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Texas Money Market and CD Specials with Top Rates at Libertad Bank

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For much of the last year Libertad Bank had been offering a great 18-month CD deal. That has ended, but it now has new deals that are even better, especially for those who don’t like to lock into CDs. One of the new deals is a money market account special with a 1.50% APY for balances of at least $10,000. The rate is guaranteed until 6/30/2014. New money is required, and there’s a $9.99 monthly fee for balances under $1,000. This offer is listed at the bank’s money market page as of 5/16/2013. Thanks to DA member txsaver who posted on it in the DA forum.

The 18-month CD special has been replaced with a 15-month CD special. The CD has a 1.50% APY. Minimum deposit is $1,000, and the maximum deposit is $90,000. This special is listed at the bank’s CD specials page as of 5/16/2013.

Availability - Texas Residents Only

When Libertad Bank was offering its 18-month CD special, it was just available to Texas residents. Texas customers were able to open the account using the online application, and they did not have to visit the branch. Update: I just confirmed that Libertad Bank is only opening accounts for Texas residents (just like last year). Please be aware that small banks often change their policies on account availability.

Bank Overview

A few readers might remember Libertad Bank for its reward checking account, the Amazing Checking. Back in 2008 the bank was offering a top reward checking account that was available nationwide. It didn't last long. As I reported in 2009, the bank was forced to slash rates by the FDIC.

Libertad Bank is a small bank with one office located in Austin, Texas. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 3.64% based on December 2012 data. Please refer to our financial overview of Libertad Bank for more details. The bank has been a FDIC member since 2006 (FDIC Certificate # 58082).


  Tags: Libertad Bank, CD rates, money market accounts, Texas

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Comments
17 Comments.
Comment #1 by Shorebreak posted on
Shorebreak
Money Market

Apply Online - It's Safe, Secure & Easy(?)

“please fill out the fields in the form below. One of our representatives will contact you within one business day to complete the process.”

Does the account opening process involve a “hard credit pull”?

“Libertad Bank reserves the right to use the above information to obtain verifications of identity and background before opening any accounts. We may also access information about you from a consumer reporting agency, such as a copy of your credit report, before opening any account. By submitting this form, I/we grant full permission to do so.”

7
Comment #2 by Anonymous posted on
Anonymous
texas residents only. Not available out-of-state.

8
Comment #3 by Shorebreak posted on
Shorebreak
I emailed the bank with my question regarding "hard credit pull" when opening the account. This is their reply:

Good Morning Shorebreak,               

I received your online request for information in regards to credit retrieval. Libertad Bank, SSB uses ChexSystems to verify new account customers. This system verifies your identity by verifying your Social Security Number and Driver License. This system also collects information reported by other financial institutions. If you have additional questions in regards to ChexSystems you may contact them at:

Chex Systems Inc.

Attn: Consumer Relations

7805 Hudson Road, Suite 100

Woodbury, MN 55125

Toll-free Telephone: 800-428-9623           

Fax: 602-659-2197

www.consumerdebit.com 

Please let me know if you would like to proceed with opening an account. 

Thank you, 

***** ********
Personal Banker
Libertad Bank, SSB
512 E Riverside Dr Ste 100
Austin, TX 78704
512-693-3600

 

9
Comment #4 by O-Qua Tangin Wann (anonymous) posted on
O-Qua Tangin Wann
I do not live in Texas. I submitted an app online at their Website last night to create a new MM acct. A rep from the bank kindly called me today to advise that the acct. is only for Texas residents. Nice of them to call instead of just emailing.

Can you just imagine if they did allow out of state residents to open this 1.50% acct.? They would be hit so hard with new acct. openings they might scream. 

~O-Qua Tangin Wann

8
Comment #5 by Anonymous posted on
Anonymous
I do not live in Texas.  But, I did fill out the online application.  Now, we will see if I get a call back.  Actually I do not see anyplace that states, "Texas only"

4
Comment #12 by Anonymous posted on
Anonymous
#5.... as soon as you go to their website and you click on "learn more"  it says for Texas residents only.

5
Comment #13 by Anonymous posted on
Anonymous
#12, I'm #5, and now after checking "learn more", I see it does say Texas residents only.  Guess I was just hoping for a good rate that would be open for all.  :(

4
Comment #7 by Anonymous posted on
Anonymous
@#6:

Libertad means "liberty" in spanish.  keep your political views and ignorance off of this great website......

8
Comment #11 by really posted on
really
to nueve  muy bien y gracias

3
Comment #14 by Shorebreak posted on
Shorebreak
Re: Anonymous - #12, Thursday, May 16, 2013 - 8:08 PM

Thanks for the tip. The bank recently added that probably due to the immense response to their rate offer.

7
Comment #15 by Anonymous posted on
Anonymous
No, the bank ALWAYS had the in-state requirement.

1
Comment #16 by Shorebreak posted on
Shorebreak
Re: Anonymous - #15, Thursday, May 16, 2013 - 9:09 PM

Perhaps they did, but it was not stated at the top of that page ("learn more") earlier this morning.

6
Comment #17 by Anonymous posted on
Anonymous
I'm #5. I guess by now they have had so many inquiries that they state on the website, " Only new Texas money".  I  did not get the phone call, but I did receive an e-mail.  It stated that only Texas residents with a Texas DL need apply.  At least they did respond.  So now we go back to looking for a higher interest rate.   I still get 1.25% at PacTrust, good until 12/31/13. 

3
Comment #18 by Anonymous posted on
Anonymous
Most small banks are chartered by FDIC to do local or in state business, if caught otherwise, they may loose their license to be a bank.

3
Comment #19 by Anonymous posted on
Anonymous
I opened a MM account at Libertad Bank (Austin) today (6/5/2013) and the lady that helped me said that the offered "special" rate of 1.49% was going away soon. 

3
Comment #20 by Christopher C (anonymous) posted on
Christopher C
I opened a money market account at Libertad for the 1.5% APY which SUPPOSEDLY lasts until 6/14/2014. Well Libertad has posted new MUCH LOWER APY's ON THEIR WEBSITE. I will try and call the bank and find out what has happened.

2
Comment #21 by Christopher C (anonymous) posted on
Christopher C
Forgot to add how do you lock in a rate on a money market account? I thought you could only do that for CD's? I am referring to my above post about Libertad's rate changes.

2