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Small Florida Bank Tops 1-Year CD Rates

Posted in CD Rates by DealMaven
October 28, 2009 09:30 AM - 4 Comments

Southern Commerce Bank has jumped to the top our rankings of the best, nationally available 12-month CD rates.

The bank, with 11 branches throughout Florida, is paying 2.30% APY on a 12-month CD with a minimum deposit of only $500.

Southern Commerce Offers Top RateThat beats the 2.25% APY that MetLife Bank has been offering, with a hefty $25,000 minimum deposit.

(ING Direct matched that rate with a CD special, but it only lasted a week.)

CD rates on other Southern Commerce certificates of deposit are also worth a look.

It’s paying 2.40% on a 15-month CD, and 2.50% on 24-month terms — matching the best interest rates on 2-year CDs.

Why is Southern Commerce offering such high rates?

The usual reason.

Its owner, Dickinson Financial Corp., made lots of bad bets on commercial real estate in places like Florida and Arizona during the real estate boom.

Now the Kansas City, Mo., based holding company is losing money and needs deposits to bolster its balance sheet.

Of course your deposits are safe. Southern Commerce is FDIC insured and you can apply for these CDs online.

Click here to compare these deals with the best CD rates from dozens of other banks in our extensive database.

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Comments (4)
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  1. Hammond said:
    on October 28th at 03:16 pm

    Must open account at a branch.
    Unable to open via website.

  2. DealMaven said:
    on October 28th at 03:52 pm

    We read on the application that “you must visit a Southern Commerce banking center to verify your identity and sign account documentation” and we figured it was for “Locals only,” but the rates were so good we decided double check.

    We were repeatedly reassured that applications would be accepted from all 50 states, but as it turns out, not all of Southern Commerce Bank locations accept out-of-state applications for CDs.

    The best way to apply is to send a letter of request to: Southern Commerce Bank, 1201 9th Avenue West, Bradenton, Fla. 34205, (941) 745-1627.

    Use the online application as a guide for the information you should include: Name, address, a copy of your driver’s license, Social Security number, whether it’s a joint or single account, the term of the CD you are applying for and the amount you wish to invest.

    Have the letter notarized and include a check to fund your CD.

  3. Greg Scanlon said:
    on October 29th at 10:37 am

    I opened an account with Corus Bank in Chicago, with a rate of 4% and a maturity in early 2010. When it was taken over by the FDIC, the new bank was given an FDIC option of what CDs they would keep. They only kept Illinois bank accounts. I live in CA. This is a new policy for FDIC, so watch placing money in tenuous banks.

  4. DealMaven said:
    on November 2nd at 09:51 am

    As of Monday, Nov. 2 Southern Commerce Bank lowered its CD rates and is no longer accepting applications outside of its banking area — not even through the mail.

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