Ocean Bank Offers Best CD Rates at 3.25% for a 13-month Term
The rates of CD’s are diving down lately but the best cd rates offered by Ocean Bank remains competitive at 3.25% for a 13 month term. This offer is not listed on the rates table of the bank but this has been confirmed through a phone call to their customer service line.
The certificates of deposits are available for a minimum of $2500. They are also available as IRA.
Their 5 year term remains to be competitive in the current market at 3.00%
The bank requires a visit to open an account. They have branches spread across Miami-Dade and Broward County.
This bank has been hit hard with the bursting of the mortgage bubble. Newspaper articles point out that the parent company of Ocean Bank inked a deal with the Federal Reserve with regard to the level of capital and funds set aside to handle their bad loans. They are also seeking $87 million under the TARP.
The ratings of the bank are not that favorable with BauerFinancial issuing the lowest possible rating and banrate.com giving only 1 star. Consumers should be wise and stay within the limits of the FDIC coverage.
The bank is a member of the FDIC with certificate # 24156.
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