According to a recent Primerates.com survey between December 9 & December 11, 2011 of Miami CD rates offered by the area banks & credit unions, Miami’s largest financial institutions offered short-term savers 6 month CD’s with rates be rates between 0.05% at Wells Fargo (www.wellsfargo.com) and 0.30% at bank of America (www.bofa.com). Historically low US interest rates continue to keep pressure on Miami CD rates of all maturities. For savers interested in longer maturities, BankUnited (www.bankunited.com) offers a 2-year CD with a rate of 1.09%. With a 5-year maturity, Suntrust Bank (www.suntrust.com) offers CD investors a rate of 1.29%.
CD’s are typically insured up to $250,000 by the FDIC. As CD’s mature, banks typically re-price the rates on deposits. Make sure that you track when your CD’s mature so that you can roll them over into new CDs and keep your money working as hard as possible.
| Banks |
6 Month Maturity |
1 Year Maturity |
2 Year Maturity |
3 Year Maturity |
4 Year Maturity |
5 Year Maturity |
| Wells Fargo |
0.050% |
0.050% |
0.550% |
0.900% |
1.150% |
1.150% |
| Bank of America |
0.300% |
0.350% |
0.400% |
0.600% |
0.850% |
1.200% |
| Citibank |
0.150% |
0.250% |
0.300% |
0.500% |
0.750% |
1.000% |
| Suntrust Bank |
0.250% |
0.400% |
0.650% |
0.850% |
1.290% |
1.290% |
| JPMorgan Chase |
0.200% |
0.250% |
0.400% |
0.500% |
0.500% |
1.000% |
| BankUnited |
NA |
0.800% |
1.090% |
1.240% |
NA |
NA |
| Regions Bank |
0.150% |
0.150% |
0.250% |
0.550% |
0.750% |
0.850% |
| HSBC Bank |
0.100% |
0.200% |
0.350% |
0.350% |
0.800% |
0.800% |
Rates from banks, thrifts and credit union were posted on their websites on the date indicated for a $10,000 certificates of deposit meeting the specific holding requirement. Data is believed accurate at time of collection, can change without notice, and will vary. Contact a specific institution for current rates.
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