One Bank and One Credit Union in Texas With Superb 6 Month CD Rates

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.

Austin, Texas: Two Local Banks Offering Decent One Year CD Rates

We usually see higher yields on local bank CD’s in Austin,TX (and Texas in general) than we do from online or nationwide institutions, however, that’s not the case this week. Currently residents in Austin Texas will be hard pressed to find a 12 month CD yielding much more than a percent from their local banks and credit unions. The top two yields we found from local banks on one year deposits were 1.05 and 1.02% APY. The top yields found in our database of nationally available accounts has the bar set at 1.15% APY for 1 year CDs. See complete rates here.

Top 12 month CD’s from Austin, TX banks:

- United Central Bank featuring a one year CD with a minimum deposit requirement of $1,000 and an interest rate of 1.05%.

- First National Bank featuring a one year CD with a minimum deposit requirement of $1,000 and an interest rate of 1.02%.

Additional Noteworthy Local Offers with Varying Terms:

• Greater Texas Federal Credit Union (Austin, TX) 6 month CD yielding 0.75% APY with a $1,000 minimum deposit.
• Austin Telco Federal Credit Union (Austin, TX) 24 month CD yielding 1.26% APY with a $1,000 minimum deposit.
• A+ Federal Credit Union (Austin, TX) 24 month CD yielding 1.21% APY with a $1,000 minimum deposit.
• Randolph-Brooks Federal Credit Union (Austin, TX) 36 month CD yielding 1.80% APY with a $5,000 minimum deposit.
• Velocity Credit Union (Austin, TX) 36 month CD yielding 1.71% APY with a $1,000 minimum deposit
• Randolph-Brooks Federal Credit Union (Austin, TX) 60 month CD yielding 2.48% APY with a $5,000 minimum deposit.

Today’s National Averages:

12 month CDs: 0.73% APY

36 month CDs: 1.03% APY

Top 1 year CD Rates in Dallas, TX (Local Banks and Credit Unions)

During the beginning half of this week we conducted a survey to see how 1 year CD rates from local banks and credit unions in Dallas, TX stacked up against the 1 year CD rates available nationwide. What we found in Dallas is actually a bit different than what we typically find in other large metropolitan areas across the country, and that is that the nationally available bank CD’s were actually providing better yields than local Dallas banks and credit unions on short term CD rates.

The best 12 month certificate of deposit rates offered from Dallas based banks and credit unions ranged from 1.0% to 1.07% APY – requiring minimum deposits of between $1,000 and $10,000. The top rates from nationally available CD’s (seen here in our database) provide yields up to 1.15% with minimum deposit requirements of between $10,000 and $25,000 for the top interest rates.

Top 12 month CD Rates (Local Dallas, TX Banks):

(Rates accurate as of October 2011.)

- United Central Bank (Dallas, TX) is featuring a 12 month CD yielding 1.07% APY with a minimum deposit of $1,000 required.

- Liberty Federal Savings Bank (Dallas, TX) is featuring a 12 month CD yielding 1.05% APY with a minimum deposit of $10,000 required.

- First National Bank (Dallas, TX) is featuring a 12 month CD yielding 1.02% APY with a minimum deposit of $1,000 required.

- Southwest Airlines Federal Credit Union (Dallas, TX) is featuring a 12 month CD yielding 1.00% APY with a minimum deposit requirement of $10,000.

Houston, TX – CD Rate Deal on 60 Month Deposits

If you live in Houston, Texas and are looking to go long on a bank CD (certificate of deposit) you may want to check out the 5 year CD rates from First Service Credit Union. They’re currently offering 2.50% yields with $1,000 minimum deposit requirements as of this weekend.

First Service Federal Credit Union, originally established in 1978, has 12 locations in and around the greater Houston area. You’ll find branches in Bellaire, Wadsworth, Brookshire, Spring and The Woodlands, Texas.

When compared to other smaller regional credit unions, applying for FSFCU is relatively easy. Typically you’ll need to make a $5.00 opening deposit in a separate savings account, however, they have a coupon on their website currently that, when printed, will waive this requirement.

As we regularly mention, investing in longer term deposits with 5+ year terms may be enticing due to the slightly higher annual percentage yields, though we wouldn’t recommend doing so in such an abysmal CD rate climate. That being said, First Service Federal Credit Union has relatively average (or slightly below average) rates on their deposits other than their 5 year offer.

Other Noteworthy Short Term CD Rates in Houston, Texas:

*Rates accurate as of October 2011. Visit our CD rate center for updated APY’s and promotional offers.

- Gulf Coast Educators Federal Credit Union, Houston, Texas, has a 6 month CD yielding 0.85% APY with a minimum deposit requirement of $1,000.

- Alliant Credit Union, Houston, Texas, has a 12 month CD yielding 1.20% APY with a minimum deposit requirement of $1,000.

Know of a better CD rate offered from a local bank or credit union in Houston, let us know about below!

The 3.0% APY CD Rate List – 2011

After publishing some of the highest CD rates we’ve seen available in 2011 last week, we thought we’d follow up with an additional post highlighting all of the banks and/or credit unions across the country bold enough to offer 3.0% APY’s on their CD products. Keep in mind, all of the CDs we’re mentioning on this list are for 5 year terms. Unfortunately, in our current saving environment, you wont find any CDs with 3.0% interest rates coming from shorter maturities.

After publishing the top 10 highest deposit rates we’ve tracked down so far this year, we were forwarded a couple of noteworthy rates with yields above the 3.0% mark. Therefor this post is dedicated to those small banks and credit unions around the country that still don’t mind giving their customers 3 percent returns on their deposits.

10 CDs (certificates of deposit) with yields above 3.0%:

(To put the offers below in perspective, the current national average for 5 year CDs sits at roughly 2.25% APY. Like all bank rates, the interest rates listed below are time sensitive in nature. Please refer to the date of this article for accuracy. Visit out CD Rate tables to get updated rate info.)

1) Domino Federal Credit Union (Texas) has a 5 year CD yielding 3.257% APY with a min deposit of $500.

2) El Paso Area Teachers Federal Credit Union (Texas) has a 5 year CD yielding 3.257% APY with a min deposit of $500.

3) GECU (Texas) has a 5 year CD yielding 3.14% APY with a min deposit of $1,000.

4) Shreveport Federal Credit Union (Louisiana) has a 5 year CD yielding 3.04% APY with a min deposit of $1,500.

5) Citizens Progressive Bank (Louisiana) has a 5 year CD yielding 3.03% APY with a min deposit of $5,000.

6) Springfield State Bank (Kentucky) has a 5 year CD yielding 3.03% APY with a min deposit of $500.

7) First Federal Credit Union (Iowa) has a 5 year CD yielding 3.01% APY with a min deposit of $10,000.

8 ) Hiawatha Bank and Trust Company (Iowa) has a 5 year CD yielding 3.00% APY with a min deposit of $500.

9) Citizens Community Bank (Kansas) has a 5 year CD yielding 3.00% APY with a min deposit of $1,000.

10) People’s Bank and Trust Company (Kansas) has a 5 year CD yielding 3.00% APY with a min deposit of $1,000.

Do you know of a 3.0% CD offered through your neighborhood bank or credit union? If so, let us know by leaving a comment!

Best CD Rates in 2011 – Top 10

CD rates in 2011 have undoubtedly left FDIC-insured investment seekers cranky. And just to make savers a little more frustrated we’ve seen CD rates throughout the country show tiny glimmers of hope as they bounce off of their all-time lows only to return to those levels the following week.

The current national averages for 6 month CDs, 12 month CDs and 3 year CDs currently sit at 0.56% APY, 0.90% APY and 1.40% APY by the leading online and nationally available FDIC insured institutions. With average deposit rates struggling to keep up with inflation, many savers are beginning to get restless.

Sometime next week Federal Reserve Chairman Ben Bernanke will hold his first quarterly news conference regarding (among other things) interest rates. However, I wouldn’t hold your breath as to whether he’ll decide to raise rates. Many analysts have suggested Mr. Bernanke and his team will claim it’s still too early to raise key rates as it may have an adverse impact on the still fragile economic climate.

Where can you find the best CD rates in 2011?

Your best bet is with either online banks – as they can offer slightly higher rates due to their lack of overhead costs that traditional brick and mortar institutions have – or local credit unions. Credit Unions can sometime offer higher CD rates (and better bank rates in general) because they don’t have a board of directors breathing down their necks demanding higher profit margins. Credit Unions are generally not-for-profit institutions which are owned by their members and any profits derived from business are passed along back to their members in the form of higher savings rates and lower loan rates.

Top 10 CD Rates Available (April 2011):

(Please keep in mind interest rates are time sensitive in nature. If this article is outdated, refer to our CD rate database to find the best local and nationally available CD rates.)

1) PEF Federal Credit Union (Ohio) has a 60 month CD rate yielding 3.29% APY with a minimum deposit of just $500 required.

2) Domino Federal Credit Union (Texas) has a 60 month CD rate yielding 3.257% APY with a minimum deposit of just $500 required.

3) Liberty Bank (Florida) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of $10,000 required.

4) Premier Community Credit Union (California) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of $1000 required.

5) Signature Bank (New York) has a 60 month CD rate yielding 3.01% APY with a minimum deposit of $5000 required.

6) Bank of Utica (New York) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of just $500 required.

7) SeaComm Federal Credit Union (New York) has a 60 month CD rate yielding 2.99% APY with a minimum deposit of $1000 required.

8 ) Liberty Bank (Illinois) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of $10,000 required.

9) American Savings Bank FSB (Ohio) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of just $500 required.

10) Citadel Federal Credit Union (Pennsylvania) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of just $500 required.

The banks and credit unions we’ve listed above are regional institutions. Visit their individual website(s) to see if they have branches near you or if you can open a deposit product over the phone or online.

Do you know of a better CD rate offered through your local bank or credit union that we haven’t mentioned? If so, please share by leaving a comment!

CD Rate Promotion: Limited Time 18 Month Bank CD!

BankVibe.com reader Ben just forwarded us a fairly nice 18 month CD rate promotion available for a limited time through Velocity Credit Union out of Austin, Texas. From now until the end of this month VCU is providing it’s members with a 18 month CD yielding up to 1.56% APY depending on your deposit amount and whether or not you’ll be using it as an IRA CD. (Visit promo page here.)

Here is how the interest rates are broken down for this specific CD promotion. First, if you are just going to open a traditional CD (certificate of deposit) you will need to make a deposit of at least $5,000. If your deposit amount is between $5000 and $9,999 you’ll incur an APY of 1.26%, if your deposit is between $10k and $89,999 you’ll incur an APY of 1.46% and if your deposit is above $90k you’ll get a 1.50% APY.

OR, if you happen to be in the market for an IRA CD then this promotion will provide you with slightly better interest rates. On deposit between $5k and $9,999 you’ll get 1.31% APY, on deposits between $10k and $89,999 you’ll get 1.46% APY and with deposits above $90k you’ll snag an annual percentage yield of 1.56% APY.

To put the offers above in perspective the national average for 1 year CDs and 3 year CDs sits at roughly 0.90% APY and 1.47% APY, respectively.

About Velocity Credit Union:

VCU is a full service financial institutions that was originally chartered in 1947 to serve the city of Austin, TX employees. Today they oversee over $500 million in assets and have almost 70,000 members. They currently have several branch locations throughout RoundRock, Texas and Austin, Texas.

Who can join?

There are 3 ways to join this credit union. First, if you live within a 10 mile radius of any ATM or brach you are eligible for membership. Second, if you have a family who is a member, you are automatically qualified. Third, if you work for one of their selected employers you may join (over 100 sponsoring employers and organizations).

Compare the CD promotion above with some of the best CD rates in Texas.

Best 7 year CD Rates Found in Texas Credit Union

Over the New Year’s holiday weekend we were forwarded a very enticing 7 year CD rate found from a credit union serving southern Texas residents. While we wouldn’t necessarily recommend going long on a bank CD currently, if you do decide to open one, below is one of the top APY’s on the market. However, like most credit unions, this one is geographically exclusive and unless you live in the San Antonio or Austin region of Texas you’ll likely find it hard to join. RBCU has 37 locations throughout Texas and allows you to open certificates of deposit either on the phone or by stopping in to one of their local branches.

Randolph Brooks Credit Union out of southern Texas is currently offering it’s members 7 year CDs with the following APYs and minimum deposit requirements:

-  3.30% APY with a $1,000 minimum deposit.

- 3.35% APY with a $5,000 minimum deposit.

- 3.40% APY with a $20,000 minimum deposit.

- 3.45% APY with a $75,000 minimum deposit.

RBFCU’s Complete List of CD Rates:

Terms and Conditions:

- Early withdrawal penalty for certificates purchased on or after 07-01-03: 6 months – 30 days; 1 year – 60 days; 2 year – 120 days; 3 year – 180 days; 4 year – 240 days; 5 year – 300 days; 6 year – 360 days; 7 year – 420 days. The APY for certificates assumes dividends are added back to the certificate.

- APY means Annual Percentage Yield.

- The dividend rate is the declared annual dividend rate paid on an Account, which does not reflect compounding.

- This credit union is federally insured by the National Credit Union Administration.

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.