Texas, the great great State. Everything is bigger in Texas or so they say. Like cockroaches the size of dogs. They also have a heart for independence that dates back to their position at the Alamo. So let’s see if the big talk comes down to your CD fees.
We’ll start with one of my favorites. A favorite because I have personally dealt with the bank. Dallas-based Park Cities Bank. FDIC# 57057. They have a 3 star Bauer rating. In late February and early March they had a special on their Bump-up CDs for 2 and 3 year terms. Since then, they have lowered the rates, but they are still competitive. The 2-year is 1.86% and the 3-year is 2.21%. Fixed-term CDs are 0.10% higher.
A very large bank in Texas called USAA FSB has competitive rates. In the past, they only served in the military, but the bank has been spreading its wings. I personally use USAA for some loans and insurance products. They have always been quick to respond and easy to deal with. They have a 5 star rating from Bauer. Its CD rates are competitive, 1.96% for 2 years, 1.55% for 15 months and 3.10% for 5 years. The FDIC number is 32188.
A credit union in Texas has very similar rates. Texas Credit Union. His NCUA# is 66327. His CD rates are in line with others. They have a 2-year CD at 1.90% APY and a 5-year CD at 3.10%. They also have improved CDs in 2Y to 5Y. I don’t think they are that competitive, but check them out.
Another TX Credit Union, Greater Texas Federal Credit Union has decent CD rates. His NCUA# is 7590. His Bauer rating is 4 stars. It seems like a lot of the credit unions are starting to lower rates to be in line with the banks, which is a bummer since the banks seem to be following the FDIC rate cap that was supposed to be for the unhealthy banks. Anyway, the 1yr is 1.55%, 2Y is 2.00%, and the 5yr CD is 3.00%
Remember that 5-year CDs could be a good play depending on the early withdrawal penalty. If you can find a 5-year rate in the range of 2.70% to 3.25% and the penalty is 90 days or 180 days, the equivalent rates look great.
Also a disclaimer, while we believe the information is accurate, please check the federal insurance, rates and ratings of any institution you wish to make deposits with.