Best Florida CD Rates

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Besides the sun, beach, and oranges, Florida has 286 banks and 177 credit unions headquartered in the state. With that big of a financial presence, one would expect to find some pretty decent CD rates. The average national 5 year CD rate is 1.60% APY while the highest rate in the country at the moment, from a bank is 2.80% APY and from a credit union 3.230% APY (a Texas credit union). What are the best rates in Florida?

• Citizens State Bank has the top bank CD rate in Florida. It is offering a 60-month CD paying 2.53% APY with a $1,000 minimum balance. The bank was founded in 1958 and has approximately $100 million in assets. Citizens State is headquartered in Perry, Florida and has two other branches, one in Madison and the other in Steinhatchee, FL. Financially, the bank has a Texas Ratio of 32.37% versus the national average of 21.06%. That's down from a Texas Raatio of 60% in 2010. The bank is growing, with assets expanding from $71 million in 2006 to $100 million in 2011.
• Floridian Community Bank, Inc. is next with a 60-month CD paying 2.27% APY with a $1,000 minimum balance. Floridian was founded in 2003 and has approximately $230 million in assets. The bank has four branches on the east coast of South Florida, stretching from Jupiter down to Fort Lauderdale. Financially, the bank has a Texas ratio of 25.85% veruss the national average of 21.06%. Like Citizens State Bank, Floridian is also growing with deposits increasing from $54 million in 2006 to $228 million today.
• Here's a cool bank name. 1st Manatee Bank is offering a 5-year CD with a $500 minimum balance. The bank has $90 million in assets and a Texas Ratio of 33.72%. Like the other banks, 1st Manatee's assets have grown sharply from $11 million in 2006 to $90 million in 2011. The bank has two branches located in South Bradenton and Parrish.
• First America Bank is offering a 60-month CD paying 2.25% APY with a $500 minimum balance. The bank was founded in 2004 and has approximately $270 million in assets. The bank is headquartered in Bradenton, which is near Sarasota and has six branches ringing the Sarasota area. Financially, the bank has a Texas Ratio of 28.64%. Assets, like the othe three banks mentioned above, have grown, increasing from $119 million to the $270 million today.

If you prefer the credit union route, Florida has a few options to choose from.

• American Airlines Federal Credit Union is offering a 2.78% APY 5-year CD. Like all credit unions, AA CU is not open to everyone. In order to join you must an active or retired employee of American Airlines, Inc., American Eagle Airlines, or the Air Transportation Industry. The Air Transportation Industry is a pretty broad category that covers government employees (TSA, FAA, etc.) as well as airport employees and onboard airline food services employees. When you become a member you can also sponsor membership for family members. As you can imagine, AA Credit Union has branches located at airports, so the closest branch in Massachusetts is at Logan Airport. Financially, the credit union looks strong with a Texas ratio of 5.14% versus the national average of 10.30%.
• Navy Federal Credit Union , the largest credit union in the United States according to BestCashCow, with over 44 billion in assets is offering a 2.30% APY 5-year CD with a $100,000 minimum balance. Credit union membership is basically open to anyone who has had any contact with the military or has a close family member who has been part of or associated with the military. The credit union has a Texas Ratio of 8.20%, which is below the credit union national average of 10.30%. The credit union has branches in Miami, Tampa, Jacksonville, Panama City and more cities. Eligible members can also open accounts online via the credit unions website.

Online CD Rates

In addition, online banks also offer attractive 5-year CD rates to residents across all of Florida. These CDs need to opened and managed online.

• Nationwide Bank offers a 2.00% APY 5-year CD with a $100,000 minimum balance.
• Discover Bank offers 1.90% APY with a $2,500 minimum balance.
• New Dominion Direct is paying 1.95% APY with a $3,000 minimum balance.

In this case, the online banks are no match for the local banks and credit unions.

To find rates for terms other than just 60-months in your local area or online, please check out our comprehensive list of CD Rates. BestCashCow has one of the biggest databases of CD rates in the U.S. for local and online banks as well as credit unions.