For those who in the Dallas area who don't like being locked into long-term CDs, this is something to consider. Texas Security Bank is offering a very competitive 6-month CD special with a rate of 1.25% APY. New money is required. This special is listed at the bank's rates page as of 4/25/2012.
The bank also has another deposit special, but it's not quite as good as the CD special. It's a money market account with a special 1.00% APY guaranteed for the first 90 days. The rate guarantee can be extended for another 90 days by opening a new checking account. New money is required.
Last month the bank was offering a 16-month CD special.
It appears that a branch visit is required to open an account. Texas Security Bank branches are located in Dallas and Garland.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) based on December 2011 data. Please refer to our financial overview of Texas Security Bank for more details. The bank has been a FDIC member since 2008 (FDIC Certificate # 58739).
How This CD Rate Compares
Any rates over 1.00% are very competitive for terms under 1 year in today's environment. As a comparison, the best sub-year CD rate that's available nationwide is 1.00% APY for a 7-month CD special at KeySource Commercial Bank.
You can get over 2.00% on 5-year CDs, but you have to worry about early withdrawal penalties if you think you'll need the money before maturity.
Another good short-term CD deal is Ally Bank's 11-month No-Penalty CD which has a 0.94% APY. This CD can be closed early without any penalty. So the depositor can make this CD have any term from 7 days to 11 months.
These CD rates are accurate as of 4/25/2012.
Searching for Top CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.