Green Bank, N.A. is offering several online deposit deals that it calls GO! rates. One is a money market account with an intro APY of 1.00% that's guaranteed to last until June 30, 2013. This applies to balances from $500 to $500,000. The other deals are competitive rates on CDs with terms from 1 to 5 years. The two most competitive rates are 1.95% APY for a 5-year term and a 1.70% APY for a 4-year term. Minimum CD deposit is $1,000. These rates are listed in the bank's GO page as of 11/28/2012. For more details about these GO! products, call the bank's customer service at 800-994-0640.
GO! Rates Available Nationwide
These GO! products can be opened online without a branch visit. I was told they're nationally available.
The online application allows you to fund the accounts with an ACH transfer from your current bank account. If you don't live near a branch, accounts will have to be funded by mailing a check.
Local Money Market Specials
I last reviewed Green Bank in October when it was advertising money market specials. These are local deals that are only available at the bank's Dallas, Austin and Houston branches. They're scheduled to end this Friday (11/30/2012). In Dallas, the special money market account has a 1.25% APY guaranteed for the first 180 days. In Austin, the 1.25% APY is guaranteed until 12/31/2013, and in Houston, the special guarantees 1.50% APY for the first 120 days. For more details, call the branches (Austin: 512.617.6850, Dallas: 972.528.6717, Houston: 713.316.7007).
Green Bank Overview
Green Bank is headquartered in Houston, Texas. 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).
How These Money Market and CD Rates Compare
Several internet banks are currently offering 1.05% APY on their money market accounts, but these rates are not guaranteed to last. EverBank continues to offer an intro rate of 1.25% that's guaranteed for the first 6 months. This intro rate is only good for the first $50K for the money market account and the first $100K for the checking account.
The highest 5-year CD rate that's nationally available is 2.20% APY at Pen Air Credit Union. This requires a $100K minimum deposit. The yield falls to 2.00% APY for smaller deposits. This is an all-access credit union that allows people to join if they're a member of an association that's open to all. There are a few other all-access credit unions that also offer 2.00% APY on their 5-year CDs. These include Mountain America Credit Union, Communitywide FCU and Connexus Credit Union. There's also another bank with an online application that's offering 2.00% APY that's available to all. It's at Citizens State Bank in Florida. However, this is a Jumbo rate that requires a $100K minimum deposit. Smaller balances earn 1.85% APY on the 5-year term.
These rates are accurate as of 11/28/2012.
Searching for the Best Money Market and CD Rates
Please refer to our rate tables to find the latest top rates. To learn how to use the tables, please refer to this post.
Edit 11/30/2012: Corrected information on CD funding.