First United (OK/TX) Offers 14-Month Performance CD

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Deal Summary: Performance CDs – 14-month (2.85% APY), 21-month (3.20% APY), 30-month (3.35% APY), $50k minimum, new money.

Availability: Market area includes 13 Oklahoma and 16 Texas counties.

In the Sunday edition of the Dallas News, First United had an ad for three Performance CDs – 14-month (2.85% APY), 21-month (3.20% APY), and 30-month (3.35% APY). The minimum opening deposit is $50k of new money. FYI - First United does not provide any CD term-length or rate information on its website, and there is no mention of the Performance CDs.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.05*%$50k-First United30 Month Performance CD - New Money
OTHER TIERS: 2.75% $5k - $50k
2.90*%$50k-First United21 Month Performance CD - New Money
OTHER TIERS: 2.60% $5k - $50k
2.55*%$50k-First United14 Performance Month CD - New Money
OTHER TIERS: 2.45% $5k - $50k
Rates as of October 12, 2018.

CSR confirmed the Performance CDs are available at any of First United's Texas and Oklahoma branches. There was an earlier advertisement that listed a required checking relationship, but CSR stated that is no longer in effect. She also mentioned the Performance CDs have a second APY tier ($5k minimum of new money), but the rates (a uniform 30 bps lower) aren’t as competitive.

  • 14-month, 2.55% APY, $5k
  • 21-month, 2.90% APY, $5k
  • 30-month, 3.05% APY, $5k

According to CSR, the Early Withdrawal Penalty for any of the Performance CDs is 6 months interest on the amount being withdrawn.

Many thanks to the long-time DA reader who let me know about the Performance CDs.

Availability

Headquartered in Durant, Oklahoma, First United’s market area includes 13 Oklahoma and 16 Texas counties.

Oklahoma counties – Bryan, Canadian, Choctaw, Cleveland, Creek, Garvin, Hughes, Marshall, McClain, Pontotoc, Pottawatomie, Seminole, and Tulsa.

Texas counties – Bell, Bexar, Burnet, Collin, Comal, Cooke, Dallas, Denton, Fannin, Guadalupe, Gillespie, Grayson, Hays, Llano, Travis, and Williamson.

Opening a Performance CD can be done at any of 37 Texas branches or 31 Oklahoma branches.

First United also has an online application of sorts, which collects basic personal information. Following application submission, the Bank will contact you.

Bank Overview

First United has an overall health grade of “A" at DepositAccounts.com, with a Texas Ratio of 9.14% (excellent), based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $383.01 million, an excellent annual growth rate of 7.95%. Please refer to our financial overview of First United (FDIC Certificate # 4239) for more details.

Originally established in 1900 as Durant National Bank, the Bank’s name was changed in 1963 to Durant Bank & Trust (DB&T) when it became one of the first Oklahoma banks to have full trust powers. In 1998, DB&T acquired First United Bank and Trust Company and adopted its name. Between 1999 and 2016, six Oklahoma and two Texas banks were acquired, with the acquisition of American Bank of Texas in 2016 being the most recent and the largest. First United is currently the fourth largest bank headquartered in Oklahoma, with more than $6.4 billion in assets and more than 215,000 customer accounts.

How the Performance CDs Compare

This comparison section posed a unique problem because of the Bank’s dual-state market area. Other than internet banks and large national banks, Texas and Oklahoma don’t have many financial institutions in common. The solution I chose is two separate comparisons – one for Texas and one for Oklahoma, when necessary.

Therefore, when compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available in the Bank’s Oklahoma market area, First United’s 14-month Performance CD APY currently ranks first, regardless of minimum deposit.

Therefore, when compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available in the Bank’s Texas market area, First United’s 14-month Performance CD APY currently ranks second, regardless of minimum deposit.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available in the Bank’s Texas and Oklahoma market area, First United’s 21-month Performance CD APY currently ranks first, regardless of minimum deposit.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available in the Bank’s Texas and Oklahoma market area, First United’s 30-month Performance CD APY currently ranks first, regardless of minimum deposit.

The above rates are accurate as of 8/22/2018.

Looking for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.

Related Pages: Dallas CD rates, Waco CD rates, Austin CD rates, San Antonio CD rates, Oklahoma City CD rates, Sherman CD rates, Tulsa CD rates, 1-year CD rates, 5-year CD rates

Comments
Blade
Blade   |     |   Comment #1
Took advantage of the 14 month 2.85% CD offer today here in the Austin area. They would not setup the account online or with an ACH so visited a nearby branch and wrote them a check. Very friendly service and they confirmed the interest is accessible without penalty during the term but they will need to cut you a manual check when you request it. They setup an online portal for me to view my balance and the monthly interest deposits. All in all a good experience and a good rate.
anonymous
anonymous   |     |   Comment #2
Opened a 30-month 3.35% CD this week, also at a branch in the Austin area. Did not have to open any other checking/savings accounts, only the CD. The CSR was friendly and fast. Good experience and excellent rate!
Duck
Duck   |     |   Comment #3
Ken stopped by First in McKinney at the Craig Ranch branch today after depositing funds for NasaFCU wanted to let you know they upped the rate on the 14m 5k to 2.75% their sheet has rate code 976 for reference
2.12% 7-Month CD at First United Bank in Oklahoma - Local Only
First United Bank has a CD special with a 2.12% APY and a 7-month term. Minimum deposit is $1,000, and new money is required. This special isn't listed at the bank's website. It was advertised in yesterday's (6/21/09) Oklahoman newspaper. The ad is available online.

I just called the bank using their toll-free number, (800) 924-4427. I was pleased to immediately be connected to a CSR. Unfortunately, this deal only applies to their Oklahoma branches, and a branch visit is required. Branches are located in several Oklahoma cities including Ada, Durant,...

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