Dedicated to Deposits: Deals, Data, and Discussion

CD Special with a Top Rate at SharePlus Federal Bank


Shareplus Bank

Update 5/17/13: According to an Irvine branch CSR, the You Choose CD rate has fallen to 1.50% APY. All other features remain the same.

SharePlus Federal Bank is offering special CDs called the You Choose CD. It allows you to choose any term on the bank’s regular CD products between 1 year and 5 years and earn 2.00% APY. Minimum deposit is $10,000. The maximum deposit is $25,000 without a checking account. It’s $50,000 when you have an active SharePlus checking with either direct deposit or an average account balance of at least $1,000 (must remain for the life of the CD). There’s a limit of one CD per customer, and the money must be new to the bank. Details were listed in the bank’s promotion page as of 5/1/2013 (bank appears to have removed the promo page as of 2:00pm ET). Thanks to DA reader Shorebreak for the initial forum post, and thanks to Shorebreak and Pearlbrown for researching this deal. Credit to for the initial find.

The CD is currently available nationwide in Texas, California, and Kentucky, and only for those who are local customers who can visit a branch. but if you can’t make it to a branch, you’ll have to open it by mail . You can get the process started by calling 800-352-8257. This CD offer may not last long since it’s such a hot deal. Pearlbrown described her conversation with the bank CSR in the forum thread:

it looks like the bank is trying to cope with the unexpected volume while they reallocate other associates to help in this area. At this point they are asking for the caller's name and callback number, so someone can call them back. Since they are not even requesting address information in this initial call, I wouldn't expect the account will be opened anytime soon.

The bank will indeed mail a signature card to you, although it would be faster if someone visited a local branch. Aside from the branch in Plano, there is one at Frito-Lay HQ in Plano, and one in Dallas. There are also branches at certain locations in Irvine, CA and Louisville KY (see locations).

The account will not be opened until the signature card is received.

Most of SharePlus Federal Bank branches are located in Dallas and Plano, Texas. There’s also a branch in the YUM! Brands Headquarters in Louisville, Kentucky and a branch in the Taco Bell Headquarters in Irvine, California.

Bank Overview

You may wonder why this bank has branches in other companies’ headquarters. Before 2004, it used to be a credit union. According to the bank’s history page:

After a positive vote by the members, the Credit Union converted to a federal mutual savings bank on October 1, 2004, with the goal of becoming a growing and profitable community bank. On October 4, 2010, the members again overwhelmingly voted in favor of the stock conversion. SP Bancorp, Inc. was traded for the first time on November 1, 2010.

I did a few blog posts on this bank in 2009 when it was still a mutual bank. At that time the bank had geographic restrictions like a credit union.

It’s a small bank with $288 million of assets. It has an overall health score at of 4 stars (out of 5) with a Texas ratio of 28.39% (average) based on December 2012 data. Please refer to our financial overview of SharePlus Federal Bank for more details. The bank has been a FDIC member since 2004 (FDIC Certificate # 57760).

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  Tags: Shareplus Bank, CD rates, Texas, California, Kentucky

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