TotalBank continues to offer some good CD deals. Rates have fallen since my April review, but that's no different than any other bank. The best deals continue to be the long-term bump-up CDs and the short-term promotional CDs. The bump-up CD deals include a 2.00% APY 5-year CD and a 1.50% APY 35-month CD. The short-term promo rates include a 1.00% APY for 7 months and 1.10% APY for 11 months. These promo rates require new money. Minimum deposit is $1,000. These rates are listed in the bank's rates sheet as of 11/15/2011.
TotalBank used to offer high rates on its short-term e-CDs, but these rates are now all way below 1.00%.
For the non e-accounts, a branch visit appears to be required. TotalBank branches are located throughout Miami-Dade County.
The bank's overall health score at DepositAccounts.com is 5 stars (out of 5) with a Texas Ratio of 7.05% (excellent) based on June 2011 data. Please refer to our financial overview of TotalBank for more details. The bank has been a FDIC member since 1974 (FDIC Certificate # 21468).
How These CD Rates Compare
It might be hard to believe, but a 1.00% APY is very competitive for CD terms under 1 year. Internet banks' best 6-month CD yields are under 0.90%. One exception is Atlantic Coast Bank which is offering a special internet 7-month CD with a 1.00% APY. Ally Bank's 11-month No-Penalty CD yield is just a little lower at 0.95%. This can be made into any term from 7 days to 11 months. The best 1-year CD rate that's nationally available continues to be 1.30% APY at Alliant Credit Union.
For the longer term CDs, TotalBank's bump-up CD rates are not quite as competitive compared to those available nationwide. For banks, the best 3-year and 5-year CD APYs are 1.70% and 2.25% at iGObanking.com. For all-access credit unions, the best 3-year and 5-year CD APYs are 2.12% and 2.83% at Velocity Credit Union.
For those in South Florida who prefer to bank locally, you can get higher 3-year and 5-year CD rates at Peoples Alliance Credit Union which is a New York based credit union, but it also has a branch in Miami.
These rates are accurate as of 11/15/2011.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.