Best 6 month CD rates in Florida thumping national average!


The top CD rates in Florida are beating the national average by almost 2x!

Recently we were tipped off on two banks (actually one bank and one credit union) which are still offering outstanding interest rates on their 6 month CDs (certificate of deposits). If you reside in Florida and have been in the market for a short term bank deposit, then you have undoubtedly seen the abysmal rates in which national banks are currently offering. Today, the national average for 6 month CD’s sits at roughly 1.05% APY. However, we have uncovered two financial institutions which are offering almost twice that amount on their six month deposits. Keep in mind, the institutions offering these products may have strict eligibility requirements and if you reside outside of the state of Florida you may have a difficult time taking advantage of their savings rates.

Bay Cities Bank out of Tampa, Florida has a 6 month CD (as of November 30, 2009) which is paying 1.75% APY. You must make a minimum deposit of at least $1,000 to take advantage of it, and like most deposit products you will incur a penalty for an early withdrawal. Bay Cities Bank has 6 locations throughout the Tampa area, 3 in Hillsborough and 1 in St. Petersburg. They are a wholly owned subsidiary of Florida Business Bancorp (member FDIC) and were established in 1999. You may want to compare this rate to the highest yielding CD rates in Tampa, Florida.

The second Florida bank offering a phenomenal rate on their 6 month CD is Jackson County Teachers Credit Union. They are currently paying a whopping 2.02% APY with a minimum deposit of $1,000. This credit union is a bit harder to join unless you happen to be employed by a Florida school district. 

Both of the above institutions are federally insured by either the FDIC or NCUA (credit union equivalent to the FDIC) up to $250,000. If you live in Florida and know of a better interest rate on a 6 month CD being offered through your local bank, please share by leaving a comment!

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