Raymond James Bank, based out of St. Petersburg, Florida and founded in 1962, is the 40th largest bank in the US by asset size with $80.9 billion.
Raymond James Bank is one subsidiary of Raymond James Financial which offers a wide range of financial services and products to individuals, corporations and municipalities.
For the purpose of this review, we will focus on Raymond James Bank CDs (certificates of deposit) and the brokered CDs offered through Raymond James Financial and their wealth management division.
Both their bank CDs and their brokered CDs are FDIC-insured, however, the FDIC insurance on the brokerage side comes from Raymond James Financial’s partner banks, whereas Raymond James Bank CDs are federally insured through Raymond James Bank’s own FDIC insurance.
On the banking side, Raymond James Bank offers a handful of competitive CD rates with 8 terms to choose from ranging from 90 days to 60 months.
On the brokerage side, Raymond James also offers 8 terms ranging from 90 days to 60 months but with slightly more competitive rates.
To see if either of these CDs may be right for you, continue reading our review below.
Raymond James CD Rates + Account Details
Raymond James Bank is member FDIC and all deposits are federally insured up to $250,000 per depositor.
Raymond James Bank CDs have a minimum deposit requirement of $1,000. If you’re purchasing them through a Raymond James brokerage account the minimum deposit requirement is $5,000. The rates and APYs (annual percentage yields) are the same regardless of how you open them. But keep in mind you can also purchase brokered CDs through your brokerage account with slightly better yields (shown further below).
Bank CD Rates
| CD Term | APY |
| 90 days | 4.15% |
| 6 months | 5.30% |
| 12 months | 5.35% |
| 18 months | 4.18% |
| 24 months | 5.05% |
| 36 months | 3.85% |
| 48 months | 3.65% |
| 60 months | 3.50% |
To put these yields into perspective, the current national average for 12 and 60 month CDs sits at just 1.72% and 1.37% APY, respectively, according to FDIC data.
That said, there are now a number of online banks and credit unions with nationwide acceptance offering yields of 5.25% and 4.50% APY for the same respective terms following the Fed’s most recent rate hike.
Early withdrawal penalties apply to all of Raymond Bank’s CDs. You can contact them for details and/or to open an account.
How do Raymond James CD Rates Compare
Take a look at the table below to see how Raymond James Bank CD rates compare to other FDIC-insured banks.
| Bank | Best CD Rate |
| Citizens Bank | 4.50% |
| Morgan Stanley | 5.42% |
| TD Bank | 5.00% |
| Raymond James | 5.35% |
How Much Can You Make with a Raymond James Bank CD?
The amount of money you can earn with a Raymond James Bank CD is going to depend on your deposit size, the CD term you select and its APY (annual percentage yield). Below are some potential earnings assuming a deposit size of $100,000.
| CD Term | APY | Earnings |
| 6 months | 5.30% | $2,615.79 |
| 12 months | 5.35% | $5,350.00 |
| 24 months | 5.05% | $10,355.03 |
| 60 months | 5.35% | $29,769.52 |
Brokered CD Rates
Raymond James Financial’s brokered CDs are not issued by Raymond James Bank, they are issued by the banks and/or credit unions that Raymond James Financial has partnered with. If you’d like to learn more, you can take a look at their brokered CD disclosure form here or read more about brokered CDs in general here.
There is a minimum deposit requirement of $1,000 and you may only purchase them in increments of $1,000.
| CD Term | APY |
| 3 months | 5.15% |
| 6 months | 5.25% |
| 9 months | 5.25% |
| 12 months | 5.30% |
| 24 months | 5.05% |
| 36 months | 4.80% |
| 48 months | 4.65% |
| 60 months | 4.45% |
Compounding and Crediting Interest
CDs with terms of 1 year or less generally pay interest upon the maturity of your CD. For longer term CDs with durations of up to 5 years, you’ll be offered monthly, quarterly or semiannual interest payments.
Interest is not compounded with brokered CDs and interest payments become available for withdrawal rather than being returned to the CD for further compounding.
Grace Period and Early Withdrawal Fees
The grace period is the brief time upon your CDs maturity in which you may close it out or modify it without facing any early withdrawal fees. Generally if nothing is done during the grace period your CD will automatically renew with the same term and the going APY at that time. With Raymond James and their brokered CDs, however, there is no grace period because your CD does not automatically renew. Upon its maturity you may buy another CD if you’d like the funds to reinvest.
There are also no early withdrawal fees on brokered CDs because there is generally a secondary market in which you may sell them on rather than breaking the CD with the bank. This is the case with Raymond James Financial.
If you need the funds from your CD prior to its maturity, you may sell it on the secondary market.
đź“Ś Please note: If you sell your CD on the secondary market it will go for current market prices at that time which may be more or less than your original purchase price.
Leave a Reply