Keystone Bank has added three No Penalty CDs to its product line: 7-month (2.10% APY), 11-month (2.05% APY), and 13-month (2.00% APY). The minimum opening deposit is $10k, with no stated balance cap. The no penalty feature allows for an early closure only; partial withdrawals are not permitted.
You probably noticed that these No Penalty CD rates go down as the term length goes up. This actually makes sense for no-penalty CDs: a longer term makes no-penalty CDs more attractive (basically a longer rate lock).
I wrote about Keystone Bank’s Kasasa Cash in May. At that time, the Kasasa Cash earned 3.50% APY on qualifying balances up to $50k; that rate dropped to 3.00% last week, with the balance cap remaining the same. Qualifying balances above $50k earn 0.25% APY, with non-qualifying balances earning 0.05% APY. The Kasasa Cash can be opened with minimum $25 deposit.
|1.50*%||-||$50k||Keystone Bank (TX)||Kasasa Cash Checking|
|OTHER TIERS: 0.25% → $50k+|
The qualifying requirements are straightforward, with no direct deposit required.
- At least one ACH credit or ACH payment transaction
- At least 12 debit card purchases, minimum of $3.50 each
- Receive eStatements
Headquartered in Austin, Texas, Keystone Bank’s online market area includes the Central Texas counties of Burnet, Coleman, Concho, Runnels, Travis, and Williamson, the West Texas counties of Coke, Nolan, Taylor, and Tom Green, and the South Texas county of Hays.
While a Kasasa Cash account can be opened online, opening a No Penalty CD "online" isn’t a one-step process. There is an “Apply Now” button on the No Penalty CD landing page, which goes to a Contact Me page that asks for 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.
As stated on the No Penalty CD landing page,
To open your NO Penalty CD today, give us a call at 888.266.9707 or email us at [email protected]
Both the No Penalty CDs and Kasasa Cash account can be opened at any of three Texas branches located in Austin (2) and Ballinger.
Keystone Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.17% (excellent), based on September 30, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $111.54 million, an excellent annual growth rate of 297.92%. Please refer to our financial overview of Keystone Bank (FDIC Certificate # 34456) for more details.
Keystone Bank is the newest player in the Austin, TX area financial scene. Launched in October 2018 with the purchase of Ballinger National Bank, Keystone Bank relocated its headquarters from Ballinger to Bee Cave, a suburb of Austin. Two months later, Keystone Bank announced it had entered into a purchase and assumption agreement to acquire certain assets and deposits associated with Green Bank’s Austin branch. A total of $31 million from 185 investors was raised to secure the buyout, and on May 11, 2019, Green Bank in Austin reopened as Keystone Bank.
How the No Penalty CD Compares
When compared to the No-Penalty CDs tracked by DepositAccounts.com, which are available within the market area, Keystone Bank’s No Penalty CD APYs currently ranks first, regardless of minimum deposit requirements.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.
How the Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available in the Bank’s market area and have maximum qualifying balances of at least $50k, Keystone Bank’s Kasasa Cash APY currently ranks second.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
The above rates are accurate as of 1/8/2020.