BankAtlantic, a Florida-based Bank, has launched Personal Liquid Certificate of Deposit (CD). Reportedly, the Personal Liquid CD is a time deposit account that provides customers with a higher rate of return and the flexibility of a savings account, plus the full protection of FDIC insurance.
The bank has said that the Personal Liquid CD allows customers to make a withdrawal after the first seven business days and every seven business days thereafter, without penalty (providing the amount withdrawn is re-invested in any BankAtlantic deposit account).
The bank has added that when the Personal Liquid CD matures and renews, it automatically renews into another seven-month Personal Liquid CD. Further, the miminum deposit amount to open is $5,000, while there is no maximum limit. Customers have to maintain a minimum balance of $1,000 and can withdraw a minimum amount of $1,000.
Jarett Levan, president and CEO, said: Demanding times demand innovation and solutions. The Personal Liquid CD offers everyone a new tool to help navigate through this unchartered economy. With liquidity, interest earning power, and flexible, fast, easy access to funds, the Personal Liquid CD is an innovative financial solution.
However, the Personal Liquid CD may not be established as an Individual Retirement Account (IRA) or a Keogh account.
