Professional Bank is offering some competitive short-term and mid-term CD rates. The best is the 18-month CD which has a 1.46% APY for a $1K minimum deposit and 1.51% APY for a $100K minimum deposit. Other competitive CDs include a 1.21% APY 1-year CD and a 1.56% APY 2-year CD. Both of these have a $1K minimum deposit with no Jumbo rate. These rates are not listed at the bank's website. A reader emailed me about these, and I just called the bank and confirmed them. These rates are effective as of 6/22/2011 and they are subject to change at any time.
The bank does have a history of competitive CD rates. I last reported on the bank in December when they were offering short-term CD specials.
A branch visit is required to open an account. Professional Bank is a small bank with one office located in Coral Cables, Florida which is just south of Miami.
It's also a new bank that was established in 2008. One good aspect of this is that the bank isn't weighed down by lots of bad loans. The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 3.19% (excellent) based on March 2011 data. Please refer to our financial overview of Professional Bank for more details. The bank has been a FDIC member since 2008 (FDIC Certificate # 58862).
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