Texas-based Independent Bank ended the week by raising the rate on its 13-month Promotional CD (2.73% APY). The minimum opening deposit is $1k, with no stated balance cap.
The 13-month Promotional CD was introduced only four months ago, with an initial APY of 1.51%. A total of 122 bps have been added in two rate increases in the past two months.
As stated in the Account Disclosure and Terms & Conditions document, the Early Withdrawal Penalty reads as follows:
The early withdrawal penalty on CD maturities 1 year and
greater is 6 months of interest on the amount withdrawn.
Headquartered in McKinney, Texas, Independent Bank’s market area includes the Dallas/Ft. Worth, Austin, and Houston metro areas, and the Colorado Front Range Urban Corridor, along the eastern face of the Rocky Mountains.
Opening a CD at Independent Bank can be done at any of the 67 Texas branches located in or near Austin (7), Dallas/Ft.Worth (44), Houston (14), and Waco (2). There are also 18 Colorado branches, mostly situated between Loveland and Colorado Springs.
Independent Bank’s online banking platform is currently dedicated to account management and bill payment services.
Independent Bank, has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.47% (excellent), based on March 31, 2018 data. In the past year, the Bank has increased its total deposits by $2.16 billion, an excellent annual growth rate of 51.35%. Please refer to our financial overview of Independent Bank (FDIC Certificate # 3076) for more details.
While Independent Bank has roots that go back to 1913 when it was known as The First National Bank of Anna, the Bank’s real growth began 2000 when it re-branded, moved its headquarters to McKinney, and acquired two Texas banks. Thirteen more acquisitions happened over the next 18 years, including the acquisitions of Integrity Bank (Houston) and Northstar Bank (Denton) in the past 14 months. Independent Bank is currently the eighth largest bank in Texas, with assets in excess of $8.8 billion and more than 121,500 customer accounts.
How the Promotional CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available within the market area, Independent Bank’s 13-month Promotional CD APY currently ranks first.
The above rates are accurate as of 6/16/2018.
Searching for the best CD rates, either nationally available or state-specific, please refer to our CD Rates Table page.