Classic Bank (TX) Adds 24-Month CD Special

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Deal Summary: 24-month CD Special, 5.56% APY, $10k minimum deposit, new money required.

Availability: Central Texas

For a limited time, Classic Bank is offering a 24-month CD Special with a competitive 5.56% APY. The minimum opening deposit is $10k, with no stated balanced. New money is required: “existing funds within a Classic Bank account cannot be used to fund this CD.”

Early Withdrawal Penalty

There is no Truth-in-Savings disclosure available on the Classic Bank website. According to CSR, the Early Withdrawal Penalty is a very harsh 5% of the entire CD Special balance. Partial withdrawals are allowed, but the principal is not protected.

Reward Checking Account

Classic Bank continues to offer a competitive Reward Checking account. I first reported on this account more than 17 years ago when the Bank had the name First National Bank. The name changed to Classic Bank in 2007, but the Reward Checking account remained the same. There have been a few changes in the last 17 years, including the balance cap reduction from $25k to $15k. The rate has changed many times, but it has always remained competitive. The Reward Checking account currently offers 5.65% APY on qualifying balances up to $15k. Qualifying balances above $15k earn 0.75% APY. All non-qualifying balances earn 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.65*%-$15kClassic BankReward Checking
OTHER TIERS: 0.75% $15k+
Rates as of May 22, 2024.

The monthly qualification requirements include,

  • At least 10 debit card purchases
  • At least one direct deposit, ACH credit, or ACH payment transaction
  • Be enrolled in and agree to receive e-statements
  • Maintain a valid email address on record with the Bank

A Reward Checking account can be opened with a $50 minimum deposit.

Availability and Account Opening

Headquartered in Cameron, Texas, Classic Bank has a brick-and-mortar presence in four central Texas counties (Bastrop, Lee, Milam, and Williamson), but offers its product line to any U.S. citizen or residents aliens who can come into a branch to complete the application process.

While 24-month CD Special landing page has an “Apply Now” button, it leads to a “Contact Me” form that captures basic personal information.

Please fill out the fields in the form to the right. One of our representatives will contact you within one business day to complete the process.

Opening a CD Special can also be done in-branch, at any of seven full-service Texas branches located in Bastrop, Cameron, Giddings, Liberty, Rockdale, Rosebud, and Thorndale.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire, or check.
  • Ownership – Individual, joint, or trust.
  • Interest – Compounded daily/credited quarterly; cannot be withdrawn penalty-free.
  • Maturing Funds – Cashier’s check to address on file or internal transfer to checking/savings account.
  • Beneficiaries – Unlimited, percentages can assigned, Social Security numbers are not required.
  • Grace Period –10 calendar days before automatic renewal as a 12-month Certificate.
  • Credit Check – ChexSystems.

Bank Overview

Classic Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.13% (excellent), based on June 30, 2023 data. In the past year, Classic Bank has increased its total non-brokered deposits by $38.33 million, an excellent annual growth rate of 7.15%. Please refer to our financial overview of Classic Bank (FDIC Certificate # 3126) for more details.

In 1889, First National Bank of Cameron was one of the first Texas banks to be granted a National Charter. Three weeks later, John M. Hefley provided $50k needed for the initial capital investment and was named as Bank President, a position he held for more than 13 years. In 134 years of operation, a variety of small banks and branches were acquired, with the 2011 acquisition of the Texas Savings Bank’s Liberty Hill branch being the most recent. The Classic Bank rebrand occurred in 2007 and was, as the bank’s website points out, “This was a name change, not a sale or merger.” Classic Bank is currently the 123rd largest bank headquartered in Texas, with assets in excess of $687 million and more than 18,000 customer accounts.

How the 24-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area, have fixed rates, and have minimum deposit requirements of $10k or less, only one bank has a higher rate than currently offered on the Classic Bank 24-month CD Special. The following table compares the 24-month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 10/30/2023.

To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.

Related Pages: Waco CD rates, Austin CD rates, 5-year CD rates

cjdtech
  |     |   Comment #1
Their reward checking is now 5.65%.
4.01% Reward Checking Account at Classic Bank in Texas
Update 1/12/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.

Classic Bank is offering a reward checking account that pays 4.01% APY on balances up to $25,000 (1.01% for above) and refunds all ATM nationwide fees if the following monthly requirements are met:
  • 10 Visa check card purchases
  • one direct deposit or direct withdrawal
  • receive electronic statements and maintain a valid email address
If these are not met, the rate falls to 0.25%. Minimum initial deposit is $100. There are no minimum balance requirements...


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4.01% Checking Account at Classic Bank in Texas
Update 1/30/09: The top rate has fallen to 4.01% APY. Refer to this post for more up-to-date information on this reward checking account.

Classic Bank has a Reward Checking Account that pays 4.01% APY for balances up to $25K (1.01% for above). The two main requirements are that you use the VISA Check Card 10 times per month (excluding ATM withdrawals) and you either have direct deposit or pay one bill via auto draft each month. It only requires $100 to open and has no minimum balance and no monthly fees.

According...



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