TotalBank is a Miami-based subsidiary of Grupo Banco Popular Espanol, the third largest banking group in Spain with over $180 billion in assets.
The recently launched online bank offers competitive rates on short-term CDs and savings accounts that are available to all states.
When opening a CD, funding can be done done by ACH transfer wire transfer or mailing a check. Rates don't lock until the funds are received. The online application limits the initial CD to $99,000. Interest is compounded and credited monthly and CDs automatically renew following a 10-day grace period. the penalty for early termination is 3 months on CDs of 6 months and less, and half of the term's interest on CDs greater than 6 months.
With the bank's savings account, interest is credited quarterly, and one complaint is that you lose accrued interest if you close the account before accrued interest has been credited (this problem is often avoided by maintaining a nominal balance instead of closing the account).
Another complaint about the bank is that they do a hard credit pull during the account application process.
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