDs Nationwide

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UPDATE 8/5/2016: PNB no longer offers a 24-month CD.

Availability: Nationwide

Earlier this month, Pacific National Bank (PNB) added four Online CD Specials. When I called PNB to get more details on these new products, I was pleased to learn that PNB is now accepting applications nationwide.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.30%$1k-Pacific National Bank18 Month CD (Online Specials Only)
1.27%$1k-Pacific National Bank12 Month CD (Online Specials Only)
0.75%$1k-Pacific National Bank6 Month CD (Online Specials Only)
Accounts mentioned in this post. Rates as of December 8, 2016.

The minimum deposit for any of the Online CD Specials is $1k, with no balance cap.

PNB also has three new money CD Specials (6-, 12- and 17-month), which have been available since early 2015. Of those three, the 17-month CD Special (1.37% APY) is the most competitive. The minimum deposit for these new money CD Specials is $1k, but there is a balance cap of $250k.

According to CSR, the Early Withdrawal Penalty (EWP) is 30 days interest for any of the CDs. UPDATE 6/27/16: I requested a copy of their CD Truth In Savings disclosure, and they emailed me a copy. The copy they sent is filled out for an 18-month term, and it does show a 30-day EWP. Before opening any of these CDs online, it would be wise to have them email you the Truth In Savings disclosure for the specific CD.

Availability

Headquartered in Miami, Pacific National Bank’s original market area, which was limited to South Florida, has been expanded to include all U.S. residents who have a valid Social Security Number.

Opening a CD (or any other type of account) at PNB can be done online, or at either of the two Florida branches located in Coral Gables and Miami.

Bank Overview

Pacific National Bank (FDIC Certificate # 26299) has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 5.08% (excellent) based on March 31, 2016 data. In the past year, PNB has increased its total deposits by $125.78 million, an excellent annual growth rate of 64.73%. Please refer to our financial overview of Pacific National Bank 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 46th largest bank with assets in excess of $447 million.

How the CDs Compare

When compared to the 103 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, Pacific National Bank’s 17-month CD Special and 18-month CD APYs currently ranks fourth and fifth, respectively.

When compared to the 133 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, Pacific National Bank’s 24-month CD APYs currently ranks third.

The above rates are accurate as of 6/24/2016.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table or our new Rates Map page.

Comments
Anonymous
Anonymous   |     |   Comment #1
"According to CSR, the Early Withdrawal Penalty is 30 days interest for any of the CDs."
Really?  For any CD term?  I wonder if this should perhaps be confirmed with a 2nd CSR, just in case... 
gregk
gregk (anonymous)   |     |   Comment #2
Even if the minimal EWP proves to be accurate, it's questionable how attractive these CD's are.

A mere 30 day penalty is certainly unusual, however. 
Ken Tumin
Ken Tumin   |     |   Comment #3
I was able to have the CSR email me their truth in savings disclosure. They emailed me the one for their 18mo term, and it does specify a 30-day EWP. I updated the post with this info and included a link to the copy of the disclosure.