Thanks to companies like Andera which provides online applications to banks, it’s easy for small banks to offer their products online to anyone in the nation. We’ve seen several good online deals from small banks in the last few years. I just found another one at Triumph Savings Bank. It’s not a hot deal, but it’s very competitive compared to internet banks. The best deal is a 12-month CD with a 1.06% APY. There’s also a 3-year CD with a 1.30% APY. Minimum deposit is $1,000. These rates are listed in the bank’s CD rates page as of 5/2/2013.
At the top right of the bank’s CD rates page, there’s a link to the bank’s online application. This link takes you to the Andera application. The second page of the application requires that you enter your zip code. Currently, the application appears to accept zip codes from any part of the nation. I called the bank today, and I confirmed that they are accepting people from any state. Funding can be done by ACH. It’s not 100% online. I was told they do require that you mail in a signature card.
The one downside with small banks that offer CDs online is that they don’t always make it easy for customers to manage the CDs, especially when the CDs mature. That appears to be the case with Triumph. I was told they require written instructions when the CD matures if you want to close the CD, and they don’t offer ACH to receive the funds. They can mail a check or if you pay a fee, they can do a wire transfer.
Triumph Savings Bank’s branches are located in Dallas, Texas. It currently only has two branches, but it’s not a tiny bank with over 100 employees and over $300 million in assets. The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 26.78% (average) based on December 2012 data. Please refer to our financial overview of Triumph Savings Bank for more details. The bank has been a FDIC member since 1981 (FDIC Certificate # 23498).