Best certificate of deposit rates in Texas (Top 3)
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Below are the top 3 CD rates available to residents in the state of Texas. After researching various credit unions and banks serving the people of Texas, we found the best CD rates to come in the form of 12 month CDs, 25 month CDs, and 60 month CDs. Because you will almost always find higher CD rates accompanied with longer maturities we decided to list the deposit rates that beat the national average by the highest margins (for each given duration). Also, keep in mind that small local banks and credit unions frequently offer CD rate promotions which are only available for limited times. You can also find higher rates offered by local banks that come with low maximum deposits. For example, A+ Federal Credit Union (San Marcos, Texas) is offering a 12 month CD with an APY of 5.0% but you can only invest up to $1,000 into this account and you must have other accounts opened with them as well. These types of deals may be available at your local bank.
Top 3 CD Rates (Texas):
(clicking on the institution will bring you to their rates page)
Advancial Federal Credit Union: Mesquite, TX. 12 month CD yielding 2.58% APY with a minimum deposit of $1,000. Advancial Fed CU’s rate page compares it’s current CD rates with some of the larger national banks such as Bank of America, and Chase Bank. In order to be a member of Advancial you must be employed by one of their select employee groups (SEGs). You may also be a parent, grandparent, spouse, brother, sister, child or grandchild of a current member. Once you are a member of Advancial, you will always be a member as long as you maintain the minimum Savings balance.
Eastman Credit Union: Longview, TX. 25 month CD yielding 2.70% APY with a minimum deposit amount of $1,000. Eastman CU’s CD rates function in a slightly different way. The rates are accompanied with a maturity range rather than an exact duration. For example, you can receive this 2.70% APY for durations of 24-36 months. You can join ECU if you live, work, worship, attend school, operate a business in one of the communities listed on their coverage maps, or are employed by one of their sponsor or contractor companies, or are a family member of one of their eligible members.
BP Federal Credit Union: Houston, TX. 60 month CD yielding 4.33% APY with a minimum deposit amount of $1,000. Membership eligibility with BPFCU is fairly exclusive. Membership is only open to BP employers, contractors of BP and Select Employee Groups. However, once you become a member, individuals in your family can join too and once a member of BP Federal Credit Union, you can remain a member for life.
If you live in the state of Texas and know of a local CD rate that is better than the ones listed above, please share by leaving a comment. To find the highest CD rate you may want to compare CD rates available nationally to the ones listed above.
July 15th, 2009 at 1:53 pm
As an employee of A+ Federal Credit Union, I would like to clarify a couple of things regarding our 5% CD:
1. First, we have 11 branch locations in the Austin, TX area(not just San Marcos, TX) and an online branch (you can open the CD online)
2. The only “other account” that someone must open to get the 5% CD is a Savings Account with a balance of $10.
3. If you have children, for example, you can open an account for them and also open a 5% CD for each of them.
Thanks!
July 15th, 2009 at 6:45 pm
One thing to be careful about is the strength of the financial institution. They might have great rates but why are they offering that rate? Do they need the money?
I know credit unions are a different ball game compared to regular banks since they are non-profit but do your research before you throw down money. There is FDIC but they are not required to pay out quickly at all.
Safety and strength should be the number one concern about your money. Second concern rate.
July 16th, 2009 at 11:27 am
Muna,
Thanks for stopping by! I will certainly make note of this in an upcoming post. What are the cities in which you’re 11 locations occupy?
July 20th, 2009 at 10:34 am
We have 5 branches in Austin, and branches in Georgetown, San Marcos, Round Rock, Pflugerville, Hutto, and are opening another branch in Leander. For more information on our locations visit: aplusfcu.org/about-us/locations
November 18th, 2009 at 1:24 pm
The BPFCU cd rates just got lowered today. The 5 yr is now 3.31%……