Florida CD investors were spared the discomfort of watching lower CD rates that was seen by most CD investors across the nation. CD rates on average trended lower again this week for nationally available bank CD rates as well as for most regional and local bank rates. Florida bank CD rates were one notable exception in which all terms showed an increase in the average rate. The average for the top six month CD rates increased from 2.26% to 2.29%. One year CD rates in Florida were improved even more, leaping from an average of 2.49% to 2.55% for the week. Florida CD rates with a two year term increased by less than .01% with an average rate of 2.85%. Five year CD rates ticked up one basis point to reach 3.88% by the end of the week.
Atlantic Southern Bank and TotalBank continue to lead the six month CD rates category with rates at 2.55%. Atlantic Southern Bank offers this rate on an odd term, seven month CD while TotalBank presents the rate on a six month term. Both of these Florida bank rates are above the best national rate for this term. Five basis points lower is the eight month, odd term CD of Premier American Bank with a six month CD that yields 2.50%.
The best one year CD rates available nationally fell for the week, increasing the spread between the highest rates in Florida and those available nationally. The highest one year CD rate in Florida continues to be offered by Atlantic Southern Bank on a 13 month term with an interest rate of 2.80%. Urban Trust Bank follows with a one year CD that earns a rate of 2.75%. Rounding out the top three Florida banks that beat the national rates is TotalBank with their one year CD rate of 2.55%.
The top two bank rates in Florida with a two year term are also upstaging the best national rates. Heritage Bank of Florida is the term leader with two year CD at 3.05%. First City Bank is first runner up with a two year CD that has a rate of 3.00%. The average of the best two year CD rates in Florida is almost ¼% above the best national rate average.
In the five year term category, Florida has three banks that are offering CD rates at or above 4.00%. The lowest rate on the list has an interest rate of 3.60%. Urban Trust Bank is the perennial leader with a five year CD that yields 4.50%. The top three banks include First City Bank and Fidelity Bank of Florida which both promote five year term CDs with an interest rate of 4.00%.
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