Great Florida Bank is offering a 6-month promo CD that yields 1.40% APY. That's the best 6-month cd rate according to the BestCashCow rate tables as of April 14, 2010.

A minimum balance of $10,000 is required in order to receive the promo rate. The CD can be opened nationally online or in one of their branch locations. The bank operates 29 branches in the Miami area.

In addition to the 6 month promo rate, the bank is also offering competitive rates on several other CD terms. They include:

12-Month CD: 1.65% APY

18-Month CD: 2.05% APY

While these are competive CD rates, it may make more sense to invest in a savings or money market account instead of a short-term CD. Many believe rates are on the rise (although we have yet to see that on BestCashCow) and savings and CD accounts offer higher rates with greater flexibility and liquidity. For example, Everbank has a promotional offer for new money that pays out a guaranteed 2.25% APY for the first three months after the account is opened. The rate then drops to 1.26% APY. But after six months, this account would pay about the same amount as the 6-month CD with the ability to withdraw money. The only risk with a savings or money market rate is that the bank could drop rates lower. That's possible but getting increasingly unlikely as the economy improves.

Safety and Soundness

Great Florida Bank was established in 1984. The bank currently has a Bauer Rating of 1 out of 5 stars (Troubled) for its safety and soundness. Many Florida banks are having trouble as the real estate crash has hit Florida especially hard. The bank's stock (Nasdaq: GBLB) is trading at $.82, down from a high of $18 in 2007. The bank is FDIC insured so if you deposit money be sure to stay below FDIC insurance limits.

First Federal in the southeastern region of the country is offering customers 2.05% APY on a special 12-month CD. You can open a CD online with a minimum of $2,500 or you can visit one of the branches in South Carolina, North Carolina, Georgia or Florida to open an account with a minimum of $1,000. According to the bank’s website, only residents of these four states are allowed to open this CD account online. The maximum deposit for this account is $250,000.

The CD offered under these terms is called a Money Builder CD because it has two features that help to make your money work for you. For one, it allows you to make additional deposit of $500 or more during the term of the CD. You can also “bump up” your interest rate one time while the CD is still maturing.

The online application to take advantage of this promotion allows you to fund the deposit by using your credit card, debit card or your checking account. If you are going to use your credit card to make your deposit, be careful. Your credit card issuer may consider this a cash advance and charge you fees and interest that are greater than the return you are going to receive from this promotion.

In addition to this, First Federal also offers a high-yield reward checking account for customers. The Moolah Checking can be opened in much the same way as the Money Builder CD and it offers 2.51% APY for balances up to $25,000.

First Federal is located throughout the Southeast and other areas of the country. In South Carolina, you can find branches in Hilton Head, Charleston, Myrtle Beach and Florence. You will also find branches in North Carolina and the other states mentioned above. The institution has been a member of the FDIC for more than 75 years.

If you have spent any time in college at all, you probably recognize the name “Sallie Mae” as a leader in student loans. But the name is starting to enter into the online banking industry. Sallie Mae is now offering CDs offering high interest rates as well as high yield savings accounts for customers. The accounts are FDIC insured and, according to Sallie Mae, the rates they are offering are about five times greater than the national average.

One of the nice things about the new online savings accounts that Sallie Mae is offering is that there are no minimum balances and no monthly fees. Many banks are offering these features lately so it is only fitting that Sallie Mae does the same thing in order to compete with other online banking companies. Here are some other features you can expect from Sallie Mae’s venture into the online banking industry:

• Compounded daily interest
• 1.35% APY
• Matching up to 10% on Upromise earnings

If you choose to get a CD account online with Sallie Mae, here are some of the features you can expect from that:
• FDIC Insured
• No monthly fees
• Undisclosed minimum deposit (contact Sallie Mae for more details)
• 1.50% APY on 12-month CDs
• 2.20% APY on 36-month CDs
• 3.00% APY on 60-month CDs

If you can get past getting the chills and shivers from the memories of dealing with Sallie Mae over your student loans, the company’s online ventures sound decent. Check it out by opening an account today!