Here are a couple of enticing offers for Texas residents looking to stock away some spare cash in a short term bank deposit. Currently Caprock Sante Fe Credit Union out of Salton, Texas and Chasewood Bank out of Spring, Texas are offering 1.20% APY and 1.16% APY on their 6 month CD’s, respectively. In an environment where the national average for 6 month CD’s hovers around 0.50% APY, these offers are pretty substantial.
The 6 month CD offered by Sante Fe Credit Union requires a $1,000 minimum deposit and accepts local funds. You can reach a representative at (806) 828-5825. Just as a quick background, they’re a relatively exclusive credit union and unless you happen to be employed by one of their selected employers you may not be eligible. If you have relatives whom are or have been employed by these institutions you may also be eligible.
The 6 month CD offered Chasewood bank also requires a minimum deposit of $1,000 and accepts local funds. You can reach a representative at (281) 320-6777. Chasewood bank is also quite small with just 25 employees and 2 locations while controlling roughly $110 million in assets as of 2011.
You can compare the rates above with some of the top nationally available rates, but what we’ve found is that in many instances, if you can meet the often strict membership eligibility requirements of these local credit unions, you may be able to snag yourself some better rates.