Texas CD Rates

Texas, the great big 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 stand at the Alamo. So let's see if the big talk flows down to their CD Rates.

We'll start of with a favorite of mine. A favorite because I've personally dealt with the bank. Park Cities Bank based in Dallas. FDIC # 57057. They have a 3-star Bauer rating. Back in late February and early March they had a special on their Bump-up CDs for 2-year and 3-year terms. They have since pared the rates back, but still competitive. The 2-year is a 1.86% and the 3-year is a 2.21%. The fixed term CDs are 0.10% higher.

A very large Texas bank called USAA FSB has competitive rates. In the past they just served the military, but the bank has been spreading their wings. I use USAA personally 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. Their CD rates are competitive, a 1.96% for 2Y, a 1.55% for 15-months, and a 3.10% for 5-years. The FDIC # is 32188.

A credit union in Texas has very similar rates. Credit Union of Texas. Their NCUA # is 66327. Their CD rates are in-line with others. They have a 2-year CD at 1.90% APY and a 5-year at 3.10%. They also have bump-up CDs on the 2Y to 5Y. I do not think they are all that competitive, but check them out.

Another TX Credit Union, Greater Texas Federal Credit Union has decent CD rates. Their NCUA # is 7590. Their Bauer rating is 4-stars. It seems that many of the credit unions are beginning 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 unhealthy banks. Anyway, the 1-year is 1.55%, 2Y is 2.00%, and the 5-year CD is 3.00%

Remember the 5-year CDs could be a good play depending on the Early Withdrawal Penalty. If you can find a 5-year in the 2.70% to 3.25% range and the penalty is 90-Days or 180-Days, the equivalent rates look really good.

Also a disclaimer, while we believe the information is accurate, please verify the federal insurance, rates and ratings of any institution that you want to place deposits at.

Source by Chris Duncan