Central Bank is a local community bank located in Hillsborough County, Florida. As a local community bank, Central Bank’s goal is to serve the community, its people and local businesses. The bank offers an array of savings products for consumers from their one location in Tampa.
Central Bank CDs are available in a variety of terms. There is a $2,500.00 minimum deposit to open the bank CDs. The annual percentage yield assumes the accrued CD interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings. Bank CDs automatically renewable for convenience with a 10 day grace period. Interest can compound back into the CD or by direct deposit to a Central Bank checking account or savings account.
Current CD rates for standard CD rates and terms:
1 month CD rate is 1.15% APY
6 month CD has an interest rate of 1.95% APY
One year CD rate is 2.10% APY
Two year CD yields a rate of 2.50% APY
Three year CD interest rate is 2.60% APY
Five year CD rate is 3.00% APY
Central Bank also offers several special CD rates and terms. For those individuals looking for a liquid CD, the Central Bank Advantage CD may be the right product. With this liquid CD, the account holder can have their savings grow at competitive CD rates, but also be able to tap into the funds without having to pay traditional bank CD early withdrawal penalties. There is a $5,000.00 minimum deposit to open. The bank CD allows the account holder to have the option of withdrawing $500 or more one time a month and deposit amounts of $500 or more anytime up to the $100,000 maximum balance.
The Advantage 7 month CD rate is 2.50% APY
Central Bank also offers a bump up CD called the Rate Watcher CD. With the Central Bank one year or two year Rate Watcher CD, the CD account holder can choose a CD interest rate increase when they think it is best. There is one increase for a 12-month CD and two increases for a 24-month CD. The CD account holder can just call the bank and let them know you want to “bump-up” the current CD rate. There is a $5,000.00 minimum deposit to open. Interest can compound back into CD or by direct deposit to a Central Bank checking account or savings account.
The Rate Watcher One year CD rate is 2.10% APY
The Rate Watcher Two year CD rate is 2.25% APY
Central Bank also offers an excellent rate on their money market account. The money market account requires a $100 minimum deposit to open. The money market account works on a tiered interest rate structure. Interest is calculated and compounded daily on the collected balance and credited to the account monthly. There is a $2500 minimum collected balance required to earn interest on the account. The money market account has a $10 monthly maintenance fee that can be avoided by maintaining a $2,000 minimum daily ledger balance. Transaction limitations apply on the money market account. The account offers free online banking.
For money market account balances of $0.00 – $2,499.99 the account earns no interest.
For money market account balances of $2,500 – $9,999.99 the rate is 0.75% APY
For balances of $10,000 – $24,999.99 money market account earns a rate of 1.00% APY
For money market account balances of $25,000 – $49,999.99 the rate is 1.20% APY
For balances of $50,000 – $99,999.99 money market account rate is 1.35% APY
And for balances on the account of $100,000 and over the rate is 1.50% APY
CD rates and bank rates are subject to change, contact Central Bank directly at 813-929-4477 for current rate and account information. Additional information regarding bank products and bank rates can be found at the Central Bank website located at www.centralbankfl.com.
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