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4.40% 7-Month CD & 4.50% 13-Month CD at Ocean Bank in South Florida


Ocean Bank is offering a CD promotion with two competitive rates: 4.40% APY for a 7-month term and a 4.50% APY for a 13-month term. Minimum deposit is $2,500. These specials don't seem to be listed on the bank's website. A reader emailed me news of these, and I contacted the bank today and verified that these are available as of 12/08/08. The CSR said that rate can change at anytime.

A branch visit appears to be required to open accounts. Branches are located in Miami-Dade and Broward County.

Ocean Bank has been offering very aggressive special CD rates for the last year. My last post was on October when the 13-month CD APY was 4.75%.

Ocean Bank has been hit hard in the real estate slump and credit crisis. They've had to deal with many bad loans. South Florida Business Journal has reported that they recently filed foreclosure lawsuits against an industrial site owner and a condo developer.

Ocean Bank's financial ratings for soundness are weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both are based on 6/30/08 data.

The bank has been FDIC insured since 1982 (FDIC Certificate # 24156).

Related Pages: money market accounts, CD rates

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