A few readers might remember Libertad Bank for its reward checking account, the Amazing Checking. Back in 2008 the bank was offering a top reward checking account that was available nationwide. It didn't last long. As I reported in 2009, the bank was forced to slash rates by the FDIC.
Even though it doesn't offer the reward checking account, there are two other good deposit deals. Both are limited time promotions. The first is a 12-month CD with a 1.50% APY. Minimum deposit is $10,000. The second is a money market account with a 1.50% APY for opening balance of at least $10,000. The rate is subject to change. These rates are not listed at the bank's website. A reader emailed me news of these, and I just confirmed them this morning (5/3/2011) with the bank.
It's a small one-office bank, so I'm considering this a local deal for the metro Austin Texas area. Libertad Bank's office is located at 512 East Riverside Drive. Update: These promotions are only for residents of the Austin metro area.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 7.35% (excellent) based on December 2010. Please refer to our financial overview of Libertad Bank for more details. The bank has been a FDIC member since 2006 (FDIC Certificate # 58082).
How It Compares?
The best 1-year CD rate that's available nationwide without checking requirements continues to be 1.41% APY at Melrose Credit Union (as of 5/3/2011). As this example shows, you can sometimes get higher local CD rates. To search for the best CD rates nationwide and in your state, please refer to our CD rates table.