In late December, Sunstate Bank raised the rates on its Promotional CDs, prompting me to write my first blog post about this South Florida bank. Following the trend of rising rates on shorter term CDs, Sunstate Bank again upped the APYs on two of its Promotional CDs yesterday, and added a new one. The minimum deposit for any of these is $2.5k, with no stated balance cap.
The original Promotional CDs (7- and 13-month) were added to the product line just four months ago, with rather lackluster rates. Two rate increases in a month’s time have changed the previous unimpressive CDs into competitive, eye-catching deals.
According to CSR, the Early Withdrawal Penalty for CDs with terms of 1 year or less is 1 month, and 3 months for terms greater than 1 year.
Headquartered in Miami, Sunstate Bank’s primary market area is South Florida, but its online application accepts Florida Zip Codes as far north as Wellington.
In addition to offering domestic accounts, Sunstate Bank also has an International Premier Banking division to accommodate foreign depositors.
Sunstate Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.67% (excellent) based on September 30, 2017 data. In the past year, Sunstate Bank has increased its total non-brokered deposits by $42.63 million, an excellent annual growth rate of 31.02%. Please refer to our financial overview of Sunstate Bank (FDIC Certificate # 34643) for more details.
Sunstate Bank was established in 1999 as the Sofisa Bank Florida, a sister bank of the Brazil-based Banco Sofisa. The Bank re-branded in 2007 in an effort to, "reinforce our commitment to the communities we serve, and with a unique experience – namely ‘State of the Art’ banking." Sunstate Bank is currently Florida’s 89th largest bank, with more than $210 million in assets.
How the Promotional CDs Compare
When compared to the 216 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, Sunstate Bank's 7-month Promotional CD APY currently ranks first.
When compared to the 243 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, Sunstate Bank's 13-month Promotional CD APY currently ranks fifth.
When compared to the 232 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, Sunstate Bank's 25-month Promotional CD APY currently ranks second.
The above rates are accurate as of 1/25/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table.