Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

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

Sunday, January 2, 2011 - 9:21 AMIndependent Bank (McKinney, TX) - Details
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. 
2
pearlbrownpearlbrown1,430 posts since
Nov 2, 2010
Rep Points: 6,246
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.
1
thaiguyinlathaiguyinla14 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. 
1
pearlbrownpearlbrown1,430 posts since
Nov 2, 2010
Rep Points: 6,246
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. 
1
pearlbrownpearlbrown1,430 posts since
Nov 2, 2010
Rep Points: 6,246
Reply