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Florida Community Bank CD Rates

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Florida Community Bank 12-Month CD
0.65% APY

Florida Community Bank, with 51 locations exclusively in Florida, has a very wide variety of certificate of deposit (CD) offerings, with term lengths ranging from seven days all the way up to five years.

Compared with the best CD rates out there, rates for Florida Community Bank's standard CDs are on the lower end, except for the 24- to 29-month term, which has a 1.00% rate. However, the lack of minimum deposit requirements for standard CDs could be appealing to those looking to invest small sums of money. Florida Community also offers several promotional CDs. These stipulate that you invest new money, so you can’t rollover funds from a standard CD into a promotional CD.

Standard CD

Term Length Minimum Deposit APY
7-89 Days $0 0.05%
90-179 Days $0 0.05%
180-269 Days $0 0.10%
270-364 Days $0 0.10%
12-23 Months $0 0.65%
18 Months $0 0.75%
24-29 Months $0 1.00%
30-35 Months $0 0.25%
36-47 Months $0 0.35%
48-59 Months $0 0.45%
60 Month $0 0.45%

JUMBO CD

The JUMBO CD rates are almost identical to the standard CD rates, with the only difference being the rate for the 90- to 179-day term length. This CD has a minimum deposit requirement of $100,000, meaning it’s reserved only for those looking to stow away huge sums. Unless you’re dead set on getting a slightly higher rate for your three- to six-month CD, there’s a low likelihood you’ll be interested in these offerings.

Term Length Minimum Deposit APY
7-89 Days $100,000 0.05%
90-179 Days $100,000 0.10%
180-269 Days $100,000 0.10%
270-364 Days $100,000 0.10%
12-23 Months $100,000 0.65%
18 Months $100,000 0.75%
24-29 Months $100,000 1.00%
30-35 Months $100,000 0.25%
36-47 Months $100,000 0.35%
48-59 Months $100,000 0.45%
60 Month $100,000 0.45%

Promotional CD

The promotional CDs Florida Community Bank ofers are designed to bring new money into the bank by offering significantly higher rates. Provided you invest at least $10,000 of new money that isn’t already in a Florida Community account, you’ll be able to take advantage of much more attractive rates.

Term Length Minimum Deposit APY
11 Month $10,000 2.00%
12 Month $10,000 2.37%
15 Month $10,000 2.25%
29 Month $10,000 2.40%

12-Month CD Interest Rate Comparison

Compare Florida Community Bank to Other Competitive Offers

Overview of Florida Community Bank CDs

Florida Community Bank offers an extremely wide variety of term lengths as well as several promotional accounts. Although the bank offers several term lengths longer than 24 months, there is little incentive to purchase them because the 24-month term has the highest rate among standard offerings at 1.00%. Consequently, you would be better served opening a 24-month CD and then renewing it than you would opening a 48-month account.

If you find you need to withdraw some of your money before your maturity date, then you'll face an early withdrawal penalty. The exact penalty will depend on how much money you invested initially and the term length of your CD. If your term length is 12 months or fewer, then you'll pay a penalty of one month's interest. If the term length is longer than 12 months, the penalty will be three month's interest. The early withdrawal penalties at Florida Community are certainly less punitive than those at other banks, but you will lose out on some of your interest. As a rule, you should plan on not seeing your money until your maturity date if you invest in a CD.

Once you reach your maturity date, you will have seven days to withdraw your money or place it in a different CD. Otherwise, the bank will place your funds back in a CD of the same term as the one you just finished.

How Much You Earn With Florida Community Bank Certificates of Deposit Over Time

Since the 12-month rate is greater than the 60-month rate, you would actually be better served opening a 12-month account and renewing it four times than opening a 60-month account (assuming the rates don’t change during that time). If you invested $10,000 into a 12-month account and renewed for another four years after that, you would have $10,330.34, over $100 more than what you would earn with a 60-month CD.

Interest compounds daily for all Florida Community Bank CDs. Note that these calculations are assuming that no interest is withdrawn before the maturity date.

Initial Deposit 3 Month CD 12 Month CD 60 Month CD
$1,000 $1,000.25 $1,006.52 $1,022.75
$2,500 $2,500.63 $2,516.30 $2,556.89
$5,000 $5,001.25 $5,032.61 $5,113.77
$10,000 $10,002.50 $10,065.21 $10,227.55

How Florida Community Bank CD Rates Compare to Other Banks'

While not the lowest rates we’ve seen, the rates at Florida Community Bank aren’t very competitive with other brick-and-mortar establishments in Florida such as BankUnited. Further, the rates are greatly outshined by online banking outlets like Capital One and Ally.

Term Length Florida Community Bank BankUnited Capital One Ally
6 Month 0.10% 0.60% 1.00%
12 Month 0.65% 1.30% 2.30% 2.10%
60 Month 0.45% 1.75% 2.90% 2.50%

Should You Get a Florida Community Bank CD Account?

If you are an existing Florida Community Bank customer - you have a checking or savings account with the institution already - and you want to keep your banking under one roof, then you may want to consider opening a CD account. If you like banking in person but you don’t have an existing account with Florida Community, you may benefit from shopping around a bit and comparing CD rates to see if you can find better rates at another establishment.

If you’re comfortable with online banking and you’re out for the best rate possible, you may want to consider somewhere like Capital One or Ally. 

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