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United Financial Bank of Florida offers a very attractive certificate of deposit which has a current interest rate of 2.00% APY. To earn this highest cd rates, the account holder must also maintain a money market account that also has a competitive interest rate of 2.00% APY. This CD requires $500 to open.

This best cd rate is not listed on the bank’s website. We got a tip from a reader and confirmed the offer with a bank representative.

There are other top cd rates which you can enjoy without having to maintain other accounts with the bank. There is a 24 month CD that earns 2.47% APY; 48-month CD at 2.71% APY; and 60 month CD at 2.96% APY. These certificates require a $500 funding to open and have a ceiling of $90,000.

We were told by United Financial Bank of Florida that you can open an account by mail. This money in the bank deal is considered a local deal since it is a fairly small bank located in Lake Mary up north of Orlando.

The website does not detail anything about early withdrawal penalties and other factors which can affect the earnings of your deposit. It will be wise to inquire prior to signing up for anything.

This bank is a subsidiary of Ohio-based United Midwest Savings. The mother company also offers a similar special certificate of deposit deal for the Ohio market.

The financial ratings of the bank are a bit weak so it will be wise to stay under the FDIC limit. BauerFinancial stamped its report with 2 stars for soundness and safety. This was based on their September 2009 data.

The bank is covered by the FDIC with certificate number 32441.