5.70% 13-Month / 5.50% 7-Month at a Florida Bank (Hillcrest)

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Hillcrest Bank Florida is celebrating its one-year anniversary with two nice CD specials: a 5.70% APY 13-month CD and a 5.50% APY 7-month CD. The minimum deposit is $10,000. These specials don't seem to be listed at the bank's website. These were advertised in today's Naples Daily News. The ad is available online here.

This seems like a local deal that requires a branch visit. The bank is located in Naples, FL. It is FDIC insured (FDIC Certificate # 58336).
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Hillcrest's Money Market Account at 5.22% ($500K+)
Hillcrest Bank is building a good reputation as a money market rate leader for large balances. It continues to raise rates on its Index Money Market account. The highest APY is 5.22% for balances over $500K. For more reasonable balances of $50K the new APY is 4.91%. Below shows the full list of rate tiers:

APY Interest Min balance
4.33% 4.25% $10,000
4.59% 4.50% $25,000
4.91% 4.80% $50,000
5.06% 4.95% $250,000
5.22%...






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Hillcrest Bank's Money Market Breaks 5%
Hillcrest Bank made some substantial increases on its Index Money Market rates. For very large deposits (over $500K) the APY was increased from 4.85% to 5.09%. For more reasonable deposits of between $50K and $250K, the APY was increased from 4.54% to 4.78%. Below are the interest rates for all of the balance tiers:

APY Interest Min Deposit Min Balance
Rate to Open for APY
4.20% 4.13% $10,000...



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Hillcrest Money Market Now the Leader
Hillcrest Bank's Index Money Market rate was increased from 4.31% to 4.54% APY for deposits between $50K and $250K. Hillcrest has surpassed Superior Savings of New England as the new money market/savings account leader based on the rules in the Fatwallet MMA rate thread.

One fatwallet rule is that the minimum deposit requirement for the rate to apply shouldn't be over $200K. This allows all of the account to be protected by FDIC insurance assuming the use of joint or trust accounts to get over the $100K limit. Without this rule,...

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