6.00% 6-Month / 5.50% 15-Month CD at a Florida Bank (Old Cypress Community)
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Update: Rates have gone down. Please check with the bank for the latest rates.
Old Cypress Community Bank is having a grand opening special at its Winter Haven branch in which they're offering a 6.00% APY 6-month CD. The minimum deposit is $1,000, and the maximum is $100K. A checking account or savings account with a minimum $100 deposit is required. Without the checking or savings account, the yield is 5.75% APY. This isn't listed on the website. I found it advertised, and called the bank for further info. They weren't sure how long it would be offered. Note, it's only available at their Winter Haven Branch. They also have a 5.50% APY 15-month CD special and a 5% 5-month CD special (see their CD page). These specials are available at all of their branches.
In addition to Winter Haven, branches are also located in Clewiston and LaBelle. The bank has been FDIC insured since 1937 (FDIC Certificate # 28864).
[Update 7/20/07: A reader provided some more details: These special products are only available for Polk County residents. Florida ID is required to open an account. Customer must be present in order to open an account.]
Old Cypress Community Bank is having a grand opening special at its Winter Haven branch in which they're offering a 6.00% APY 6-month CD. The minimum deposit is $1,000, and the maximum is $100K. A checking account or savings account with a minimum $100 deposit is required. Without the checking or savings account, the yield is 5.75% APY. This isn't listed on the website. I found it advertised, and called the bank for further info. They weren't sure how long it would be offered. Note, it's only available at their Winter Haven Branch. They also have a 5.50% APY 15-month CD special and a 5% 5-month CD special (see their CD page). These specials are available at all of their branches.
In addition to Winter Haven, branches are also located in Clewiston and LaBelle. The bank has been FDIC insured since 1937 (FDIC Certificate # 28864).
[Update 7/20/07: A reader provided some more details: These special products are only available for Polk County residents. Florida ID is required to open an account. Customer must be present in order to open an account.]
Labels: banks, certificates of deposit, Florida, large deposits, Old Cypress Community Bank
posted by Banking Guy at
7/18/2007 04:39:00 PM
4 Comments: Post a Comment
comment policy end of commentsPlease be advised these special products are only available for Polk County residents. Florida ID is required to open an account. Customer must be present in order to open an account.
By
Anonymous, at 1:33 PM, July 20, 2007
Thanks for the info. I've updated the post with this info. I'm surprised they put the Polk County restriction on it.
By
Banking Guy, at 3:32 PM, July 20, 2007
I am in the process of opening a new 6-month CD with the 6% rate from California with a CA license through the mail/fax. So far I have had no problems..we'll advise if things change.
By
Anonymous, at 1:26 PM, July 23, 2007
In an update to the above, the rep advised the bank President has closed this offer to anybody but Polk County residents as they are getting close to reaching the limit and want only local money from now on.
By
Anonymous, at 1:45 PM, July 23, 2007
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