TotalBank continues to push for the best cd rates being offered for their online certificate of deposit. The Total e-CDs can be opened with an initial deposit of at least $1,000. The current interest rates and terms are listed below:

3 months 1.10% APY
6 months 1.30% APY
9 months 1.40% APY
12 months 1.50% APY

There is also a 7-month cd promo that is money in the bank with current cd rates at 1.30% APY. Consumers can open this one for also $1,000. The same interest rate applies to 13-month and 11-month cd specials. New money is needed to open these regular CDs and their top cd rates. You also need to visit their office to open an account.

You can checkout the online account page of the bank to know the details of opening an account online. It appears that they accept people from any state.

According to an email from their customer service representative, the bank locks the cd interest rates upon receipt of the initial fundng. You can send in funds by mailing in a check, via wire transfer, or ACH transfer.

The earnings of the account are compounded on a daily basis and credited every month. The CDs renews automatically but the bank gives you 10 days of grace period in case you want to close the account.

The bank imposes early withdrawal penalties. It will be 3 months of yields if you take out funds prematurely from a CDs of up to 6 months. CDs that are over 6 months take about half of the earnings from the amount that you withdraw from the account.

Upon maturity of the account, you can instruct the bank to send the proceeds to you via cashiers check or you can also go for a wire transfer of the funds. You need to send your written instruction to TotalBank so they can execute these movements of funds. If you need any help with regard to their internet accounts, you can call the bank directly through 305-232-4900.

When we checked out the online application, it gives a hint of a hard credit pull. You may have to think about it if you do not want any dings to your credit score. It also appears that the ACH is the primary way of funding the certificates of deposit and the eCD transfer limits is set at $99,000.

TotalBank has several branches across the Miami-Dade County.

The ratings of the bank are a bit weak to fair. Bankrate.com issued 2 stars for soundness and safety while BauerFinancial stamped their performance report with 3 stars.

The bank is covered by the FDIC with certificate number 21468.