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Florida CD Rates

Updated on June 1, 2011

As we move through the USA looking for CD Rates, our next stop is the "Sunshine State", Florida. Florida certainly has its sun and fun. But Florida also has a few troubled banks.  This can mean really bad rates or good rates depending on whether or not a distressed bank is just trying to survive. Before making a deposit, check out their finances.  The FDIC publishes data on its website for each federally insured bank.   After all, you probably want the CD to last the term.  Will Florida's CD rates also fill us with warmth?

I actually found a bank in our own database for you,  First City Bank of Florida. The FDIC # is 16748.  The bank is in the medium range witht $290MM in assets. First City Bank's 2Y is a 2.25% and 1-year rate of 1.80%. Top rates for this envionment. They have a Zero Star rating from Bauer. And there's your reason.

I also came across Central Bank is based in Tampa. They are new and were founded in 2007. Central Bank is about $68 Million in assets. Seems like they would be a nice community bank to work witth. The bank has an intriguing offer for a 30-Day IRA CD at 2.55%. Given the time it takes to open an IRA CD, I can't imagine opening a 30-day CD. Then again if you need to make your 2009 contribution and you are nearby, it may be worth the effort. They also have a 15-month special term for regular CDs at 2.00% APY. That rate brings a smile to my face. They have a 3-star rating from Bauer.

Florida seems to be on top of other states with its CD Rates. Yes, the sun seems to be shining. Here are a couple of credit unions to also consider. By the way, one thing I've noticed is that banks and credit unions often have a small FDIC or NCUA logo on their pages. I would think in these times, they would want to advertise their federal insurance protection a little better.

Florida Credit Union based in Gainesville. The NCUA# assigned to them is 60497. Most credit unions were started in the 1940s through 1960s. They are usually a stable financial partner for the communities they serve. They are about $450MM in assets which is large for a credit union. They have a 3-star Bauer rating. Sadly, their highest rate is a 1.75% for 5-years. And after all those nice things I said.

We come to the end of our rate survey with Space Coast Credit Union based in Melbourne. Their NCUA# is 67297. They were started in 1951. They are about $3.2BB in assets. That is a lotza meatballs. I'm guessing they primarily serve NASA and then the surrounding areas. They only have a 2-star rating. Although, given their environment, not a total surprise. Their 5-year CD is pretty good at 2.83%.

Finally, we have to leave a disclaimer. While we try our best to provide accurate information, errors do occur. Please verify federal insurance, rates, and ratings before making any deposits.


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