6.00% 12-Month CD Still at a Dallas Bank - $125k min (ViewPoint)
Nov 6, 2006 - 8:22 AM by Ken Tumin
ViewPoint Bank is still offering a Fall Special CD with an APY of 6.00% for 12 months. The minimum deposit is $125k. Money must be new to the bank. When I first reported on this last month, the offer was scheduled to end on October 31st. However, I see on their rate page that they're calling this 6% deal a November CD Special.
One thing I didn't noticed on my last post was their CD Plus Program which allows you to make additional deposits to a CD during a term (up to the original principal). There doesn't seem to be restrictions regarding special CDs.
The bank has several branches in the Dallas metro area. According to the bank representative whom I spoke with last month, the CD can be opened by mail and is available to those outside of Texas.
ViewPoint is a newly established bank that has been FDIC insured since January 2006. As I mentioned previously, you can go above $100k and still be FDIC insured for joint accounts and revocable trust accounts with qualifying beneficiaries (see FDIC page for more details).
One thing I didn't noticed on my last post was their CD Plus Program which allows you to make additional deposits to a CD during a term (up to the original principal). There doesn't seem to be restrictions regarding special CDs.
The bank has several branches in the Dallas metro area. According to the bank representative whom I spoke with last month, the CD can be opened by mail and is available to those outside of Texas.
ViewPoint is a newly established bank that has been FDIC insured since January 2006. As I mentioned previously, you can go above $100k and still be FDIC insured for joint accounts and revocable trust accounts with qualifying beneficiaries (see FDIC page for more details).
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Anonymous - #1, Monday, November 6, 2006 - 11:13 AM
You can get "unlimited" FDIC coverage.
EVERY SS# on the account gives you another $100K coverage.
So add Benefiaries, and then add contingent beneficiaries.
Even if you hold it jointly with your wife (so $200K), have your 3 kids as beneficiaries (so $500K), you can have unlimited contingent beneficiaries, easily reaching $1M or more.
And you could make the extra beneficiaries only entitled to .000001 of the amount, and still get their coverage.
Scott
Anonymous - #2, Tuesday, November 7, 2006 - 7:51 PM
But-I was told an acct would have to be established into which your monthly interest would be deposited-Viewpoint did provide free checks.
Banking Guy (anonymous) - #3, Wednesday, November 8, 2006 - 7:41 AM
Thanks for the info. Was that a checking account that's required?
Anonymous - #4, Wednesday, November 8, 2006 - 4:48 PM
Dallas Bank
As of 11/3 CD's it says "rates can change until acc't is opened". Also, under rate specials, says compounded 1/4ly.
What the ballpark $ diff from compounding daily on 100k for 1 year?
thnkx
Banking Guy (anonymous) - #5, Saturday, November 18, 2006 - 3:06 PM
Note, looks like Viewpoint changed its policy regarding out-of-state deposits. Below is a comment from a reader:
I was told at Viewpoint in October by a head CSR who checked with the VP that it's only for local. It'd be great if it wasn't just local though! Who'd you hear it from?
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