CD Bank Ups Nationally Available Short-Term CD Rates

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Deal Summary: 9-month CD (1.40% APY), 12-month CD (1.65% APY), 18-month CD (1.75% APY), $10k minimum deposit

Availability: Nationwide (internet bank)

In May, Dallas-based TBK Bank launched CD Bank, its new internet division. As you might guess, CD Bank only offers CDs. Over the weekend, CD Bank raised the rates on most of its product line, with the most competitive CDs being the 9-month (1.40% APY), 12-month (1.65% APY), and 18-month (1.75% APY). The minimum deposit is $10k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.75%$10k-CD Bank18 Month CD
1.65%$10k-CD Bank12 Month CD
1.40%$10k-CD Bank9 Month CD
Accounts mentioned in this post. Rates as of September 20, 2017.

To view all of CD Bank rates, please refer to the CD rates section of our CD Bank overview page.

These are the first rate increases since CD Bank opened its virtual doors in May, and the three short-term CDs added between 20 and 25 bps.

As stated in the Truth in Savings document, the Early Withdrawal Penalty reads as follows:

The withdrawal penalty on certificates with a maturity of less than one (1) year will be an amount equal to three (3) months interest on the amount withdrawn subject to penalty

The withdrawal penalty on certificates with a maturity of one (1) year but less than two (2) years will be an amount equal to twelve (12) months interest on the amount withdrawn subject to penalty.

The withdrawal penalty on certificates with a maturity of two (2) years but less than three (3) years will be an amount equal to eighteen (18) months interest on the amount withdrawn subject to penalty.

My May blog post about CD Bank included a great deal of information about the CDs and CD Bank’s practices and requirements that are not covered in the FAQ section.

Thanks to DA reader, Carpline, for his Forum post about these rate increases.

Availability

Headquartered in Dallas, CD Bank (an internet division of TBK Bank, SSB) offers its services and product line to all U.S. Citizens and Resident Aliens, 18 years or older.

The “Open Your Account” button (located on all of the pages of CD Bank’s website) leads to the online application. Funding a new CD can be done through electronic transfer from another bank account, by wire transfer, or by check.

Bank Overview

CD Bank is a division of TBK Bank, SSB and operates under TBK Bank’s FDIC Certificate (#23498) and shares its financial history.

CD Bank/TBK Bank has an overall health rating of "A" at DepositAccounts.com, with Texas Ratio of 9.90% (excellent) based on June 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $772.86 million, an excellent annual growth rate of 62.1%. Please refer to our financial overview of CD Bank/TBK Bank for more details.

Established in 1981 as Franklin National Bank, the Bank rebranded in 2004 (Equity Bank, SSB) and 2010 (Triumph Savings Bank, SSB) before becoming TBK Bank, SSB in 2015. Following the 2016 acquisition of Colorado East Bank & Trust, TBK Bank has become the 20th largest bank headquartered in Texas, with assets in excess of $2.08 billion and more than $2.01 billion in deposits.

How the CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which require a minimum deposit of $10k or less and are available nationally, CD Bank’s 9-month CD APY currently ranks second.

Interest RateCD Length of TermCredit Union/Bank
1.51% APY9-Month Special CD ($1k min)Veridian Credit Union
1.40% APY9-Month CD ($10k min)CD Bank
1.37% APY9 Month eCD ($10k min)Virtual Bank

When compared to the 213 similar length-of-term CDs tracked by DepositAccounts.com, which require a minimum deposit of $10k or less and are available nationally, CD Bank’s 12-month CD APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
1.65% APY12-Month CD ($10k min)CD Bank
1.61% APY12-Month CD ($2.5k min)State Bank of Indai
1.10% APY1-Year Popular Direct CD ($10k min)Popular Direct

When compared to the 151 similar length-of-term CDs tracked by DepositAccounts.com, which require a minimum deposit of $10k or less and are available nationally, CD Bank’s 18-month CD APY currently ranks third.

Interest RateCD Length of TermCredit Union/Bank
1.81% APY15-Month Special CD ($1k min)Veridian Credit Union
1.78% APY20-Month CD ($1k min)EBSB Direct
1.75% APY18-Month CD ($10k min)CD Bank

The above rates are accurate as of 9/18/2017.

To find the most competitive CD rates, both nationwide and state specific, please refer to our CD rates table or our new Rates Map page.

Related Pages: Chicago CD rates, Dallas CD rates, Peoria CD rates, Wichita CD rates, Davenport CD rates, Denver CD rates, Colorado Springs CD rates, 1-year CD rates, nationwide deals, Internet banks

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New Internet Bank (CD Bank) Offers Competitive CD Rates

Deal Summary: Several competitive CDs including the 12-month CD (1.45% APY), 18-month CD (1.50% APY) and 24-month CD (1.65% APY).

Availability: Nationwide

Dallas-based TBK Bank has launched a new internet bank called CD Bank. As the name suggests, CD Bank only offers CDs. The terms range from 3 to 60 months. CD Bank’s short-term CDs are currently the most competitive. These include a 9-month CD (1.20% APY), a 12-month CD (1.45% APY), an 18-month CD (1.50% APY) and a 24-month CD (1.65% APY). Minimum deposit is $10,000. The table below shows...

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