With the commencement of 2008, the money markets rates have dropped for most of the banks. This means that EverBank’s domination has diminished giving Bay Financial Bank the lead. Bay Financial Bank offers a money market rate of 5.17% beating Ever Bank’s 5.01%. However, its minimum deposit might deprecate potential investors. That is, the minimum requirement of 900K is only suitable for business customers who can afford to have huge amount of money stocked into their money market account. Therefore, those who want to invest in smaller amounts, should look for better options elsewhere, since its rate, for $ 2500 or less, is only 0.75 %. However, the interest compounds daily and is paid monthly. For accounts having $2500 or more, there are no service charges.
Bay Financial is a federally chartered stock institution, headquartered in Tampa, Florida. It has no other branches. The Bay Financial Bank is FDIC insured and well-reputed. Their website, however, might discourage potential investors, as the website does not provide adequate details about their deals and offers. Even the bank’s history page is too brief and might cast some doubt on new customers. Despite the skepticism provoked by the website, the bank, itself, is quite credible and was rated “satisfactory” by Office of Thrift Supervision.
“INSTITUTION’S CRA RATING: Bay Financial is rated “Satisfactory record of meeting community credit needs.”
Bay Financial was assigned a CRA rating of “Satisfactory record of meeting community credit needs as a result of the evaluation conducted as of October 6, 1997.”
According to their review, no complaints were piled against the bank which shows that their customers are complacent with the bank’s services. The bank is more reliable and popular for its mortgage and loan policies as they have an expertise in that area. However, their money market break through is quite successful. If you want to open an account with Bay Financial Bank then you can download the application form.
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