Deal Summary: Money Market Deposit Account, 1.06% APY, $100 minimum
Pacific National Bank has raised the rate on its Money Market Deposit Account (MMDA) to 1.06% APY. The minimum opening deposit is $100, with no stated balance cap.
PNB added the MMDA in August 2016 with an initial 1.00% APY that was in effect until last week’s 6 basis point increase.
The MMDA requires a $100 minimum average daily balance to earn the stated APY and to waive the $25 monthly maintenance fee. Any debit transactions in excess of six per monthly statement incur a $10 fee per transaction.
Headquartered in Miami, Pacific National Bank’s original market area, which was limited to South Florida, was expanded in June 2016 to include all U.S. residents who have a valid Social Security Number.
Opening a MMDA must be done online. The online application asked for state of residency, but your choices are limited to Florida, California, and other.
PNB also has two full-service Florida branches located in Coral Gables and Miami.
Pacific National Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.99% (excellent) based on September 30, 2016 data. In the past year, PNB has increased its total non-brokered deposits by $34.59 million, an excellent annual growth rate of 10.84%. 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 50th largest bank with assets in excess of $462 million.
How the MMDA Compares
When compared to the 165 Money Market Accounts tracked by DepositAccounts.com that are available nationwide, Pacific National Bank’s MMDA APY currently ranks fourth.
The above rates are accurate as of 2/9/2017.