Top 30 month CD rates offered through TFCU

The best 30 month CD rates we found this week came out of a relatively small credit union in the El Paso, Texas region. Unfortunately, like most member-owned, community credit unions, this one is nearly impossible to join if you live outside of Texas and don’t have family members whom are currently members.

If you are fortunate enough to be eligible to join this organization you will be able to snag a 30 month CD yielding 2.68% APY with a minimum deposit of just $500.

To put this offer in perspective the current national average for 12 month CD’s sits at roughly 1.17% APY and the current national average for 36 month CD’s sits at just 1.98% APY.

CD Rates offered through El Pase Area Teachers Federal Credit Union:

12 months 1.76% APY
18 months 2.17% APY
30 months 2.68% APY
60 months 3.50% APY

- You may want to compare these rates with other CD rates in Texas. If you live in the state you may also want to review other credit unions in Texas.

Membership Requirements:Individuals who live or work in El Paso, Texas can join this credit union. You will be required to put in a minimum of $25 into a savings account when you sign up. Take a look at their membership details to learn more about the entire membership process.

Unique Approach to Online Banking: TFCU’s website interface gives you two options from the get go – you can either go corporate or go hippie! The corporate website is a no-nonsense interface with professional images and straight foward navigation. The hippie side is completely different – with a psychedelic feel and look it almost makes online banking fun!

If you have experience with TFCU, feel free to share by leaving a comment!

Top 12 month CD rates in Texas CRUSH the national average!

Thanks to BankVibe.com reader Jason for tipping us off on a sweet 12 month CD (certificate of deposit) offer coming out of one small credit union in Texas. Actually, Domino Federal Credit Union of Domino, TX, is offering several deposit products that provide annual percentage yields which put the national average(s) to shame. However, like most credit unions, this one is fairly exclusive to join. If you do not reside in the state of Texas then you probably wont be eligible for membership (or these CD rates).

Domino Federal Credit Union has just three branches in the state of Texas (Texarkana, Atlanta, and Domino). They have several ATM’s throughout the state as well as free ATM usage through partnered institutions.

CD Rates offered through Domino Federal Credit Union:

- They have a 6 month CD yielding 1.41% APY with a minimum deposit of $500 required. The national average for 6 mo CDs sits at roughly 0.81% APY.

- They have a 12 month CD yielding 2.00% APY with a minimum deposit of $500 required. To put this offer in perspective, the national average for 12 month CDs sits at roughly 1.26% APY.

- Their 36 month CD provides annual percentage yields of 2.47% with minimum deposits of $500 required. The national average for 3 year CDs sits at roughly 2.00% APY.

Compare this offer to some of the top CD rates available in Texas.

America Bank of Commerce’s 24 month CD rate – locals only

While it’s kind of disheartening hyping up a 24 month CD yielding only 2.32% APY, we still feel obligated considering the national average for 2 year CD rates sits at a pathetic 1.90% APY. Much thanks to BankVibe.com reader Sam for submitting this product for review!

Currently anyone willing to visit one of their branches can take advantage of this 24 month CD rate with a minimum deposit of $1,000. ABC Bank or America Bank of Commerce has a dozen locations throughout Texas and Colorado.

Compare this offer to the best CD rates in Texas to see how it holds up!

It’s branches reside in the following cities: Austin, Lubbock, Mansfield, Plano and Wolfforth, Pueblo and Colorado Springs.

ABC Bank’s Certificate of Deposit Terms and Conditions:

• Partial withdrawals of Interest only are allowed
• Penalty for early withdrawals
• Additional or add-on deposits are not allowed
• Automatic Renewals
• 10 Day grace period

Be sure to contact the bank prior to the end of the 24 month duration so that you can have your funds transferred to another account, otherwise they will automatically renew your account at whatever current rates they are offering for 2 year CD’s.

Best CD Rates in Dallas, TX: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Dallas, Texas. The institutions we will cover all include the following cities in Texas: Grand Prairie, Irving, Richardson, Garland, Carrollton, Lewisville, Mesquite, Fort Worth, DeSoto and Rowlett. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Dallas as well as Texas, we found that for the most part, you will be able to receive slightly better rates with local institutions than with national ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Dallas, TX:

• Neighborhood Credit Union (Dallas branch) has a promotional new savers CD which comes with a maturity of only 1 month and an APY of 10%. The minimum and maximum in which you can deposit is $100.
• Texas Federal Credit Union has a 6 month CD yielding 1.92% APY with a minimum deposit of $1,000 required. 
• SouthWest Airlines Federal Credit Union has a 6 month CD yielding 1.90% APY with a minimum deposit of $1,000 required. 

Best 12 month CD rates in Dallas, TX:

• Baxter Credit Union has a 12 month CD yielding 2.50% APY with a minimum deposit of only $50 required. 
• SouthWest Airlines Federal Credit Union also has a 12 month CD yielding 2.50% APY with a minimum deposit of $1,000 required.
• Branch Banking and Trust Company has a promotional 11 month CD yielding 2.25% APY with a minimum deposit of $2,500 required.

Best 24 month CD rates in Dallas, TX:

• First National Bank has a 24 month CD yielding 2.68% APY with a minimum deposit of $1,000 required. 
• SouthWest Airlines Federal Credit Union has a 24 month CD yielding 2.60% APY with a minimum deposit of $1,000 required.
• Washington Federal Savings and Loan Association (Dallas branch) has a 24 month CD yielding 2.50% APY with a minimum deposit of $1,000 required.

Best CD Rates in San Antonio, TX: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of San Antonio, Texas. The institutions we will cover all include the following cities in Texas: Hollywood Park, Converse, Kirby, Castle Hills, Leon Valley, Helotes, Schertz, New Braunfels, Fair Oaks Ranch, Boerne, and San Marcos. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of San Antonio as well as Texas, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in San Antonio, TX:

• Saint Josephs Credit Union has a 6 month CD yielding 1.70% APY with a minimum deposit of $1,000 required.
• City Public Service Credit Union (San Antonio branch) has a 6 month CD yielding 1.66% APY with a minimum deposit of $10,000 required.
• Plains Capital Bank has a 6 month CD yielding 1.60% APY with a minimum deposit of $1,000 required.

Best 12 month CD rates in San Antonio, TX:

• Saint Josephs Credit Union also has a 12 month CD yielding 2.0% APY with a minimum deposit of $1,000 required. 
• iGoBanking.com has a 12 month CD yielding 2.0% APY with a minimum deposit of $1,000 required. This is an online bank and can accept deposits from any state.
• San Antonio Federal Credit Union has a 12 month CD yielding 1.90% APY with a minimum deposit of $10,000 required.

Best 24 month CD rates in San Antonio, TX:

• Hudson City Savings Bank is a national bank that can accept deposits from customers nationwide. They have a 24 month CD yielding 2.50% APY with a minimum deposit of $5,000 required. 
• San Antonio National Bank has a 24 month CD yielding 2.47% APY with a minimum deposit of $500 required. 
• Saint Josephs Credit Union has a 24 month CD yielding 2.40% APY with a minimum deposit of $1,000 required. 

Best CD Rates in Houston, Texas: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Houston, Texas. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Houston as well as the state of Texas, we found that for the most part, you will be able to receive slightly better rates with local institutions than with national ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Houston, Texas:

• People’s Trust Federal Credit Union has a promotional 5 month CD yielding a whopping 5.0% APY with a minimum (and maximum) deposit of $500. They have locations throughout Texas with branch locations serving the Houston area.
• Bank of Texas, National Association has a 6 month CD and a 10 month CD yielding 1.75% APY with a minimum deposit of $1000 required. They have branch locations in Houston.
• Gulf Coast Educators Federal Credit Union has a 6 month CD yielding 1.66% APY with a minimum deposit of $1000 required. They have locations in Houston as well as Pasadena, TX.

Best 12 month CD rates in Houston, Texas:

• People’s Trust Federal Credit Union has a 12 month CD yielding 2.06% APY with a minimum deposit of $10,000 required. 
• First National Bank (Houston location) has a 13 month CD yielding 2.0% APY with a minimum deposit of $1,000 required.
• You will find better rates for 12 month CD’s from national institutions rather than local ones.

Best 24 month CD rates in Houston, Texas:

• First National Bank (Houston location) has a 24 month CD yielding 2.68% APY with a minimum deposit of $1,000 required.
• Texas Citizens Bank (out of Pasadena, TX) has a 24 month CD yielding 2.50% APY with a minimum deposit of $1,000 required.
• Capital One, National Association (Houston location) has a 24 month CD yielding 2.25% APY with a minimum deposit of $1000 required.

5 month CD, 5.0% APY with a $500 minimum deposit!

It’s called the 5-5-5 promotion and it’s being offered through People’s Trust Financial Credit Union. Generally with credit unions, either you’re eligible to join or not, and there’s not much middle ground. However People’s Trust FCU out of Houston, Texas, is allowing anyone to join with a mere $5.00 donation to their foundation (no, this is not part of the 5-5-5 promotion, just happens to be a coincidence).

Recently we did a report on the best money market accounts in Texas and BankVibe reader Doug posted this amazing deal in the comments section. Thanks Doug!

Here’s the scoop…

Watch your money grow with a 5-5-5 Term Share Certificate. The 5-5-5 certificate offers a 5-month term, 5.00% APY, and a $500 minimum deposit. This account also allows deposits in $5 increments up to the maximum account balance of $5,000. Make a new deposit to the account as often as you like throughout the five month term.

So I guess the only downside to this promotion is that you can only invest $5000, however this is a great opportunity for first time savers or anyone looking for a high yield on their hard earned cash!

Best MMA (money market account) rates in Texas

Below are the highest yielding money market account rates serving citizens of the state of Texas.

If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

If you browse through our archive of money market account rates, you will see MMA’s are yielding a lot less than they were this time last year. In fact, the national average for money market rates sits at roughly 1.20% APY currently – this number was well above 3.0% APY during the summer of 2008.

Below I have listed the top 2 banks and/or credit unions serving the state of Texas which are offering the best returns on their money market accounts. Keep in mind, you may receive higher rates from larger national banks whom serve the whole country rather than a specific region. Compare money market accounts nationwide to find the optimal account for you.

Top 2 money market rates in Texas:

(clicking on the institution will bring you to their home page)

• United Central Bank: Plano, TX. “Global money market account” yielding up to 3.0% APY depending on your balance amount. The breakdown is as follows, $5,000 – $74,999 yields 1.95% APY, $75,000 – $299,999 yields 2.15% APY, $300,000 – $499,999 yields 2.25%, $500k – $999k yields 2.40% APY and anything over $1 million yields 3.0% APY. A minimum balance of $5,000 is required to open this account and it come with a $10 monthly fee which will, needless to say, cut into your interest rate earnings. The average interest rate for money market accounts throughout the country is around 1.20% APY. United Central Bank in Texas began serving the Dallas community in 1987 and now serves many states throughout the country.
• Citizens State Bank: Whitney, TX. “Super money market account” yielding 2.02% APY with a minimum balance of $10,000. If your balance falls below $10k then this account becomes merely a “regular money market account” with a lower yield (not posted on website). They use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.  Interest begins to accrue on the business day you deposit non-cash items, such as checks. Interest will be compounded and credited to your account every month. Transfers from a Super Money Market Investors’ Account to another account or to third parties by pre-authorized or automatic transfer are limited to six (6) per monthly statement cycle with no more than three (3) by check, draft, or similar order to third parties. A debit fee of $10 will be charged for each debit in excess of six (6) during a month. Like all MMA’s this comes with a variable interest rate which is subject to change without notice.

Both of the above institutions are federally insured by the FDIC. If you live in Texs and know of a better money market rate offered through your local bank or credit union, please share by leaving a comment.

United Central Bank’s 6 month CD rate: 2.00% APY

Here is a decent deal coming out of United Central Bank. (Thanks to BankVibe reader Trevor for sending it in). Currently they have a 6 month CD yielding 2.0% APY with a minimum balance of $1,000. I know how unappealing a 2.0% APY savings rate can seem, however you must take into account the current deposit rate climate. Compare 6 month CD rates.

United Central Bank is located in Dallas, Texas and is expanding at a fairly rapid pace. They were founded in 1987 and originally only served the community of Dallas but have since expanded to all of Texas and as well as a few bordering states.

United Central Bank’s financial product list:

• Interest Bearing Checking Accounts
• Certificates of Deposit
• Personal Loans
• Commercial Loans
• SBA Loans
• Internet Banking
• Cash Management
• Merchant Services
• Domestic and International Wire Services

The rates associated with their CDs (certificate of deposits) get less competitive with a longer maturity. In fact, their 60 month CD is only yielding 0.90% more than the 6 month rate, (2.90% APY and 2.00% APY respectively).

Another counter-intuitive aspect of their CD rates is that you will actually receive a lower interest rate for opening a jumbo CD. If you were to open this same 6 month CD but deposit $250,000 or more into the account you will only get a return of 1.75% APY. Traditionally, banks and credit unions will reward larger deposits with higher rates, I guess United Central Bank takes a different approach…

If you are after a higher interest rate for a large deposit, then you should opt for their “Global Money Market” account. Depending on your balance amount, you will most likely stand to earn some decent returns.

Global Money Market Rates (United Central Bank):

$1,000,000 yields 3.00% APY

500k – 999k yields 2.40% APY

300k – 499L yields 2.25% APY

75k – 299k yields 2.15%

Anything balance below $75,000 yields 1.95% APY. As a comparison, the current national average for money market rates sits at roughly 1.20% APY.

Best certificate of deposit rates in Texas (Top 3)

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 comapre CD rates available nationally to the ones listed above.