Dedicated to Deposits: Deals, Data, and Discussion

5.75% 6-Month CD at a Texas Bank (First National Bank Southwest)

POSTED ON BY

First National Bank Southwest is offering a 5.75% APY 6-month certificate of deposit. The minimum deposit is $500. This special doesn't seem to be listed at the bank's website. It was advertised in today's Dallas Morning News. The ad is available online here.

This appears to be a local deal. Branches are located in the Texas cities of Plano and Frisco which are located just north of Dallas. First National Bank Southwest is part First National Bank of Omaha (the parent of FNBO Direct). First National Bank of Omaha is FDIC insured (FDIC Certificate # 5452).

Update 11/21/07: This 5.75% CD is now only available for those in the Dallas area. Please see my new post on this special.

Other Texas CD Deals

For those preferring to lock into a longer term, Commercial Bank of Texas is still offering a 6% APY 72-month CD for deposits up to $50K (see post). Update 11/21/07: This 6% CD has ended.
  Tags: CD rates, Texas

Related Posts

Comments
15 comments.
Comment #1 by Anonymous posted on
Anonymous
This is ridiculous! This bank is impossible to work with. The online form does not work well at all. I have been turned down dozens of times and have had to write a complaint to the branch of the FDIC that handles banks that end in N.A. They want you to come visit them to open this account.

1
Comment #2 by Anonymous posted on
Anonymous
Called First National Bank Southwest asking about
5.75 6-month CD. They are a FNBO branch. No problem in opening this CD. No problem in funding
if your a recent customer. They have information on file and are very willing to answer all questions and
out of state is OK, not just local. Very easy to deal with...We opened the CD with a transfer of funds
from another bank.

1
Comment #3 by Anonymous posted on
Anonymous
Only for local residents

1
Comment #4 by Anonymous posted on
Anonymous
I called and checked with the bank. The original comments were correct. The 5.75% is a local offer. They aren't interested in deposit customers outside their area. Very friendly, but not interested in business outside DFW.

1
Comment #5 by harold (anonymous) posted on
harold
NOT TRUE, I AM NYS RESIDENT OPENED ACCOUNT NO PROBLEM. I WAS A FNBO DIRECT CUSTOMER AND THEY TOOK ALL INFO FROM PREVIOUS ACCOUNT, AGAIN NOT JUST LOCAL.ORIGINAL COMMENTS WRONG GOOD LUCK HAROLD

1
Comment #6 by Pegasus (anonymous) posted on
Pegasus
I sent a check to open an account on Friday after speaking to a representative of the bank, they assured me that I could receive this offer by mail, and that a branch visit was not required. Today they called me and stated that they would not open the account because a branch visit was required. I found this to be odd, because today is a bank holiday. I have asked them to return my check.

1
Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Sorry to read how they wasted your time. It is surprising that they would be working today.

I've found small banks like this often go back and forth on their new account policy. Once they start getting too much demand, the managers seem to start to re-evaulate their policy. I wish they would decide before they come out with such a promotion to make it easier for everyone.

1
Comment #8 by Pegasus (anonymous) posted on
Pegasus
An update, a branch manager at First National Bank Southwest called me, apologized for the situation, and agreed to open a CD at 5.75% for six months. He also told me that they had been dealing with a lots of very unhappy customers. But, it appears that they will make good on the offer.

1
Comment #9 by Anonymous posted on
Anonymous
Called FNBSW on the toll free # (8778457283).
Spoke with "Dolores".
She confirmed all app. info. over the phone and told me where to send a check (one for CD & one for checking).
Gave me routing # I requested, and told me She would notify me upon receipt of funding.
Couldn't be easier or more pleasant.
No problem with non-local CD customers.

1
Comment #10 by Saagar (anonymous) posted on
Saagar
If you open a checking account with them and do a Direct Deposit, the Banker told that they will bump the rate to 6.25% from the time the first Direct Deposit comes in. Account opening was smooth except for the stupid Banker who typed my last name wrong even after typing it from my Driver's license. Result: I can't enroll in online banking yet. Btw, I dont know if they will consider a transfer from ING Direct or Capital One Money Market as a Direct Deposit..

1
Comment #11 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. That makes for a very nice CD rate.

1
Comment #12 by Anonymous posted on
Anonymous
Went to a branch on Friday and opened a CD. Everything was pretty easy and fast. No promotions with checking account and 6.25%, though. Asked the banker several times.

1
Comment #13 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Glad to see at least the 5.75% is still available.

1
Comment #14 by Anonymous posted on
Anonymous
I opened my cd today. All went well. I asked about the 6.25 and manager told me if you open a checking acct with DD and a money mkt you can get this rate. I stuck with the 5.75. Good customer service.

1
Comment #15 by Anonymous posted on
Anonymous
Update prev post 11/15/2007-
Unfortunately, this is the most disorganized and incompetent branch bank I've ever dealt with.
Weeks after I opened the CD and a checking on the phone (no online app.), and multiple follow up phone conversations, I was told that neither were available even though they already had my funding checks.
FNBOSW website has inaccurate information, and the phone reps evidently don't know enough about it to give you a heads up.
Major issues with accounts of Frisco Texas being incompatible with parent company in Omaha Nebraska.
Online account access also a mess.
AVOID THIS BANK!

1