3.50% APY for 48-month Certificate of Deposit, 2.40% APY for 24-month, other CD rates with Terrabank
Terrabank offers a local money in the bank deal for Miami through their very competitive cd interest rates:
These interest rates have an effective date of December 16, 2009 so it will be best to inquire for the latest top cd rates before you sign up for anything.
The minimum deposit needed to enjoy these highest cd rates is $2,500. The disclosure also states that you may make add-on deposits but according to the bank the rate of the add-on funds will not be the same as the original interest rate.
One positive side about this certificate of deposit deal is the mild penalties for early withdrawal. CDs with a term of a year or more only charges 90 days of earnings in case you decide to take funds out early.
You can visit one of Terrabank’s branches to open an account. They have offices in Hialeah and Miami, Florida.
BauerFinancial issued 3 stars for soundness and safety using their September 2009 figures. Bankrate.com sees the bank’s performance a little below its peer group and stamped their report with 2 stars.
The bank is covered by the FDIC with certificate number 26442.
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