Raymond James Bank Rates and Review

Raymond James Bank Review

Raymond James Bank is an award-winning Florida-based bank that provides loans as well as various accounts to customers around the world.

Raymond James Bank is a subsidiary of Raymond James Financial, Inc., a diversified holding company based in Florida. With more than 2,200 worldwide locations, it is one of the largest U.S. financial services firms. The bank was founded in 1994.

Bank loans

This bank specializes in loans. Its mortgage center offers a diverse range of loans related to owning a home. Traditional mortgage loans include 15-year and 30-year fixed-rate mortgages and a 30-year adjustable-rate mortgage. Other loans include jumbo loans, refinancing loans, FHA loans, interest-only mortgage loans and loans secured by using Raymond James securities as collateral.

Bank accounts

The accounts offered through this bank include:

• FDIC insured CD account. These accounts are flexible in terms, maturity date, interest payment method and principal amount. Terms range from 90 days to 5 years with a minimum opening deposit of $1000 for all CD accounts.
• FDIC insured IRA and money market sweep accounts. These are interest-earning accounts with funds that are available to settle trades for investment accounts at the bank.
• FDIC insured bank savings account and money market accounts. There are multiple accounts available. They earn interest, come with free online and phone banking and have limited fee-free withdrawal options. The savings accounts open with $100 and the money market accounts open with $1000.
• FDIC insured checking. There are several checking account options that each earn interest and come with a VISA check card. These accounts come with bill pay that is free for a limited time. There is a $100 minimum deposit to open a checking account.

Awards

The bank and its holding company have received numerous awards over the years. 2009 awards include recognition from The Wall Street Journal, Forbes, Financial Times, SmartMoney magazine, and Florida Trend Magazine.

Deposit insurance

Raymond James Bank has been insured by the Federal Deposit Insurance Corporation since the bank's establishment in 1994.

In July 2010, FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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