| Bank or Credit Union | Apy | Min | Max | Product | |
| Northstar Bank of Texas | 2.25% | - | $20k | Velocity Checking | |
| Northstar Bank of Texas | 0.75% | $1k | - | 7 Month CD |
Competitive Short-Term CD and Reward Checking Rates at Northstar Bank of Texas - Local Only
Northstar Bank of Texas continues to offer a good deal on a 7-month CD. The rate has gone down since my August review of this bank, but it's still competitive at 1.25% APY. Minimum deposit is $1,000. This rate is listed in the bank's rates page as of 12/20/2010.
As a comparison to internet banks on 12/20/2010, the best 6-month CD rate is 1.11% APY at Bank of Internet USA.
The bank continues to offer an attractive high-yield reward checking account called Velocity Checking that pays 3.51% on balances up to $50K as of 12/20/2010. I first reported on this account in March 2009 when the yield was 4.51%. It's one of the few reward checking accounts that continue to have a $50K balance cap. For more details please see my Velocity reward checking review.
A branch visit is required to open an account. Branches are located in the northern parts of the Dallas/Fort Worth metro area in the cities of Denton, Argyle, Colleyville, Corinth, Grapevine, Krum, Lake Dallas, Lewisville and Pilot Point.
The bank has an overall health score at DepositAccounts.com of 3 out of 5 with a Texas Ratio of 36.35% (above average) based on September 2010 data. Please refer to our financial overview of Northstar Bank of Texas for more details. The bank has been a FDIC member since 1973 (FDIC Certificate # 20935).
pearlbrown - #1, Monday, December 20, 2010 - 11:22 AM
I like doing business with this bank. The people are friendly, helpful and professional.
The online system is old technology and has the look and feel of something out of the late 1980's but it works reliably and consistently. Your login ID is your account number but it can be changed through a call to the Customer Service number. There is a separate signon for Estatements, which is cumbersome.
However, the Velocity Checking rate is terrific, the $50K cap is outstanding, and the required number of debit transactions is very manageable. The Bill Pay interface works well (I requested a transfer at 0700 on a Monday and it was available in the target account Wednesday at 0700).
All those pluses more than offset a less-than-stellar interface and I would definitely recommend them.
pearlbrown - #2, Monday, December 20, 2010 - 11:36 AM
I posted some additional information about the bank in the bank review area, and also addressed an issue that a previous reviewer had discussed.
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