Miami-based Pacific National Bank (PNB) has raised the rate on its 12-month CD (1.60% APY), making it the top-rated 1-year nationally available CD. The minimum deposit is $1k of new money and is capped at $250k.
PNB is one of those banks that makes it very difficult to determine what the Early Withdrawal Penalty (EWP) is. When I saw there was a Terms and Conditions document listed on the online application, I thought I was home free. Instead, I saw,
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 12-month CD is 30 days. I requested a copy of the CD Truth-In-Savings (TIS), so I could reference it in the future. I expected to receive a blank copy. Instead, CSR sent 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 also applies to the 12-month CD.
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. residents 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 4.58% (excellent) based on March 31, 2017 data. In the past year, PNB has increased its total deposits by $36.64 million, an excellent annual growth rate of 11.45%. 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 47th largest bank with assets in excess of $496 million.
How the CD Compares
When compared to the 201 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, Pacific National Bank’s 12-month CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.60% APY||12-Month CD||Pacific National Bank|
|1.56% APY||12-Months CD||TIAA Direct|
|1.53% APY||12-Months Online Promo CD||M.Y. Safra Bank|
The above rates are accurate as of 8/12/2017.