Money Market & CD Specials at Green Bank in Texas - Local Only
Green Bank, N.A. is offering some competitive money market and CD specials. For the money market account, there's a special intro yield of 1.25% that's guaranteed for the first 180 days. Minimum deposit is $2,500, and there's a $5,000 minimum daily balance to avoid a $15 monthly service fee. Maximum balance that qualifies for this special intro rate is $1 million. After the first 180 days, the rates will fall to the standard tiered rates. This special doesn't appear to be listed on the bank's website. It was advertised in the 10/22/2012 edition of the Dallas Morning News. The ad is available online here (see 10/24 update below).
Green Bank also has a CD special that includes a 1.25% APY 21-month CD and a 1.05% APY 15-month CD. Minimum deposit is $1,000, and the maximum deposit is $ million. This CD special is listed on the bank's webpage as of 10/22/2012.
In addition to these specials, the bank has competitive standard long-term CD and IRA CD rates. The two best are 1.85% APY for a 5-year term and 1.50% APY for a 4-year term. The bank has separate rate sheets for Houston, Dallas and Houston. Links to these rate sheets are available on this Green Bank page. As of 10/22/2012, these two CD rates are available in all three cities.
It appears that a branch visit is required to open an account. Branches are located in the Texas cities of Austin, Dallas, Richardson, Houston, The Woodlands, Humble, Kingwood and Cleveland.
Green Bank is headquartered in Houston. In the last couple of years it has expanded to Dallas and Austin.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 8.53% (above average) based on June 2012 data. Please refer to our financial overview of Green Bank for more details. The bank has been a FDIC member since 1999 (FDIC Certificate # 35007).
Update 10/24/2012: I've been informed by a bank representative of different money market promotions for Houston and Austin. For the Houston-area branches, the money market promo guarantees 1.50% APY for the first 120 days. For the Austin branch, the money market promo guarantees 1.25% APY until 12/31/2013.
There are also internet specials that are available in an online application. These specials include a money market account with 1.00% APY guaranteed until 6/30/2013 and a 1.95% APY 5-year CD. These specials are listed in this Green Bank page as of 10/24/2012.
How These Specials Compare
The money market special reminds me of the EverBank intro special which also has a 1.25% rate guaranteed for the first 6 months for new money market and checking account customers. Green Bank has the advantage of a higher maximum balance. EverBank limits the 1.25% intro rate to a $50K balance for the money market account and a $100K balance for the checking account.
The 21-month CD rate is hard to compare since it's an odd term. It tops the best 18-month CD rate that's nationally available. That is 1.15% APY, and it's being offered by both NexBank and Salem Five Direct.
If you live in Texas, there's an 18-month CD with a 1.25% APY that's available online from Libertad Bank.
The above rates are accurate as of 10/22/2012.
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