Dedicated to Deposits: Deals, Data, and Discussion

5.10% 7-Month / 5.00% 12-Month CD at a Dallas Bank (Equity).

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Update 2/2/08: CD rates have fallen. Please check the bank's website for the latest rates.

Equity Bank is listing a 5.10% APY 7-month CD and a 5.00% APY 12-month CD. The minimum deposit is $1,000. They also have some competitive long term CDs with yields of 4.75% APY. Full details along with early withdrawal penalties are listed in the bank's rate table. These are also available in an IRA. I just called the bank and was told that these rates are still available. I doubt they'll last much longer after yesterday's Fed rate cut.

The website states "To open an account, call 214-237-3170." However, the CSR didn't know how to open a CD by phone. A reader just commented that he/she was able to open up a CD via mail with them 4 months ago. A copy of the SS, DL and a check was all it took. Applications are available here.

My last report on this bank was in August when they were advertising the 5.60% 13-month CD.

The bank has two branches in Dallas, Texas. It was established in 1981 and is FDIC insured (FDIC Certificate # 23498). Equity Bank has a 2 out of 5 star rating (below peer group) at Bankrate.com based on 9/30/07 data.

Thanks to the reader who emailed info on these CDs.

Update: Added info from commenter on opening a CD by mail.
  Tags: CD rates, IRA rates, Texas

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Comments
3 comments.
Comment #1 by Dan and Vivian's Wedding BlogSpot (anonymous) posted on
Dan and Vivian's Wedding BlogSpot
http://www.theequitybank.com/equitybank_deposit_application.pdf

I opened up a CD via mail with them 4 months ago. Copy of the SS and DL and a check was all it took.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I've updated the post with this info. Did they require you to be from Texas?

1
Comment #3 by Dan and Vivian's Wedding BlogSpot (anonymous) posted on
Dan and Vivian's Wedding BlogSpot
No they did not even ask me (I had called in to see how I could apply). It was fairly easy for me to open an account and I'm considering opening up another cd this week w/ them and one at Wamu. All I did was send in the app with the documents, then they sent me back a signature form and a beneficiary form. BTW, I'm planning on going to the Bee Caves Wachovia tomorrow to see if they will still honor the 75 Visa check card that ended on the 22nd. I'll let you know how that goes.

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