Dedicated to Deposits: Deals, Data, and Discussion

5.50% 12-Month CD at a Texas Bank (T Bank)

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T Bank has some competitive rates on its CDs with terms of one year and longer. The highest yield is 5.50% APY for the 12-month certificate. CDs with terms of 2, 3 and 4 years have a yield of 5.10% APY, and the 5-year CD has as yield of 5.25% APY. These same rates are also available for IRA certificates and Business CDs.

Accounts can be opened online. According to the customer service rep, it's available to people from any state. After you fill out the application, you'll need to fax them copies of two forms of ID. A bank rep will contact you with instructions. At CD maturity there's a 10-day grace period in which you can choose to close the CD. I was told you must fax or mail in a form to close the CD with instructions to either mail the check or do a wire transfer. The online application allows funding by check, wire transfer, or ACH. It allows one payable-on-death beneficiary. You can choose for interest to be credited monthly, quarterly or annually.

Branches are located in Dallas and Plano, Texas. It's a small bank with 30 employees that was established in 2004. Bankrate gives it a 4 out of 5 star rating (sound). T Bank is FDIC insured (Certificate # 57703).

  Tags: CD rates, IRA rates, Texas

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