Austin Capital Bank (Texas) recently introduced a Money Market Special (1.11% APY). The minimum daily balance required to earn the stated APY is $10K. While the Money Market Special can be opened with $1K, no interest is paid on balances under $10K.
The Money Market Special requires new money and the 1.11% APY is guaranteed through September 30, 2015. There is a $9.95 service charge (per statement cycle) for balances that fall below $10K anytime during the statement cycle.
Austin Capital Bank is a locally owned community bank that offers its services and product line to residents of Texas.
DepositAccounts.com readers may know Austin Capital Bank as the Libertad Bank. The name was recently changed (September 2014) in a rebranding campaign. The new name was designed to better reflect the Bank's shift in business model.
Austin Capital Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent), based on December 31, 2014 data. In the past year, Austin Capital Bank has increased its total deposits by $13.59 Million, an excellent annual growth rate of 30.77%. Please refer to our financial overview of Austin Capital Bank for more details.
N.B. The Texas Ratio of 0.00% is not an error: as of December 31, 2014, Austin Capital Bank had $0 in non-current loans and owned real estate, with $7.99 Million in equity and loan loss allowances on hand.
Originally established in 2006 as the Libertad Bank (FDIC Certificate # 58082), the name was changed to Austin Capital Bank in September 2014 as the Bank sought to rebrand itself. Libertad Bank initially targeted Hispanic consumers, while the rebranded Austin Capital Bank targets the real estate investment market. Approximately 75% of its business is done with local Austin real estate developers, with the remainder in San Antonio and The Woodlands (north of Houston).
How the Money Market Special Compares
When compared to other Money Market Accounts tracked by DepositAccounts.com, that require a similar minimum deposit and are available to Texas residents, Austin Capital Bank’s Money Market Special is competitive.
The above rates are accurate as of 3/10/2015.
To look for the best nationwide Money Market Account rates and the best Money Market Accounts rates in your state, please refer to our CD rates table.
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