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 goes back to their position at the Alamo. So let’s see if the big talk boils 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. At the end of February and beginning of March, they had a special on their Bump-up CDs for periods of 2 and 3 years. Since then, they have lowered the rates, but remain competitive. The 2 year old is 1.86% and the 3 year old 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 use USAA personally for some loan and insurance products. They have always been quick to respond and easy to deal with. They have a 5-star rating from Bauer. Their CD rates are competitive, 1.96% at 2 years, 1.55% at 15 months and 3.10% at 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 upgraded CDs on the 2Y through 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 get in line with the banks, which is a bummer as the banks seem to be following the FDIC rate cap that was supposed to be for the unhealthy benches. Anyway, the 1 year is 1.55%, 2Y is 2.00%, and the 5 year CD is 3.00%
Remember that 5-year CDs could be a good move 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, matched rates look great.
Also a disclaimer, while we believe the information to be accurate, please check the federal insurance, rates, and qualifications of any institutions you wish to deposit with.