What I find interesting and news-worthy about the various deposit accounts at First-Lockhart National Bank (First-Lockhart) is not so much the individual rates, but rather their collective value. After more than 125 years of continuous operation in one Texas county, First-Lockhart has begun to expand not only its market area, but its product line.
First-Lockhart currently has two CDs listed on its website: a 9-month CD Special (1.00% APY) and a 13-month High Yield Certificate of Deposit Special (1.21% APY). The 9-month CD Special is a new product, as of May 29, while the 13-month CD Special has been part of the product line since August 2014. The 13-month CD Special's recent rate increase of 56 basis points is its first rate change ever.
Both CDs are limited-time offers and require a minimum deposit of $10k. According to CSR, the Early Withdrawal Penalty (EWP) for all CDs is quite substantial: all accrued interest.
CSR also mentioned a 15-month Flex Rate CD ($100k-$250K, 1.40%; <$100k 1.15%apy) that’s also available, although not listed on their website. This flex rate cd is tied to the t-bill rate, which will be reviewed at the beginning of every month. Any increase in the t-bil rate will automatically be reflected in the flex rate cd’s apy. The stated apys are guaranteed minimum rates, i.e., if the t-bill rate falls, the flex rate cd’s apy will.
FirstStar Rewards Checking
Available to all Texas residents, The FirstStar Rewards Checking currently earns 2.50% on qualifying balances up to $15k; qualifying balances above $15k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.
- Have at least 10 debit card purchases.
- Have at least one Direct Deposit, or one ACH auto debit.
- Be enrolled and receive eStatements
The FirstStar Rewards Checking has no monthly service fee or minimum balance to earn rewards. There is a limit of one account per Social Security Number and requires a $50 minimum opening deposit. Unlimited nationwide ATM fees will be reimbursed if qualifications are met.
FirstStar Rewards Saver
Tied to the FirstStar Rewards Checking, the FirstStar Rewards Saver currently earns 1.05% APY on qualifying balances up to $50k; qualifying balances above $50k earn 0.50% APY, with non-qualifying balances earning 0.05% APY. The FirstStar Rewards Saver has no monthly service fee, no minimum balance to earn rewards, and requires a $50 minimum opening deposit.
Money Market Plus
For a limited time, the Money Market Plus account is offering increased tiered APYs.
- 1.05% APY – daily balance of $250k+
- 0.75% APY – daily balance of $100k+
- 0.50% APY – daily balance of $25k+
There is a $12 monthly service fee if the balance falls below $25k. A $10 fee will be charged for withdrawals beyond the allowed six per monthly cycle. Interest is compounded daily and credited monthly.
First-Lockhart National Bank is Caldwell County’s largest financial institution and recently expanded its market area into Travis County, with a branch location in Austin. U.S. Citizens and U.S. Resident Aliens with a valid Social Security Number can apply for an account with First-Lockhart.
Opening a CD, a Money Market Plus account, or FirstStar Rewards Checking account can be done online or in person at any of three full-service Texas branches, located in Austin, Kyle, and Lockhart.
First-Lockhart National Bank (FDIC Certificate # 13599) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 1.65% (excellent) based on March 31, 2016 data. In the past year, First-Lockhart has increased its total deposits by $15.65 million, an excellent annual growth rate of 8.54%. Please refer to our financial overview of First-Lockhart National Bank for more details.
When First National Bank of Lockhart opened its doors for business in April 1889, it was the first bank to be organized in Lockhart, Texas. The first Board of Directors included many of the men who played important roles in the development of Lockhart and Caldwell County. In 1934, the Bank merged with Lockhart National Bank, resulting in First-Lockhart National Bank. First-Lockhart is Caldwell County’s largest financial institution, with assets in excess of $224 million.
How the CDs Compare
When compared to the 174 similar length-of-term CDs tracked by DepositAccounts.com that are available to residents of the Austin, Texas metropolitan area, First-Lockhart National Bank’s 9-Month CD Special APY currently ranks third, regardless of minimum deposit requirement.
When compared to the 138 similar length-of-term CDs tracked by DepositAccounts.com that are available to residents of the Austin, Texas metropolitan area, First-Lockhart National Bank’s 15-Month Flex Rate CD APY currently ranks third, regardless of minimum deposit requirement.
When compared to the 189 similar length-of-term CDs tracked by DepositAccounts.com that are available to residents of the Austin, Texas metropolitan area, First-Lockhart National Bank’s 13-Month High Yield CD Special APY currently ranks in the top 20, regardless of minimum deposit requirement. The following is a sampling of those CDs.
How the FirstStar Rewards Checking Compares
When compared to the 27 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to residents of the Austin, Texas metropolitan area, and have maximum qualifying balances of at least $15k, First-Lockhart National Bank’s FirstStar Rewards Checking currently ranks third.
How the Money Market Plus Compares
When compared to the 163 Money Market Accounts tracked by DepositAccounts.com that are available to residents of the Austin, Texas metropolitan area, First-Lockhart National Bank’s Money Market Plus APY currently ranks seventh, regardless of minimum deposit requirement.
The above rates are accurate as of 6/3/2016.
To look for the best nationwide Reward Checking Account rates and the best Reward Checking Account rates in your state, please refer to our High Yield Reward Checking Account rates table or our new Rates Map page.