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

Northstar Bank Of Texas --- Rate Drop To 3.01%

Wednesday, June 15, 2011 - 7:00 PMNorthstar Bank of Texas - Details
From (4.01%, $30K) to (3.01%, $30K) on 20 July 2011... reported by Floydian at FWF.

I see another wave of RCA rate drops by July 2011...

Note: Corrected effective date due to Pearl's information.
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
1. Wednesday, June 15, 2011 - 10:43 PM
Thanks for the heads up.  This is very disappointing news - the rate lasted just shy of 4 months (changed from 3.51%APY, $50K cap to 4.01%APY $30K cap effective mid-March).   7/15 is a few days before the end of a qualifying cycle.   

Accountholders have not been notified at this time.  There may be some communication closer to the date, and of course some institutions merely update their website, which is sufficient under most agreements. 
pearlbrownpearlbrown1,491 posts since
Nov 2, 2010
Rep Points: 6,486
2. Thursday, June 16, 2011 - 9:23 AM
The bank clarified this morning that the rate change is effective 7/20 (7/19 is a qualification cycle end date).  The Velocity Saver rate is unchanged at 1.5%. The Email communicating the change arrived this morning. 

I give the bank kudos for being forthright about the change and giving accountholders over 30 days' notice.  Many institutions merely update a small corner of their website on the effective date (which complies with the letter of the law but not the spirit of it). 
pearlbrownpearlbrown1,491 posts since
Nov 2, 2010
Rep Points: 6,486