Dedicated to Deposits: Deals, Data, and Discussion

High-Yield Savings Account (5% for first $1K) at OMNIBANK in Texas - Local Only


Update 8/27/10: The rate for balances over $1K has fallen to 1.15% APY.

OMNIBANK, N.A. has a savings account called the Family Savings with some competitive rates. I saw it advertised yesterday with a 5% APY which made me suspicious. As I expected the 5% APY is only for balances up to $1,000. However, I was pleasantly surprised to see a very competitive rate of 1.90% APY for balances over $1,000. These rates are listed at the bank's rate sheet as of 11/27/09. Note, there are different rate sheets for different cities, but the Family Savings rates are currently the same for all of them. The same rates are also available in a Health Savings Account (HSA).

I called the bank this morning, and according to the CSR, the Family Savings account has been available for the last 18 months. The rate for balances over $1,000 had been 2.50% APY but this was lowered to 1.90% about 5 months ago. So it's not a promo rate.

The bank's website doesn't have many details about this Family Savings Account. Here is what I learned today from the CSR:

  • Requires that you also have a checking account with them (any checking). All their checking accounts have monthly fees. One requires a $750 minimum balance to avoid fees.
  • Family Savings account has no monthly fees
  • Minimum balance is $25
  • No deposit limitations
  • Limit of 6 withdrawals per quarter

The checking account requirement does hurt this deal a little, but on the plus side, the checking account does make it easier to withdraw money from the account.

A branch visit is required to open an account. Branches are located in the Texas cities of Austin, Houston, Lockhart, San Antonio and Cedar Park.

One issue I have with the bank is that their website's front page locks up my FireFox browser. I was able to view it with IE without any problems.

OMNIBANK's ratings for safety and soundness are a little mixed: 3½ stars (good) at BauerFinancial and 2 stars (below peer group) at Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1954 (FDIC Certificate # 17325).

Other Competitive Savings Accounts

Rate History:

  • 08/26/10: 1.15% APY over $1K
  • ??/??/10: 1.35% APY over $1K
  • 04/27/10: 1.49% APY over $1K
  • 11/27/09: 1.90% APY over $1K

Related Pages: OmniBank, Texas, savings account

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