Ten months ago, I wrote about BTH Bank’s Worry-Free Money Market account, which at the time was earning 1.29% APY ($500k+) and 1.09% APY ($100k). Ten days ago, BTH Bank raised the rates on the Worry-Free Money Market for the seventh time in eight months, resulting in APYs of 1.64% ($500k+) and 1.44% ($100k+). Balances below $100k earn an unimpressive 0.25% APY.
|1.64*%||$500k||-||BTH Bank||Worry-Free Money Market Account|
|OTHER TIERS: 0.25% → Up to $100k | 1.44% → $100k - $500k|
The Worry-Free Money Market account requires a minimum of $10k to open. The $12 monthly service charge can be waived by maintain a minimum $10k balance. There is also a $2 fee per withdrawal or transfer, beyond the six free transactions per month.
The current tiered APYs on the Worry-Free Money Market are as follows:
- 0.25% APY - <$100k
- 1.44% APY - $100k+
- 1.64% APY - $500k+
- 1.64% APY - $1m+, subject to negotiation
According to the fine print on the Money Market Account page,
Rates on balances $100,000 and up may change, and are indexed to a one-year U.S. Treasury rate.
Rates on balance below $100,000 may change at our discretion.
Headquartered in Quitman, Texas, BTH Bank’s market area includes all of Texas. The Bank offers its services and product line to all Texas residents who are U.S. citizens, 18 years or older.
Minors, resident aliens and non-resident aliens may apply by contacting BTH Bank directly.
Opening a Worry-Free Money Market account can be done online, or at any of 13 Texas branches located in Carthage, Dallas, Hawkins, Henderson, Kilgore, Lindale, Longview (2), Mineola, Plano, Quitman, Tyler, and Winnsboro.
BTH Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 0.45% (excellent) based on December 31, 2016 data. In the past year, BTH Bank has increased its total non-brokered deposits by $226.19 million, an excellent annual growth rate of 37.01% APY. Please refer to our financial overview of BTH Bank (FDIC Certificate #3402) for more details.
BTH Bank is one of the few community banks in East Texas today, and has a history that stretches back more than 110 years. In 1905, W. M. Lloyd established a small, private bank in Quitman, which subsequently received a state charter in 1908, resulting in the First State Bank. A national charter was granted in 1914 and the First National Bank of Quitman took the stage. Almost 100 years later, the Bank had become BankTexas and,
In 2006, seven members of the bank's board of directors raised approximately $13 million from local investors to form BT Holdings, which purchased BankTexas from its then non-local owners. The transaction allowed BTH Bank to once again become a locally-owned financial institution.
How the Worry-Free Money Market Account Compares
When compared to the 459 Money Market Accounts tracked by DepositAccounts.com that are available to Texas residents, BTH Bank's Worry-Free Money Market APY ranks first and second, regardless of minimum deposit.
|Interest Rate||Account Name||Credit Union/Bank|
|1.64% APY||Worry-Free Money Market ($500k min/$1m max)||BTH Bank|
|1.44% APY||Worry-Free Money Market ($100k min/$499,999 max)||BTH Bank|
|1.34% APY||Money Market ($500k min/no max)||Self-Help Federal Credit Union|
|1.25% APY||Ascent Account ($75k min/$500k max)||McGraw Hill Federal Credit Union|
The above rates are accurate as of 4/11/2017.