CD Bank Offers 24-Month CD Nationwide

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Deal Summary: CDs – 24-months (3.00% APY), 9-months (2.45% APY), 12-months (2.60% APY), 18-months (2.70% APY), $10k minimum deposit.

Availability: Nationwide (internet bank)

It’s here – the first nationally available 2-year CD earning 3.00% APY.

Texas-based CD Bank has just raised the rates on several of its CDs, with the 24-month CD (3.00% APY) the headliner. The minimum deposit is $10k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$10k-CD Bank24 Month CD
Rates as of September 23, 2018.

In the past 14 months since CD Bank made its debut, the 24-month CD has nearly doubled its rate, going from 1.65% APY to 3.00% APY in six rate increases. Since early May, the 24-month CD has gain 75 bps.

The other shorter-term CDs with new and improved rates are listed below.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.70%$10k-CD Bank18 Month CD
2.60%$10k-CD Bank12 Month CD
2.45%$10k-CD Bank9 Month CD
Rates as of September 23, 2018.

The Bank’s longer-term CD APYs have remained static for more than nine months, while shorter-term CD rates have continued to increase. In fact, the 36-, 48- and 60-month CDs have APYs substantially lower (110, 100, 90 bps, respectively) than the 12-month CD. To review all the Bank’s CDs, please refer to our CD Bank rate table.

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with a maturity of less than one (1) year will be an amount equal to three (3) months interest on the amount withdrawn subject to penalty.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of one (1) year but less than two (2) years will be an amount equal to twelve (12) months interest on the amount withdrawn subject to penalty.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of two (2) years but less than three (3) years will be an amount equal to eighteen (18) months interest on the amount withdrawn subject to penalty.

CD Bank lists several details about its CDs in the FAQ section and in the Truth in Savings Disclosure including,

How do I fund my CD Bank CD?

    The easiest way to fund your account is to transfer funds electronically from another bank account. We also offer options for check or wire transfers. Our online account opening processes will walk your through those steps.

Not surprisingly, there is no information on CD Bank’s website about accessing maturing funds, with the exception of,

Final Maturity – If your account is not renewed,
the funds in the account will be paid directly to you.

CSR confirmed there are still only two options for receiving “final maturity” funds:

  • Cashier’s check
  • Wire transfer out ($15 fee)

Outgoing ACHs are not available. CSR did mention that the limit on incoming ACHs is $450k, which is nice, but I'd rather have an outgoing ACH option.

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.

Note: The first page of the online application states that, besides needing the usual personal identification to complete the application, you will also need,

A printer. At the end of this application we will ask
that you print documents to sign and return to us.

Bank Overview

As an internet division of TBK Bank, SSB, CD Bank 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 212 similar length-of-term CDs tracked by DepositAccounts.com, which are nationally available and require a minimum deposit of $10k or less, CD Bank’s 24-month CD APY currently ranks first.

When compared to the 217 similar length-of-term CDs tracked by DepositAccounts.com, which are nationally available and require a minimum deposit of $10k or less, CD Bank’s 12-month CD APY currently ranks first.

When compared to the 169 similar length-of-term CDs tracked by DepositAccounts.com, which are nationally available and require a minimum deposit of $10k or less, CD Bank’s 18-month CD APY currently ranks second.

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

The above rates are accurate as of 7/24/2018.

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
pwj7050
pwj7050   |     |   Comment #1
CD Bank has to offer 21st century services! No ACH out upon maturity, well they won’t get my deposits. I’m sure by August there will be more banks offering 3.00% 24 month CD’s.
Ricochet
Ricochet   |     |   Comment #24
But will you be eligible? (smile)
deplorable 1
deplorable 1   |     |   Comment #2
Oh man you can ACH in but not out!?! I would just pay the $15 for the wire in this case but that is pretty lame. They really need to give you a ACH option. $15 is cheap for a wire though. Let's do some math. Assume you had a $100,000 CD and it takes you 3 days to ACH transfer out to a 2% Savings account you would be losing $16.44 in interest even more if you have a higher rate.
Nothing
Nothing   |     |   Comment #3
Deplore...now these see the logic on my their fees are too low!
??
??   |     |   Comment #50
Nothing (comment #3)...What are you attempting to say??
pwj7050
pwj7050   |     |   Comment #4
Every bank I deal with offers next day ACH, not three days. And for Christ’s sake our payment system is antiquated compared to Europe’s. I sure as hell am not going to give my business to a bank that doesn’t provide at least the crappy 1 day ACH service that we’ve come to tolerate. Why would I encourage that?

I’m sure there will be other banks within a month offering 3% 24 month CD’s.
deplorable 1
deplorable 1   |     |   Comment #8
Yeah I have one day ACH at some banks too but I have seen it take as long as 7 days if a weekend/holiday falls in there. Bank purely for example. I was just using 3 days as a rough average to do a fair comparison of the wire fee vs. lost interest.
alan1
alan1   |     |   Comment #5
Too early to worry about how to get the money out, if you can't get it in.
I read the reviews here: https://www.depositaccounts.com/banks/cd-bank.html
In late June, two people reported they could not open a CD online. I was curious, so I decided to see what the current. situation is

Nothing seems to have changed. If anyone can figure out how to open an online CD with this internet bank, please post.
deplorable 1
deplorable 1   |     |   Comment #7
It works. The CD bank website just takes you to TBK bank and they ask you how you heard of them. I clicked on SOCIAL MEDIA/ONLINE ADD then click the continue button. Then on the next screen click on the highlighted PRIVACY POLICY another screen pops up click the little acknowledgement box at the lower left corner. Then click ACCEPT at the bottom of the next page and it takes you to the application. I'm not going any further but I will assume that it's working since I got that far.
alan1
alan1   |     |   Comment #9
That's interesting.I tried it again, and the same thing happened to me as the first time -- I again got to the "Accept" or"Decline" option. "Accept" was shaded and nothing happened when I clicked on it.
deplorable 1
deplorable 1   |     |   Comment #10
You have to accept the privacy policy first or the ACCEPT button will remain greyed out and won't work. Just follow my above post exactly and it will work.
alan1
alan1   |     |   Comment #12
Thank you. CD Bank doesn't make it easy for those of us who have visual impairments. It took me a while, but I was able to locate the little box.
Thanks again.
deplorable 1
deplorable 1   |     |   Comment #14
I think that little detail must have fooled quite a few people judging from the comments. This is a pretty good deal on a 2 year CD but I'm staying even shorter as I think rates will be rising quickly.
RJM
RJM   |     |   Comment #6
Lets not trash them too much. They have competitive rates and other banks will notice.
Semper FI
Semper FI   |     |   Comment #11
This will ONLY happen if EVERYONE transfers EVERYTHING to RATE LEADERS!!!
SAS (Who dares wins)
SAS (Who dares wins)   |     |   Comment #13
Oh ... and what's the use of that? Since everyone has transferred already, there is noone left to take advantage of that.

What's with the all caps? Are you trying to emulate the Donald?
deplorable 1
deplorable 1   |     |   Comment #16
I wish the general public would wake up from their 0% coma and move their money! Those of us on DA are much more savvy than then general population though.
Luvcd
Luvcd   |     |   Comment #17
Be careful what you wish for...if “everyone” moved their money, rates would be very low!
deplorable 1
deplorable 1   |     |   Comment #19
Just the opposite as there would be more competition for your money and rates would have to go up. This is what happened in the 80's.
Luvcd
Luvcd   |     |   Comment #20
Have you found a surplus of funds makes rates go up? Also is “son of GMAC” now called “GM Financial “ the new darling of uninsures?
deplorable 1
deplorable 1   |     |   Comment #21
GM right notes is beating any and all FDIC insured savings and MMA's at the moment @ 2.28% APY. So your point is? Also it will be 2.5% in short order as it actually moves along with FED hikes. GMAC was beating any and all money market and savings accounts for decades and matching 5 year CD's for a good number of years as well. With the FDIC short of funds to cover their limits if their was a run on the banks I don't think you are that much safer. NCUA looks like the safest place at the moment depending on how paranoid you are.
?
?   |     |   Comment #22
Both the FDIC and the NCUA have a line of credit with the Treasury.
And, Congress has a habit of increasing that line of credit as needed.
Do they really have any choice?
Cover the FDIC/NCUA - or, have runs on the banks/credit unions.
Treasury bonds are backed by the full faith and credit of the US government.
Of course, that doesn't mean as much as it used to due to the Republicans.
Remember when they held the government hostage because of the debt?
Remember when these so-called patriots ruined the credit rating of their country?
The same debt they increased dramatically last year to give tax breaks to the rich!
deplorable 1
deplorable 1   |     |   Comment #28
Hey Obama doubled the debt and I'm far from rich and this tax cut is saving me a ton! I'm at the top of the new 12% tax bracket(married filing jointly) down from 15%. Now that equates to a 20% Federal tax cut. The first $24,000 of income is also tax free for us poor folks. Not only that but "qualified" dividends and long term capital gains are tax free in the 12% bracket. Wait it get even better the Roth IRA is 100% tax free for life interest/dividends and capital gains and us lower income folks can max this out as well. Those tax cuts for the "rich" only are working out pretty good for this poor guy! lol
Att
Att   |     |   Comment #32
GM " Right" notes require a minimum of $50,000 to get that rate. One must take into account the potential risks to your capital and if the extra interest is worth the risk holding unsecured debt.. They are at the bottom rung of Moody's investment grade ratings:

The Notes are not a money market fund, which is typically a diversified fund consisting of short-term debt securities of many companies.

"Only GM Financial is obligated to pay the principal of and interest on the Notes, and only its assets are available for this purpose. If GM Financial’s assets are insufficient to pay the principal of and interest on the Notes, you could lose some or all of your investment

The Committee chooses the interest rate in its sole discretion, and the
interest rate chosen by the Committee does not necessarily bear any relation to the risks associated with or changes in our creditworthiness, credit rating or financial condition and may not compensate you for any increase
in credit risk of investment in the Notes. Moreover, the Committee may establish different interest rates applicable to different Notes in its sole discretion at any time.
deplorable 1
deplorable 1   |     |   Comment #37
I'm fully aware of the risks. I'm only keeping $50,000 in there for now and the rest at Northern. The old GMAC demand notes only required $1,000 to earn the highest rate until they introduced the tier levels. I was just pointing out that it IS the top rate for liquid cash because folks keep slamming me about these corporate debt accounts. Hey at least it is investment grade debt I have seen these accounts drop into lower ratings before. They don't put a 60 day lock on your funds either I can ACH out the entire balance quickly if I need to. Like I did during the GM bankruptcy.
Rickny
Rickny   |     |   Comment #39
Please don't compare Demand notes that are unsecured debt to insured products or a even a diversified money market account. You comfortable with the risk that's your choice.
deplorable 1
deplorable 1   |     |   Comment #42
They are comparable if the fact that they are liquid cash. I was never comparing the safety of FDIC/NCUA to the credit of one company. Although having diversification even on liquid cash may not be such a bad idea since the FDIC does not have the funds to cover 100% of depositors in the event of a run on the banks. Some NCUA and bank account alternatives can offer this diversification.
Rickny
Rickny   |     |   Comment #47
#42 You mention the GM notes when you discuss savings or deposit accounts.. I wouldn't use demand notes and savings accounts in the same sentence. The posts on this site should be used to share information on deposit accounts and not be used as comparison with non uninsured; unsecured debt. People here need to understand the risks and if they are suitable to their risk tolerance. There is no comparison to the risk levels between insured savings account and non insured, unsecured debt of a company.
Free Dumb
Free Dumb   |     |   Comment #48
People. please stop bashing deplorable!

Deplorbale has earned on average 15% foor the past 20 years, and I think we could ALL learn from him!
RJM
RJM   |     |   Comment #49
At least he does not change monikers like underwear.
#51 - This comment has been removed for violating our comment policy.
#40 - This comment has been removed for violating our comment policy.
RJM
RJM   |     |   Comment #15
Very interesting how they are not at all competitive beyond 2 years. Their 3-5 year rates are laughable. It must mean they don't think rates will continue higher beyond a couple of years.

Term APY*
3 Months 1.90%
6 Months 2.10%
9 Months 2.45%
12 Months 2.60%
18 Months 2.70%
24 Months 3.00%
36 Months 1.90%
48 Months 2.00%
60 Months 2.10%
deplorable 1
deplorable 1   |     |   Comment #18
Nope it means that they want YOU to lock up your money for long terms at low rates so they can take advantage of the yield spread as interest rates rise. Banks are not dumb and they know exactly what they are doing. For a prime example do you remember that 3% 7 year CD that was offered in 2016 or 2017? Well that deal has 5-6 years to go and now you can get 3% on a 2 year CD.
RJM
RJM   |     |   Comment #25
The list above does not induce anyone to lock up their money beyond 24 months. If they wanted people to lock in for 3-5 years, those rates would be higher.
deplorable 1
deplorable 1   |     |   Comment #27
Sorry I was referring to banks in general not just this bank.
111
111   |     |   Comment #29
You're talking about the 84-month, 3.01% CD from Andrews FCU, which I bought in November 2016. Note that it also has a 6 month EWP. If I were to cash out today (which I'm not contemplating so far), I would have made 2.14% during that time period. I would have no complaints about that.
Newbie1
Newbie1   |     |   Comment #30
@ 111. .... and your money has been compounding since November 2016.
Att
Att   |     |   Comment #34
Also, no one can predict what rates will be. A lot of things can happen that can cause a recession. Homes sales are weakinging and oil prices may go up causing some real economic problems and lets see what happens to energy prices.
Bogie
Bogie   |     |   Comment #35
Exactly! How many people wished they had went longer with CD maturities about a decade ago? Not too many saw what was about to happen back then either.
deplorable 1
deplorable 1   |     |   Comment #38
@111: During that time NFCU offered a 5 month 3% CD, I have a 9 month @ 2.75%, I opened up 8 Insight card 5% on $5,000 savings accounts(6 of them still up and earning 5%) plus 5% on $1,000 netspend card savings. Multiple bank bonuses earning 20% ROI etc. I just can't see locking up money for 5-7 years for less than 5-6%. I'm always working multiple deals though so I guess if you just keep cash sitting in savings 3% isn't bad.
111
111   |     |   Comment #44
deplorable1 - I'm not criticizing your approach - in fact I've taken advantage of a couple of those things you mentioned (NFCU, which had a low max limit BTW, some bank bonuses, etc., and I still may do the Andrews 2.75% CD.) I'm just pointing out that the mild 6-month EWP on the 2016 3.01% Andrews CD made it a lot more palatable for me to go out that long. Some might say there's a risk that some FIs will renege on their EWP terms, and it has happened, but rarely. I always consider the EWP when looking at longer-term CDs, even through I've never actually taken an EW. So, if I wanted to liquidate that CD today, to have made 2.14% from 11/2016 through today, including the EWP, is fine by me.

Also, I think we're somewhat jaded by the present - after years of nothing, 3% looked a lot better in 2016 than it does today.
Reader 1
Reader 1   |     |   Comment #45
The Andrews 7 year CD with the 3.01% APY and the mild 6 month EWP was really attractive in November 2016. Nothing else came close to it at the time. Discover was offering around 2% on a 10 year CD with a TWO YEAR EWP. After Andrews, the next best nationally available APY at the time was 2.26% on a 5 year CD (6 month EWP) from State Bank of India.
I opened a 7 year CD with Andrews in Nov. 2016 and, much like @111, have not regretted it one bit. I am always amazed at the people who comment on this site on how people who took advantage of that Andrews CD offer must be regretting their decision now!! What is there to regret? If significantly higher rates become available in the near future, I will pay the EWP and move my money and in doing so, I will still make more money than if I had not opened that Andrews CD back in 2016.
3.01% is still a decent rate almost two years later!
deplorable 1
deplorable 1   |     |   Comment #46
Now there is a 18 month CD @ 3.15% APY. I'm personally glad I passed on that 3.01% CD. I'm kicking myself for opening that Vibe CU 5 year CD @ 2.5% 3 years ago and that was a great deal at the time.
?
?   |     |   Comment #23
That's just an inverted CD yield curve - they're getting ahead of the bond market!
Newbie1
Newbie1   |     |   Comment #31
@ RJM
It is interesting. I want to think it means they are discouraging people from locking in their money long term because they believe rates will rise quickly and they want to avoid a flood of early withdrawals. Mind you, very harsh EWP for 24 months.
Jay
Jay   |     |   Comment #26
Tough EWP.
RJM
RJM   |     |   Comment #33
What is your sweet spot for a CD?

For me, I might open a 12 month for 3%, an 18 month for 3.25% or a 2 year for 3.50%.

I think we might get one of them in 2-4 months.

Otherwise, I am probably going to sit on my 2.26% rate.

(already have a large 9 month at 2.75%)
111
111   |     |   Comment #36
Well, I'll tell you - I'm sitting tight for right now. I have multiple 2-year add-on CDs at 2.70% as kind of a "backstop" rate insurance. I have multiple "1-year-guarantee" savings accounts at 2.26%, as "bottom insurance". I have not yet "bit" on the 9-month, 2.75% from Andrews FCU, but I might.

I'd like to see, quite soon, another 3%, 2-year CD, but without such a nasty EWP and lousy ACH connectivity as this one. Failing that, I'll keep my powder dry. My sweet spot is fungible - I want to see what happens with the economy in the next few months.
deplorable 1
deplorable 1   |     |   Comment #41
I vote for a 12 month 3% as that would be the sweet spot for me.
Robb
Robb   |     |   Comment #43
The 10 Year Note making another run at that 3% mark...currently at 2.975%.
Metfan
Metfan   |     |   Comment #52
Credit union has a variable 36 mo CD. Rate changes yearly on anniversary date. No limit on annual rate increase and there is a 1/2 % max decrease allowed if rates drop.. Opening rate currently 2.65 and subject to monthly change.
Dunmovin
Dunmovin   |     |   Comment #53
What's the formula for rate changes? Purely discretionary and "your" only option is to move money?
oner
oner   |     |   Comment #54
I tried to do sign up on line; both times I got an error message that they couldn't identify me; I called the alleged help number and the woman said she couldn't do anything; what wonderful customer service
CD Bank's Nationally Available 12-Month CD Rate Increased
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...

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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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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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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

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Availability: Nationwide

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