Rate information contained on this page may have changed.
Financial term discussed in this article: Texas Ratio (understand what it means)
Local banks in Florida are offering some attractive savings account rates according to the BestCashCow database. The average U.S. local savings account rate has dipped to 0.22% APY while the average online bankrate is now 0.81% APY. We found some local Florida banks offering rates better or close to the best online savings rates. If you happen to live close to these banks, they are worth a look.
- Biscayne Bank leads the pack with a 1.00% APY savings rate with a paltry $1 minimum balance. It wasn't so long ago that 1.00% was a pretty low rate but nowadays it's close to the top. The bank has two branches located in Miami, was founded in 2005, and has $232 million in assets. Assets have grown from $81 million in 2006. The bank has a Texas Ratio of 16.64% versus the national average of 21.06%.
- First Florida Bank is offering a 0.85% APY savings account with a $300 minimum balance. The bank has two locations in Destin, FL, which is in the upper panhandle between Talahasee and Mobile. The bank's assets have grown from $27.5 million in 2006 to $175 million in 2011. Its Texas Ratio is 21.66% versus he national average of 21.06%. First Florida was founded in 2006.
- Gulfsouth Private Bank is offering 0.80% APY on its savings accounts with a $1,000 minimum balance. Gulfsouth was founded in 2005 and has five branches located in the upper panhandle once again between Talahasee and Mobile. This areas seems to be the golden location for high savings rates in Florida. The bank has a Texas Ratio of 110%, which is much higher than the national average of 21.06% and should be a warning sign. High Texas Ratios can be a sign of bank stress. Assets have grown from $72 million in 2006 to $209 million in 2009 and have come down to $187 million in 2011.
- Destin, Florida strikes again! Community Bank, Destin is offering a 0.75% APY savings accoun rate with a $100 minimum balance. The bank has one branch in Miramar Beach, FL which like First Florida Bank is in the upper panhandle between Talahasee and Mobile. The bank was founded in 2007 and has seen its assets grow from $35 million to $82 million in 2011. The bank has a Texas Ratio of 7.39%.
Don't Live Near These Banks?
Another option is to consider opening a savings account online. Online savings account offer attractive rates, low minimum balances, and the convenience of banking from home. Some featured accounts are:
- Discover Bank is offering 1.00% APY with a $1 minimum balance.
- CNB Bank Direct is offering a 1.00% APY with a $1 minimum balance.
- Clear Sky Accounts offering a 1.04% APY rate with a $1 minimum balance.
Getting the best rate makes a difference. To understand how earning half a percentage point can put a lot more money in your wallet over time, please visit our financial knowledge section. It pays to get the best rate.