Mercantil Bank offers a handful of CDs. They are available to savers in all 50 states, although rates and products differ slightly for Florida and Texas residents. If you live in either of those two states, you can open a CD in a banking center or online. If you live elsewhere, you can only open a CD online.
Early withdrawal penalties apply. For example, for residents of states outside of Texas and Florida, the penalty is equal to 180 days’ interest on the amount withdrawn, based on the simple interest rate tied to the account.
Interest is compounded monthly.
The minimum deposit is higher for account holders outside of Florida and Texas.
Customers don’t have access to any special CDs.