Texas Security Bank is running a summer special with some very competitive CD rates. The best ones include a 2.00% APY 6-month CD, a 2.50% APY 12-month CD and a 3.25% APY for terms of 24 to 60 months. Minimum deposit is $1,000, and the maximum opening balance is $75,000. A checking account is required with a minimum opening deposit of $2,500. These rates are listed in the Summer Special Page as of 8/02/09.
The CD rates without the checking account are 50 basis points lower. The 2-year CD is still very competitive with a 2.75% APY. The standard CD rates are listed in the bank's rates page as of 8/02/09.
I contacted the bank on Friday, and I was told that any of their checking accounts qualify. Their Secure Checking Account has no minimum balance requirements and no monthly fees. According to the CSR, they can open accounts by mail, but they expect customers to maintain an active checking account. Since it's a very small bank, I'm considering this a local deal.
The bank has one office located in Dallas, Texas. It was just established in May 2008, so it doesn't have ratings for safety and soundness at BauerFinancial or Bankrate. The bank is a member FDIC (FDIC Certificate # 58739).
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