Update 1/5/2014: These specials have ended.
Seacoast Commerce Bank is again offering a CD and money market promotion. They are part of a celebration of the bank’s new branch, but I was told these promotions are available nationwide. Both require a substantial minimum deposit. The CD has a 10-month term and a 1.10% APY. Minimum deposit is $50,000. The second deal is a money market account with a 1.00% APY for balances over $50,000. According to the account disclosure, this 1.00% APY is guaranteed to last until September 30, 2014. The rates for smaller balances are much less so if you don’t think you can maintain the $50K balance, this deal won’t be worth it. These specials are listed in the bank’s rates page as of 12/10/2013. Thanks to the DA reader who emailed me news of this promotion.
On the top right of each page of the bank’s website, there’s an "Open an Account" link that points to a page that describes what’s required to open an account. There isn’t an online application. Applications can be sent by fax, secure email and by mail. It says "To expedite opening your new account call: (877) 531-5745 for assistance." I called this number yesterday, and the phone was answered immediately by a CSR. She quickly connected me with a CSR specializing in account opening. I was impressed by that CSR’s knowledge and friendliness.
The CSR confirmed that these grand opening specials could be opened by people from any state. She said that these specials will very likely remain available at least through the end of the year. You can fund the accounts by either mailing a check or a wire transfer. They do allow POD beneficiaries with an unlimited number of beneficiaries. No social security number is required for the beneficiaries.
It will be easier to open account at one of the bank’s branches. Seacoast Commerce Bank branches are located in San Diego, Chula Vista and Glendale, California.
The bank has an overall health grade at DepositAccounts.com of an A+ with a Texas ratio of 2.20% (excellent) based on September 2013 data. Please refer to our financial overview of Seacoast Commerce Bank for more details. The bank has been a FDIC member since 2003 (FDIC Certificate # 57428).
How These CD and Money Market Rates Compare
The highest 9-month CD rate that’s nationally available is 0.91%. Ally Bank’s 11-month No-Penalty CD has a 0.87% rate. Since there’s no penalty, the term can be anything from 7 days to 11 months.
The highest money market rate nationally available is 1.15% APY for balances of at least $100K at Connexus Credit Union. This requires an active checking account with direct deposit. Without the checking requirement, four banks are offering 1% APY on their savings or money market accounts. Two of these banks, SmartyPig and MySavingsDirect, have no minimum balance requirements for their savings accounts. EverBank has the best nationwide deal with a rate guarantee. New customers can get a 1.10% rate guaranteed for 6 months on EverBank’s checking account ($100K max) and money market account ($50K max).
These rates are accurate as of 12/10/2013.
To search for the best savings, money market and CD rates in the nation and in your state, please refer to the menu on top of the DepositAccounts.com website.