Sunday, January 2, 2011 - 9:21 AM

RCA At Independent Bank (TX) 3.01%APY From 4.01%APY Effective 1/20/11

In a discussion with a bank CSR in December, a friend was told to expect lower rates in mid January. While there has been no official notification to customers as of today, I noted the following when exploring the website this morning:

RCA will now pay 3.01%APY (from 4.01%)

Cap is unchanged at $25K

No change in number of debit transactions or any other requirements. However, only one account is now allowed per customer.

The bank also offers a RealSaver account which earns interest when all RCA requirements are met. The RealSaver account will earn 2%APY (from 2.5%) effective 1/20.

pearlbrown1,009 posts since
Nov 2, 2010
Rep Points: 3,880

Edit | History

This post applies to the following states: TX.

Quick
Summary

1. Monday, January 3, 2011 - 4:33 AM

Pearl, I wasn't familiar with this bank before... But in looking at their RCA web page, it talks about 8 monthly debit card transactions being required to qualify. While that may not be a change from when the interest rate was higher, 8 debits for a $25,000 balance cap is a better ratio than most RCA banks, where 10 or more per month is the norm to qualify, especially with a $25K balance cap.

thaiguyinla14 posts since
Dec 27, 2010
Rep Points: 33

2. Monday, January 3, 2011 - 7:26 AM

My post should also have mentioned that the bank also offers a RealSaver account which earns interest when all RCA requirements are met. The RealSaver account will earn 2%APY (from 2.5%) effective 1/20.

pearlbrown1,009 posts since
Nov 2, 2010
Rep Points: 3,880

3. Monday, January 3, 2011 - 7:34 AM

Thaiguy, their 8 transaction requirement is one of the lowest I've seen and remains unchanged and they have not imposed a minimum amount per transaction. For residents in the communities they serve, it's a splendid deal.

Note, however, that according to my friend the bank only allows you to open an account in person.

pearlbrown1,009 posts since
Nov 2, 2010
Rep Points: 3,880