In today’s world of low rates and high inflation, CDs have little appeal. Unfortunately, there aren’t many alternatives today for your “safe” money. In this type of environment, it can seem to make more sense to keep all of your “safe” money in liquid bank accounts while you wait for rates to rise. The problem is that it may be a longer wait than you think, and during this time, you could be earning more in CDs. If you don’t want to worry about future interest rates, a CD ladder is a useful and simple strategy for your safe money..
MapleMark Bank offers a CD ladder product that’s designed to make opening and managing a CD ladder very simple. The Bank’s CD Ladders currently offer competitive rates that are higher than its Traditional CD rates for the same terms. The rates of the current CD Ladders range from 0.60% APY for the 1-year term to 1.10% APY for the 5-year term. There are three CD Ladders to choose from: 3-year term (composed of 1-, 2- and 3-year CDs), 4-year term (composed of 1-, 2-, 3- and 4-year CDs), and 5-year term (composed of 1-, 2-, 3-, 4- and 5-year CDs). Minimum deposit for any of the three CD Ladders is $25k.
|1.10%||$25k||-||MapleMark Bank||60 Month Ladder CD|
|0.95%||$25k||-||MapleMark Bank||48 Month Ladder CD|
|0.85%||$25k||-||MapleMark Bank||36 Month Ladder CD|
|0.75%||$25k||-||MapleMark Bank||24 Month Ladder CD|
|0.60%||$25k||-||MapleMark Bank||12 Month Ladder CD|
The benefit of MapleMark Bank’s CD Ladder over manually implementing a CD ladder is that you can open a MapleMark Bank CD Ladder as if it were just one CD. Your initial deposit will be split evenly into the CDs that make up the ladder. Another benefit is when your CDs mature. When that takes place, the Bank automatically renews your CD at the longest term in your CD Ladder, at the current rate. For example, after the first year of a 5-year CD Ladder, your 1-year CD will renew into a 5-year CD. After the second year, your 2-year CD will renew into a 5-year CD.
Even though you open the CD Ladder as one account, you have the option to manage the individual CDs of the CD Ladder as if you had opened them separately. Thus, you may choose not to renew your 1-year CD and/or 2-year CD, and instead, transfer the funds out. You also can choose to close one or more of the CDs early. The CDs in the CD Ladder have the same early withdrawal penalties as the Bank’s Traditional CDs.
MapleMark’s website continues to be light on disclosures and documentation. The following is a copy of the CD details, including the early withdrawal penalties, that I was told for my review of the Bank’s Traditional CDs. These details also apply to the CD Ladders.
- Partial withdrawals are allowed, subject to the following Early Withdrawal Penalties on the amount being withdrawn:
- Funding can be done by ACH/external transfer, wire transfer, or check. There is a dollar limit on ACH transfers, but for security reasons MapleMark does not publish that limit. If you try to initiate a transfer over the limit when opening a CD, you will be directed to contact the customer service team or be given further instructions. If an ACH is received by 3 pm (CDT), the CD will be funded that same day.
- Accrued monthly interest will be added to the CD, with no pre-maturity distributions.
- Maturing funds can be distributed through a wire transfer or by check to the address on file (there’s a 10-day grace period at maturity.)
- Beneficiaries (percentages assigned if desired) can be named, with both date-of-birth and Social Security number required.
Terms of 9 months or less – 1 month of interest
Terms equal to 12 months – 2 months of interest
Terms greater than 12 months – 6 months of interest
Other MapleMark Bank CDs
A few months ago, I reviewed MapleMark Bank’s Traditional CDs and its Market-Linked CD. The Market-Linked CD’s performance is based on the S&P 500 Index. The 5-year APY may vary between a minimum of 0% and a maximum of 2% (which may change in the future.)
MapleMark Bank also offers a type of CD called a Liquidity CD. Instead of waiting until CD maturity to receive the CD principal, a portion of the principal is included with the interest earned in regular payouts. The 48- and 60-month Liquidity CDs have only annual payouts. For the 36-month Liquidity CD, the customer can choose either a semiannual or annual payout. An equal amount of the principal is included in each payout. For more details and a calculator that provides the payout amounts, please refer to MapleMark Bank’s CD Liquidity page.
Headquartered in Dallas, Texas, MapleMark Bank offers its product line nationwide to US citizens and resident aliens with valid Social Security numbers. While individual and joint accounts can be opened online, all other ownership types of account require contacting MapleMark.
The online application is available from MapleMark Bank’s CD Ladder page. Accounts can be funded electronically from an existing bank account. If you have a freeze on your credit, you'll need to lift the freeze temporarily before you submit your application.
MapleMark Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.36% (excellent), based on June 30, 2021 data. In the past year, MapleMark Bank has increased its total non-brokered deposits by $201.46 million, an excellent annual growth rate of 32.08%. 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 July 2018, MapleMark opened a branch in Tulsa, Oklahoma, the town where MapleMark’s Chairman/CEO, Anthony Davis, and President, Eric Davis, established reputations in the banking industry. The brothers were former principals with F&M Bank, which was purchased by Prosperity Bank in 2013. At that time, the Davis brothers held the same positions at F&M as they do today at MapleMark.
How the CDs of MapleMark Bank CD Ladder Compare
For the sake of brevity, only comparisons are done for the 1-year, 3-year and 5-year CDs inside the CD Ladders. Rate comparisons are made to standard CDs at other banks and credit unions. Only the highest-rate credit union CD is listed. For banks, only the top two CDs are listed.
When compared to 221 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $25k or less, there are 13 CDs with higher rates than MapleMark’s Bank’s 1-year CD that’s inside the CD Ladder.
When compared to 208 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $25k or less, there are 13 CDs with higher rates than MapleMark’s Bank’s 3-year CD that’s inside the CD Ladder.
When compared to 187 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $25k or less, there are 13 CDs with higher rates than MapleMark’s Bank’s 5-year CD that’s inside the CD Ladder.
The above rates are accurate as of 10/15/2021.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.