On June 1, I wrote about Texas-based MapleMark Bank (MapleMark), which is the latest U.S. bank to offer a nationally available product line. While the CD rates have fallen since June, MapleMark has added a competitive 12-month Online CD. Of the three CDs that can be currently opened online, the 12-month CD (2.85% APY) has the most competitive rate. The minimum opening deposit is $25k, with no stated balance cap.
The 18- and 24-month CDs currently have APYs 15 bps lower than what was offered in June.
|2.75*%||$25k||-||MapleMark Bank||24 Month CD|
|OTHER TIERS: 1.60% → $1k - $25k|
|2.65*%||$25k||-||MapleMark Bank||18 Month CD|
|OTHER TIERS: 1.45% → $1k - $25k|
While the CDs can be opened in-branch with as little as $1k, the rates are almost negligible.
- 12-month – 1.20% APY
- 18-month – 1.45% APY
- 24-month – 1.60% APY
A conversation with a very knowledgeable MapleMark Universal Banker (CSR) provided the following helpful information:
- The Early Withdrawal Penalty is six months interest, with partial withdrawals allowed.
- Funding can be done by ACH or check. There are no dollar limits on ACH transfers, and if an ACH is received by 3 pm (CDT), the Certificate will be funded that same day.
- Accrued monthly interest can be added to the Certificate, or paid out by ACH or check.
- Funds from a maturing Certificate can be distributed through ACH or by check.
- Beneficiaries can be added with date-of-birth and Social Security number required. Percentages can also be assigned.
Headquartered in Dallas, MapleMark Bank offers its product line nationwide to US citizens and resident aliens with valid Social Security numbers. MapleMark has made good on its promise of a “soft” introduction of a site-wide online application with the recent introduction of the 12-month Online CD. The online application is definitely an improvement over the combination of phone calls and email transactions previously required to open a CD (detailed in my June MapleMark blog post).
The 12-month Online CD must be opened online to qualify for the 2.85% APY; if opened in-branch, the 12-month CD earns 2.55% APY ($25k minimum). The 18- and 24-month CDs can be opened online or in-branch (earning the same APYs) at either of two Texas branches located in Dallas and Edgewood, or at the Tulsa, Oklahoma branch.
MapleMark Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo), based on March 31, 2019 data. In the past year, MapleMark Bank has increased its total non-brokered deposits by $280.14 million, an excellent annual growth rate of 812.65% (not a typo). Please refer to our financial overview of MapleMark Bank (FDIC Certificate # 3182) for more details.
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 brothers Davis held the same positions at F&M as they do today at MapleMark.
How the Certificate Compares
When compared to 217 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, MapleMark Bank’s 12-month Online CD APY currently ranks second, regardless of minimum deposit requirements.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.89% APY||1-Year Senior Citizen CD ($2.5k min)||State Bank of India (IL)|
|2.85% APY||12-month Online CD ($25k min)||MapleMark Bank|
|2.82% APY||12-month CD ($25k min)||TotalDirect Bank|
The above rates are accurate as of 7/1/2019.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.