Update 8/19/2011: The rates have fallen. Please contact the bank for the latest rates.
It's hard to find decent CD rates anywhere in the country, but it's especially hard in Florida. I'm always on the lookout for a bank or credit union with competitive CD rates in a large populated area of Florida. I found one today at Paradise Bank which has branches in Southeast Florida. Its most competitive rates include a 2.00% APY 3-year CD, a 1.50% APY 2-year CD and a 1.25% APY 18-month CD. The bank only offers 1-year IRA CDs. The rate is the same as the regular 1-year CD: 1.15% APY. Minimum deposit is $1,000. These rates aren't listed at the bank's website. A reader mentioned this bank to me, and I called the bank's Fort Lauderdale branch this morning (8/11/2011). The bank rep didn't know how long these rates would last, but she said they have held since last November. I was told the early withdrawal penalty is 6 months of interest.
A branch visit is required to open an account. Paradise Bank branches are located in Delray Beach, Boca Raton and Fort Lauderdale, FL.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 30.43% (average) based on March 2011 data. Please refer to our financial overview of Paradise Bank for more details. The bank has been a FDIC member since 2005 (FDIC Certificate # 58030).
How These CD Rates Compare
The bank's 3-year CD rate is the one that's most competitive. I was going to say the highest 3-year CD rate that's nationally available is 2.07% APY at Melrose Credit Union. However, Melrose just cut rates today by 25 basis points on all terms. So now the highest 3-year CD rate is 2.00% APY at Airbanking (division of MainStreet Bank). These rates are accurate as of 8/11/2011.
Searching for the Best CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.