Wednesday, 25 November 2020

Florida Community Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Florida Community Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
28 Oct
9:59

Florida Community Bank is the second largest independent bank based out of Florida. It launched its first branch in 1923, in Collier County. From there, it has expanded to 50 locations throughout Florida.

In 2018, Forbes rated Florida Community Bank as the 8th-best large bank in terms of financial stability and performance. This may be a good sign that it is a safe and reliable bank to work with. But while financial stability is important, you also want to make sure your bank offers a fair interest rate and other account benefits.

To help you in your search, we’ve reviewed all of Florida Community Bank’s accounts using the latest product information and rates available. As a regional organization, Florida Community Bank uses the same product information for each location. Also, you can only open an account in person, so this financial institution is mainly an option for readers who live near branches in Florida. The rates aren’t currently being advertised on their website so you’ll need to contact bank to confirm them.

Florida Community Bank checking account options

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How Florida Community Bank’s checking accounts compare

With seven different checking accounts to choose from, Florida Community Bank certainly offers a lot of options. But despite all this variety, nothing really caught our eye as a top-notch account. Only two of the Florida Community Bank checking accounts pay interest.

Another problem is only three of the accounts refund out-of-network ATM fees, which means if you stray outside the bank’s Florida service area, it can get expensive to access your money. Finally, we don’t like that nearly all their accounts charge a monthly fee. While you can get all the monthly fees waived, there are plenty of free accounts offered by other financial institutions that don’t make you jump through hoops to avoid a charge.

Now, one thing we did like was that three of their checking accounts include cash back on debit card purchases. That’s not a benefit you see everywhere. If you always spend on your debit card, Florida Community Bank could be worth a look.

But if you’re trying to earn interest and avoid fees, this isn’t the place for you. We recommend using these online checking accounts instead because they earn higher rates, have lower monthly fees and give you better ATM access than Florida Community Bank.

Florida Community Bank saving account options

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How Florida Community Bank’s savings accounts compare

The Florida Community Bank savings accounts are nearly identical. The only difference is the Pinnacle and Personal accounts have a $50 balance requirement or else they charge a $3 quarterly fee, while the other accounts are completely free.

Florida Community Bank did this because you need a matching checking account to open most of the savings accounts: Pinnacle Checking to open Pinnacle Savings, Essential Checking to open Essential Savings, etc. If you want to skip this extra step, you can get the same terms by just opening the Personal Savings account instead as it doesn’t require a checking account.

We don’t think these accounts pay nearly enough interest to be worth it, based on our research. It’s nice that they keep the fees low but if you’re going to deal with the savings account restrictions, you should earn a reasonable rate and that won’t happen here. Check out these top savings accounts instead so you can actually earn some interest.

Florida Community Bank CD rates

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How Florida Community Bank’s CD rates compare

For the most part, Florida Community Bank CDs pay low rates across the board based on our research. Even its long-term CDs, which lock up your money for five years, pay rates which are lower than some checking accounts on the market today.

The only exception is for the Florida Community Bank CD promotions. Its current 12 month promotional CD offers an excellent rate for that amount, as good as any of the best CDs available for that term. Earlier in the year, its promotion on the 17 month CD was also competitive.

We would recommend that you call up Florida Community Bank and ask whether it has any CD specials going on as these will be your best options. If it doesn’t, or if the promotion doesn’t fit your goals, don’t waste your time on its standard CDs. Use something from this list of the best CDs instead.

Florida Community Bank money market account options

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How Florida Community Bank’s money market accounts compare

The Florida Community Bank money market accounts are not competitive. Based on our research, The High Yield Money Market account is its best option because it pays higher rates than the others once you deposit $10,000. Still, even its top rate is way below what the top money market accounts are paying these days.

The other Florida Community Bank money market accounts pay low interest rates that do not increase as your balance grows. You are also required to maintain a checking account to keep these accounts.

We recommend looking elsewhere for a money market account. There are better places to park your savings.

Florida Community Bank IRA CD rates

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How Florida Community Bank’s IRA CD rates compare

The Florida Community Bank IRA CD rates are for the most part, not worth using. They earn extremely low rates, even on their long-term IRA CDs which last up to five years at the time we contacted the bank. If you’re going to reach your retirement goals, you need a respectable interest rate — and that won’t happen with the majority of the Florida Community Bank IRA CDs.

With that being said, if you can land one of their specials, then you could get a competitive rate. These pop up from time to time and when they do, they can be a solid choice for your retirement savings.

Otherwise, we would look elsewhere for an IRA CD. Start your research with this list of the best IRA CDs on the market.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/florida-community-bank/

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