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TheStreet Open House

5-Year CD Rates in Greater Miami Region Lower Than National Average

NEW YORK - RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST) reported today that national averages this week for CD rates of all durations remained unchanged as the Federal Reserve has continued to keep the short-term federal funds rate at a range of zero to 0.25% since late 2008.

"For the seventh-straight week national averages of CD rates remained unchanged. Banks aren't budging on significant rate changes for savers seeking a place to park their cash," reported Joe Deaux, Economics Analyst for TheStreet. "Fed Chairman Janet Yellen addresses the press in two weeks, when investors should listen for any new language about when the central bank will raise the benchmark interest rate."

NATIONAL AVERAGE RESULTS - $10K

  Avg Rate This week Avg Rate Last week
Money Market 0.15% 0.15%
1 month CD 0.11% 0.11%
3 month CD 0.15% 0.15%
6 month CD 0.23% 0.23%
1 year CD 0.36% 0.36%
2 year CD 0.55% 0.55%
3 year CD 0.75% 0.75%
4 year CD 0.93% 0.93%
5 year CD 1.14% 1.14%

In the Greater Miami Region area, the average 5-year CD rate sat at 1.04%, lower than the national average of 1.14%. Rates on the 5-year CD ranged from 0.15% on the low end to 2.29% at the high end, which can be found at EverBank. The average 3-year CD rate in Greater Miami Region was 0.77% with a range of 0.05% to 1.44% found at EverBank. And if you are on the market for a 1-year CD, take a look at Beal Bank USA, which currently offers a rate of 1.11% as compared to the Greater Miami Region average of 0.45%. Other top rate issuers can be found in the tables that follow.

GREATER MIAMI REGION AVERAGE RESULTS - $10K

  Avg Rate This
week
Highest Available
Rate
Highest Available Rate Issuer
Money Market 0.15% 0.85% Mercantil Commercebank, National Association
1 month CD 0.11% 0.36% Beal Bank USA
3 month CD 0.18% 0.51% Beal Bank USA
6 month CD 0.26% 0.7% Beal Bank USA
1 year CD 0.45% 1.11% Beal Bank USA
2 year CD 0.63% 1.26% VirtualBank
3 year CD 0.77% 1.44% EverBank
4 year CD 0.86% 1.79% EverBank
5 year CD 1.04% 2.29% EverBank

TOP RATE ISSUERS - $10K

This is a list of issuers with top interest rates in the Greater Miami Region area. The issuer's Financial Strength Rating is an independent, unbiased evaluation of quarterly regulatory statements. Institutions are assigned a letter grade of A-E with "A" representing the highest rating based on a review of many aspects of financial safety including capitalization, asset quality, profitability and liquidity. For more information, visit www.weissratings.com/help/what-our-ratings-mean.aspx. Information is believed to be accurate, but not guaranteed.

Money Market Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Mercantil Commercebank, National Association
305-460-8701
www.mercantilcb.com
C 10000 0.85
EverBank
561-886-3999
www.everbank.com
B- 1 0.61
BankUnited, National Association
786-313-1010
www.bankunited.com
A- 10000 0.5
BAC Florida Bank
305-789-7000
www.bacflorida.com
D+ 5000 0.5
Firstbank Florida
305-740-9522
www.firstbankfla.com
D 10000 0.45
1 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Beal Bank USA
786-347-3601
www.bealbank.com
C+ 1000 0.36
Firstbank Florida
305-740-9522
www.firstbankfla.com
D 1000 0.25
Stonegate Bank
954-315-5500
www.stonegatebank.com
B+ 1000 0.2
TotalBank
305-448-6500
www.totalbank.com
C 1000 0.2
Ocean Bank
305-442-2660
www.oceanbank.com
D- 2500 0.15
3 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Beal Bank USA
786-347-3601
www.bealbank.com
C+ 1000 0.51
Firstbank Florida
305-740-9522
www.firstbankfla.com
D 1000 0.5
BAC Florida Bank
305-789-7000
www.bacflorida.com
D+ 10000 0.5
EverBank
561-886-3999
www.everbank.com
B- 1500 0.45
VirtualBank
561-776-8860
www.virtualbank.com
B 10000 0.4
6 Month CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Beal Bank USA
786-347-3601
www.bealbank.com
C+ 1000 0.7
VirtualBank
561-776-8860
www.virtualbank.com
B 10000 0.65
Firstbank Florida
305-740-9522
www.firstbankfla.com
D 1000 0.6
BAC Florida Bank
305-789-7000
www.bacflorida.com
D+ 10000 0.5
BankUnited, National Association
786-313-1010
www.bankunited.com
A- 1000 0.5
1 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
Beal Bank USA
786-347-3601
www.bealbank.com
C+ 1000 1.11
VirtualBank
561-776-8860
www.virtualbank.com
B 10000 1.07
EverBank
561-886-3999
www.everbank.com
B- 1500 1.07
Firstbank Florida
305-740-9522
www.firstbankfla.com
D 1000 1.0
BankUnited, National Association
786-313-1010
www.bankunited.com
A- 1000 0.8
2 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
VirtualBank
561-776-8860
www.virtualbank.com
B 10000 1.26
Firstbank Florida
305-740-9522
www.firstbankfla.com
D 1000 1.05
Beal Bank USA
786-347-3601
www.bealbank.com
C+ 1000 1.01
EverBank
561-886-3999
www.everbank.com
B- 1500 0.9
Bank Leumi USA
305-918-6960
www.leumiusa.com
C 10000 0.85
3 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
EverBank
561-886-3999
www.everbank.com
B- 1500 1.44
Firstbank Florida
305-740-9522
www.firstbankfla.com
D 1000 1.4
VirtualBank
561-776-8860
www.virtualbank.com
B 10000 1.36
BankUnited, National Association
786-313-1010
www.bankunited.com
A- 1000 1.25
Ocean Bank
305-442-2660
www.oceanbank.com
D- 2500 1.05
4 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
EverBank
561-886-3999
www.everbank.com
B- 1500 1.79
VirtualBank
561-776-8860
www.virtualbank.com
B 10000 1.79
Firstbank Florida
305-740-9522
www.firstbankfla.com
D 1000 1.45
Florida Community Bank
561-684-0888
www.floridacommunitybank.net
C+ 1 1.1
Bank Leumi USA
305-918-6960
www.leumiusa.com
C 10000 1.06
5 Year CD Financial Strength
Rating
Minimum to Earn
Interest ($)
APY(%)
EverBank
561-886-3999
www.everbank.com
B- 1500 2.29
VirtualBank
561-776-8860
www.virtualbank.com
B 10000 2.28
Third Federal Savings & Loan Assoc of Cleveland
561-347-7433
www.thirdfederal.com
B- 500 1.75
Firstbank Florida
305-740-9522
www.firstbankfla.com
D 1000 1.65
Trustco Bank
561-630-4521
www.trustcobank.com
B 500 1.5

Data is surveyed weekly with averages calculated each Monday afternoon from RateWatch's unbiased national interest rate survey of over 96,000 financial institution locations across the United States.

More About CDs:

CDs, or certificate of deposits, are bank-issued promissory notes wherein an investor deposits money for a set amount of time and, provided the money remains untouched, receives interest on the total sum when the investment matures.

While the money can't be accessed during that time (without incurring penalties), the advantage of a CD over a regular savings deposit is the higher rate of interest. Typically, a CD can be taken out on as few as three-month terms but can range to up to five years; generally, the longer the timeframe the higher rate of interest.

CD Laddering:

To provide further financial security, a CD laddering strategy offers conservative investors the opportunity to stagger their capital across numerous deposits set to expire at different intervals. Not only does this hedge against variable rate fluctuations by offering a guaranteed return at a locked-in interest rate, it also increases liquidity given that one CD will mature at predictable and established intervals.

Using an example of a five-year ladder strategy, an investor would divide his or her money amongst one-, two-, three-, four-, and five-year CDs. Once the one-year deposit matures, he or she will reinvest the money into a five-year CD, and will do so every subsequent year upon each CD's maturation. In this way, the investor has a CD that matures each year and thus, steady income from the interest on the maturing investments.

Nevertheless, investors must keep in mind that the onus of developing a ladder strategy is on the investor, not the bank or financial institution. In developing a strategy, map out each rung of the ladder, determining how long you want to invest for, the kind of return you are targeting and the length of time you can tolerate not having access to the principal and interest.

About RateWatch

For over 20 years, RateWatch has been the premier provider of competitive interest rate and product information to financial institutions across the United States. Consistently providing top quality, highly relevant data RateWatch maintains the largest database in the industry with deposit, loan, and fee information monitoring over 96,000 locations. Rate surveys, product comparisons, financial strength reporting, local/regional/national averages, fee reporting, specialty reports and more are available. To learn more about RateWatch, visit www.rate-watch.com. RateWatch is a division of TheStreet, Inc.

This article was written by a staff member of TheStreet.

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