Competitive 18-Month CD at Great Florida Bank

Great Florida Bank is offering three promotional CDs. The most competitive is the 18-month term which has a 2.05% APY. The other ones include a 1.40% APY 6-month CD and a 1.65% APY 12-month CD. Minimum deposit is $10,000. These are listed at the bottom of the bank's rates page as of 4/13/2010.

The bank has an online application, and according to the CSR, they accept deposits nationwide. Update 4/14/10: A reader was told by another CSR that the online application is only for residents of South Florida. She also received confirmation of this from the application.

The CSR wasn't too familiar with the online application process, but it appears that the funding can be done via an ACH transfer. The rate would lock at the time they receive the funds.

For those looking for free ATMs, the checking accounts have a nice feature. According to the bank, they "will reimburse other banks’ ATM surcharges when you make a cash withdrawal from any ATM anytime, anywhere, and any bank."

Branches are located throughout South Florida including the cities of Miami, Fort Lauderdale and Boca Raton.

The bank's ratings for safety and soundness are weak: 1 star (troubled) at BauerFinancial (based on 12/31/09 data) and 1 star (lowest) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 2004 (FDIC Certificate # 57719).

Thanks to the reader who mentioned Great Florida Bank in the Open Thread Discussion.

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