MapleMark Bank 12-month Online CD Special Rate Leaps To The Top

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Update 9/19/23: The 12-, 18- and 24-month CD rates have fallen.

Deal Summary: Online CD Specials – 12-month (5.75% APY), 18-month (5.55% APY), 24-month (5.55% APY), $25k minimum deposit.

Availability: Nationwide

Almost a month ago, Texas-based MapleMark Bank (MapleMark) was offering three Online CD Specials with competitive APYs. Following significant rate increases of 25, 30, and 50 bps, respectively, the 12-month (5.75% APY), 18-month (5.55% APY), and 24-month (5.55% APY) Online CD Specials are now rate-leaders or a near rate-leader. A $25k minimum opening deposit is required to earn the stated APYs.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.10%$25k-MapleMark Bank12 Month CD Special - Online
4.50%$25k-MapleMark Bank18 Month Special CD - Online
4.00%$25k-MapleMark Bank24 Month Special CD - Online
Rates as of May 18, 2024.

NOTE: The MapleMark Premier CD Rates page still shows the rates that were available in July, but the MapleMark Rate and Fee Schedule (dated August 10, 2023) shows the newly increased APYs. CSR confirmed the higher rates are indeed the current and correct rates. She explained that the MapleMark website is in the process being revised and not all the pages are up-to-date, yet.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

A penalty may be imposed for withdrawals before maturity; the amount of the penalty is based on the term of your account and the amount withdrawn.

  • 12 Months or greater — 6 months’ interest penalty

Availability and Account Opening

Headquartered in Dallas, Texas, MapleMark Bank offers its product line nationwide to US citizens and resident aliens with valid Social Security numbers. The CD Specials are only offered as individual and joint personal accounts.

Opening a CD Special can be done online. MapleMark Bank has seven Texas branches in Dallas (4), Edgewood, Oakwood, and Snyder and a branch in Tulsa, Oklahoma, but the stated APYs are only available when opening online.

Funding and Other Details

The following information is from the Truth-in-Savings disclosure and an email exchanged with MapleMark Bank official.

  • Funding – Default is ACH via Plaid ($500k max), if ACH is received by 3 pm (CDT), the CD will be funded that same day; wire (no fee) for larger deposits; check.
  • Ownership – Individual or joint personal accounts can be opened online.
  • Interest – Compounded daily/credited monthly; automatic monthly transfers to a MapleMark checking/savings account or to the original funding account.
  • Maturing Funds – ACH or wire ($15 fee) to the original funding bank account, cashier’s check to address on file, or deposited into another MarpleMark account.
  • Beneficiaries – Unlimited with percentages available; Social Security numbers are required for all beneficiaries.
  • Grace Period – 10 calendar days.
  • Credit Check – “Onboarding authentication process includes a number of verification methods (including ID verification) but none are a hard credit pull.”

Bank Overview

MapleMark Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.67% (excellent), based on March 31, 2023 data. In the past year, MapleMark Bank has increased its total non-brokered deposits by $46.69 million, an excellent annual growth rate of 5.85%. Please refer to our financial overview of MapleMark Bank (FDIC Certificate # 3182) for more details.

As the newest bank in the Dallas metropolitan area, MapleMark Bank was formed in late 2017 when Maple Financial Holdings acquired First National Bank of Edgewood, a $23 million bank with a 118-year history. According to a Dallas Business Journal May 2018 article, MapleMark Bank had raised $90 million within six months,

marking one of the largest initial capital raises to help a firm get off the ground in the U.S.

The investments came mostly from wealthy family investment offices in Dallas, elsewhere in Texas and in nearby Oklahoma, the bank said Tuesday.

These so-called “de-novo” formations, where a bank is started from the ground up with capital raised by investors, all but vanished in the wake of the 2008 financial market collapse. New regulations, tougher oversight and a bustling market for acquiring smaller banks since then have made the process more difficult.

In January 2022, MapleMark Chairman and CEO, Anthony B. Davis, announced a merger of equals, which was finalized about a year ago.

We have an exciting announcement to share with you about the future of our company. Maple Financial Holdings, Inc., the parent company of MapleMark Bank and Oakwood Bancshares, Inc., the parent company of Oakwood Bank have entered into a definitive merger agreement to combine in a merger of equals transaction.

This true merger of equals combines two complementary banking platforms –headquartered in Dallas. The combined company will have approximately $2 billion in total assets and will operate with branches in Texas and Tulsa, Oklahoma.

How the 12-Month Online CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $25k or less, no banks or credit unions have higher rates than currently offered on the MapleMark Bank 12-month Online CD Special. The following table compares the 12-month Online CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

How the 18-Month Online CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $25k or less, no banks or credit unions have higher rates than currently offered on the MapleMark Bank 18-month Online CD Special. The following table compares the 18-month Online 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 8/15/2023.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Dallas CD rates, Abilene CD rates, Tulsa CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Previous Comments
max100
  |     |   Comment #1
great bank good service and nice rate .
RichReg
  |     |   Comment #2
Yep...it sure WAS.
Dropped to 5.40% for the 18 & 24 month on Friday. :(
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