Top 5-Year CD Rate at Raymond James Bank - Available Nationwide

POSTED ON MONDAY, JULY 22, 2013 BY Ken Tumin

Raymond James Bank is again offering a top CD rate. It has a 2.00% APY 5-year CD. Minimum deposit is $1,000. This rate is listed in the bank's rates page as of 7/22/2013. I was told that CD rates are typically changed on Tuesdays so this rate may not last long.

I last reported on this bank in 2011 when it was offering a few good CD deals. You might be familiar with Raymond James through its financial advisors which have offices throughout the U.S. Less well known is its bank subsidiary.

Raymond James Bank lists a few CD details in this CD page. At the bottom of this page, it has an important detail about availability:

Raymond James Bank CDs are available to existing clients of Raymond James Bank, Raymond James & Associates, and Raymond James Financial Services. Non-clients may open a CD by making a deposit in person or by mail at our St. Petersburg, Florida office.

So these CDs are available nationwide. I just called the bank at 800-718-BANK (2265) for more details. The CSR confirmed that people from any state can open this CD. To apply, call the above number, and they will take your personal information, and if they approve you, they will send you an application in the mail. You’ll need to mail in the application with a copy of your driver’s license and a check.

To close a CD, they require a written letter. They will mail you a check.

I was told the early withdrawal penalty for the 5-year CD is 6 months of interest.

The bank only has one office located in St. Petersburg, Florida. If you're a fan of the Tampa Bay Buccaneers, you probably know Raymond James purchased the naming rights of their stadium.

Raymond James Bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 9.44% (above average) based on March 2013 data. Please refer to our financial overview of Raymond James Bank for more details. The bank has been a FDIC member since 1994 (FDIC Certificate # 33893).

How This CD Rate Compares

We have been seeing a few 2% 5-year CDs in the last couple of weeks. The best 5-year CD rate that’s nationally available without checking requirements continues to be 2.05% APY at iGObanking.com. This rate is accurate as of 7/22/2013.

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.