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5.65% 11-Month CD at a South Florida Bank (Ocean Bank)

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Ocean Bank is offering a special 5.65% APY 11-month certificate of deposit. The minimum deposit is $2,500. A reader mentioned seeing this special advertised in yesterday's Sun-Sentinel newspaper. It doesn't seem to be listed on the website. I called for further details. I was told it's avaialble at all of its branches. There are no checking account requirements. It's also available as an IRA CD. It appears it does require a branch visit.

Branches are located in Miami-Dade and Broward County.

One interesting thing to note is this press release. Ocean Bank had to sign a FDIC Cease-and-Desist order. It doesn't seem to be related to subprime loans, but compliance with anti-money laundering laws. The bank has been FDIC insured since 1982 (Certificate # 24156).

Thanks to the reader who mentioned this CD in the finding deals post.

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Anonymous
Anonymous   |     |   Comment #1
What Ocean Bank does not advertise is that they will not accept money for this cd rate in the form of revocable living trusts--the form in which most retirees want to open them