Sunstate Bank (FL) Hikes Promotional CD Rates Again

POSTED ON BY

Deal Summary: Promotional CDs – 7-month (1.90% APY), 13-month (2.00% APY), 25-month (2.30% APY), $2.5k minimum deposit.

Availability: Market area is South Florida.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.55%$2.5k-Sunstate Bank25 Month Promotional CD
2.25%$2.5k-Sunstate Bank13 Month Promotional CD
2.10%$2.5k-Sunstate Bank7 Month Promotional CD
Rates as of July 20, 2018.

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.

Availability

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.

Opening a Promotional CD can be done online, or at either of the two South Florida branches located in Coral Gables and Miami.

In addition to offering domestic accounts, Sunstate Bank also has an International Premier Banking division to accommodate foreign depositors.

Bank Overview

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.

Related Pages: Miami CD rates, 1-year CD rates, 5-year CD rates

Comments
Sunstate Bank (FL) Raises Promotional CD Rates
Deal Summary: Promotional CDs – 7-month (1.58% APY), 1-year (1.76% APY), 13-month (1.78% APY), $2.5k minimum deposit.

Availability: Market area is South Florida.

Last week, Sunstate Bank raised the rates on its Promotional CDs, with the shorter terms having the most competitive rates. The minimum deposit is $2.5k, with no stated balance cap.

The Promotional CDs were added to the product line three months ago, with rates that weren’t that impressive. These recent rate increases (between 23 and 65 bps) have transformed fairly ordinary CDs...

Continue Reading


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.