Colonial Savings Offers 11-Month CD Special In Dallas-Fort Worth Area

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Deal Summary: 11-month CD Special, 5.64% APY, $10k minimum deposit, new money.

Availability: Dallas-Fort Worth metro area.

Colonial Savings, F.A. (Colonial Savings) is currently offering an 11-month CD Special earning a competitive 5.64% APY. The minimum opening deposit is $10k of new money, with no stated balance cap. As stated on the Savings Account Rates page, “existing Colonial Savings deposits or accounts cannot be transferred to” open an 11-month CD Special.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.64%$10k-Colonial Savings11 Month CD Special - New Money
5.64%$100k-Colonial Savings11 Month Jumbo CD Special - New Money
Rates as of March 4, 2024.

The Savings Account Rates page also lists an 11-month Jumbo CD ($100k minimum), but the rate is the same 5.64% APY.

Early Withdrawal Penalty

There is no Truth-in-Savings disclosure on the Colonial Savings website. CSR stated that the Early Withdrawal Penalty for all Colonial Savings CDs is all earned interest, with partial withdrawals allowed.

Availability and Account Opening

Headquartered in Fort Worth, Colonial Savings’ market area is primarily the Fort Worth–Arlington–Grapevine metropolitan area, but anyone in the Dallas-Fort Worth metroplex who can come into a branch is eligible to open an account.

While applying for a consumer loan or credit card can be done online, opening a CD can only be done at any of eight Texas full-service branches located in Arlington, Cleburne, Colleyville, Fort Worth (4), and Lewisville.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire, check.
  • Ownership – Individual, joint, or trust.
  • Interest – Compounded daily/credited monthly and can be withdrawn penalty-free.
  • Maturing Funds – Cashier’s check to address on file or transferred to a Colonial Savings checking or savings account.
  • Grace Period – 10 calendar days before automatic renewal.
  • Beneficiaries – Unlimited with equal shares. Social Security numbers are preferred but not required for beneficiaries.
  • Credit check – ChexSystems.

Bank Overview

Colonial Savings has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.66% (excellent), based on September 30, 2023 data. In the past year, Colonial Savings’ total non-brokered deposits decreased by $84.17 million, a poor annual growth rate of -12.23%. Please refer to our financial overview of Colonial Savings (FDIC Certificate # 31361) for more details.

Established in 1962 as the Colonial Savings and Loan Association, Colonial Savings is currently the 85th largest bank headquartered in Texas, with assets in excess of $1.1 billion. As a federally chartered thrift, Colonial Savings is also one of the largest servicers of residential mortgage loans in the United States, with a servicing portfolio of approximately $20 billion. The “Colonial Savings” brand was adopted following the acquisition of the Fort Worth-based Colonial National Bank in 1993.

Colonial Savings’ history actually dates back to 1952 when Jimmy DuBose,

founded Fort Worth Mortgage (now Colonial National Mortgage) in 1952 to provide residential home loans to the growing post-World War II communities of North Central Texas. The two-man shop grew steadily over the next 20 years. In 1972, DuBose bought Colonial Savings & Loan, which allowed him to expand his mortgage and insurance businesses. At the same time, he took advantage of government regulation changes and became one of the first to offer lower down payment mortgage loans. During the savings and loan financial crisis of the 1980s and ‘90s that saw thousands of S&Ls fail, Colonial remained steady and solvent. DuBose continued his focus on single-family home loans, personal banking and insurance services while other S&Ls lent money for risky real estate ventures and speculative opportunities. Colonial emerged from the turbulent period stronger than ever, adding branches nationwide.

How the 11-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, two banks and one credit union have higher rates than currently offered on the Colonial Savings 11-month CD Special. The following table compares the 11-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 1/2/2024.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Dallas CD rates, 1-year CD rates

Comments

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