CD Bank's Nationally Available 12-Month CD Rate Increased

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Deal Summary: CDs – 3-months (1.90% APY), 6-months (2.10% APY), 9-months (2.25% APY), 12-months (2.50% APY), 18-months (2.60% APY), 24-months (2.75% APY), $10k minimum deposit.

Availability: Nationwide (internet bank)

When I wrote about CD Bank in May, the Bank had just celebrated its first year anniversary. At that time, CD Bank had raised the rates on its shorter-term CDs, and less than a month later, those same CDs now have new rates. Since early May, the shorter-term CDs have added between 20-50 bps. The minimum deposit for any of these CDs is $10k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.75%$10k-CD Bank24 Month CD
2.60%$10k-CD Bank18 Month CD
2.50%$10k-CD Bank12 Month CD
2.25%$10k-CD Bank9 Month CD
2.10%$10k-CD Bank6 Month CD
1.90%$10k-CD Bank3 Month CD
Rates as of July 22, 2018.

The Bank’s longer-term CD APYs have remained static for more than seven months, while shorter-term CD rates have continued to increase. In fact, the 36-, 48- and 60-month CDs have APYs substantially lower (40, 50, 60 bps, respectively) than the 12-month CD.

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with a maturity of less than one (1) year will be an amount equal to three (3) months interest on the amount withdrawn subject to penalty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of one (1) year but less than two (2) years will be an amount equal to twelve (12) months interest on the amount withdrawn subject to penalty.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of two (2) years but less than three (3) years will be an amount equal to eighteen (18) months interest on the amount withdrawn subject to penalty.

For more information about CD Bank's practices and requirements not covered in the FAQ section, please refer to my May 2017 blog post about CD Bank.

My thanks once again to DA reader, IvoryMale, for another timely Forum post in the rising rates climate we're seeing.

Availability

Headquartered in Dallas, CD Bank (an internet division of Dallas-based TBK Bank, SSB) offers its services and product line to all U.S. citizens and resident aliens, 18 years or older, with a valid Social Security number.

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 an internet division of TBK Bank, SSB and operates under TBK Bank’s FDIC Certificate and shares its financial history.

CD Bank/TBK Bank has an overall health grade of "A" at DepositAccounts.com, with Texas Ratio of 9.57% (excellent) based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $431.37 million, an excellent annual growth rate of 21.92%. Please refer to our financial overview of CD Bank/TBK Bank (FDIC Certificate #23498) 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 acquisitions in 2016 (Colorado East Bank & Trust) and 2017 (Valley Bank & Trust, Colorado, TBK Bank has become the 18th largest bank headquartered in Texas, with assets in excess of $3.3 billion and more than $2.8 billion in deposits.

How the CDs Compare

When compared to the 202 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 first.

When compared to the 222 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 shares the top spot with Connexus Credit Union’s 12-month Certificate APY and ableBanking’s 1-year CD APY.

When compared to the 170 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 first.

When compared to the 217 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 24-month CD APY currently ranks second.

The above rates are accurate as of 6/19/2018.

To find the most competitive CD rates, both nationwide and state specific, please refer to our CD Rates Table 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, 5-year CD rates, nationwide deals, Internet banks

Comments
Anon
Anon   |     |   Comment #1
Communitywide FCU currently offers 2.50% APY for 1 year and 2.90% APY for 2 years.
SYC
SYC   |     |   Comment #3
Beware of their unusual EWP:

"Early Withdrawal Penalty: Any amount withdrawn prior to the maturity date of this Certificate will be assessed a penalty equal to the amount of the withdrawal times the remaining term (days) of this certificate at the rate of 2 times the current APR (divided by 365) paid on this certificate. The penalty amount will be deducted from the amount withdrawn."

https://comwide.com/save-and-spend/dividend-rates
Anon
Anon   |     |   Comment #4
I'm the original comment poster. Certainly I agree Communitywide FCU early withdrawal penalty is horrible so don't use them if there's any chance you won't hold the CD for the full term.
#2 - This comment has been removed for violating our comment policy.
CD Bank Ups Nationally Available 12-Months CD
Deal Summary: CDs – 9-months (2.05% APY), 12-months (2.30% APY), 18-months (2.35% APY), 24-months (2.50% APY), $10k minimum deposit.

Availability: Nationwide (internet bank)

CD Bank, the internet division of Dallas-based TBK Bank, has just had its first year anniversary. What better way to celebrate than to raise a few CD rates. The new CD rates include, 9-months (2.05% APY), 12-months (2.30% APY), 18-months (2.35% APY), and 24-months (2.50% APY). Of the four, the 9- and 12-months CDs offer the more competitive rates. The minimum deposit...

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CD Bank Boosts Nationally Available 12-Month CD Rate
Deal Summary: 12-months CD, 1.75% APY, $10k minimum deposit.

Availability: Nationwide (internet bank)

About six months ago, Dallas-based TBK Bank launched CD Bank, its new internet division that only offers CDs. CD Bank is currently promoting two CDs: 12-months (1.75% APY) and 24-months (1.85% APY). Of the two, the 12-months CD is clearly the more competitive. CD Bank’s 18-months CD (1.80% APY) isn’t part of this promotion, even though its APY is quite competitive. The minimum deposit for a CD Bank CD is $10k, with...

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CD Bank Ups Nationally Available Short-Term CD Rates
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.

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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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