CD Special with a Top Rate at SharePlus Federal Bank


Update 5/17/13: According to an Irvine branch CSR, the You Choose CD rate has fallen to 1.50% APY. All other features remain the same.

SharePlus Federal Bank is offering special CDs called the You Choose CD. It allows you to choose any term on the bank’s regular CD products between 1 year and 5 years and earn 2.00% APY. Minimum deposit is $10,000. The maximum deposit is $25,000 without a checking account. It’s $50,000 when you have an active SharePlus checking with either direct deposit or an average account balance of at least $1,000 (must remain for the life of the CD). There’s a limit of one CD per customer, and the money must be new to the bank. Details were listed in the bank’s promotion page as of 5/1/2013 (bank appears to have removed the promo page as of 2:00pm ET). Thanks to DA reader Shorebreak for the initial forum post, and thanks to Shorebreak and Pearlbrown for researching this deal. Credit to for the initial find.

The CD is currently available nationwide in Texas, California, and Kentucky, and only for those who are local customers who can visit a branch. but if you can’t make it to a branch, you’ll have to open it by mail . You can get the process started by calling 800-352-8257. This CD offer may not last long since it’s such a hot deal. Pearlbrown described her conversation with the bank CSR in the forum thread:

it looks like the bank is trying to cope with the unexpected volume while they reallocate other associates to help in this area. At this point they are asking for the caller's name and callback number, so someone can call them back. Since they are not even requesting address information in this initial call, I wouldn't expect the account will be opened anytime soon.

The bank will indeed mail a signature card to you, although it would be faster if someone visited a local branch. Aside from the branch in Plano, there is one at Frito-Lay HQ in Plano, and one in Dallas. There are also branches at certain locations in Irvine, CA and Louisville KY (see locations).

The account will not be opened until the signature card is received.

Most of SharePlus Federal Bank branches are located in Dallas and Plano, Texas. There’s also a branch in the YUM! Brands Headquarters in Louisville, Kentucky and a branch in the Taco Bell Headquarters in Irvine, California.

Bank Overview

You may wonder why this bank has branches in other companies’ headquarters. Before 2004, it used to be a credit union. According to the bank’s history page:

After a positive vote by the members, the Credit Union converted to a federal mutual savings bank on October 1, 2004, with the goal of becoming a growing and profitable community bank. On October 4, 2010, the members again overwhelmingly voted in favor of the stock conversion. SP Bancorp, Inc. was traded for the first time on November 1, 2010.

I did a few blog posts on this bank in 2009 when it was still a mutual bank. At that time the bank had geographic restrictions like a credit union.

It’s a small bank with $288 million of assets. It has an overall health score at of 4 stars (out of 5) with a Texas ratio of 28.39% (average) based on December 2012 data. Please refer to our financial overview of SharePlus Federal Bank for more details. The bank has been a FDIC member since 2004 (FDIC Certificate # 57760).

Searching for Top CD and IRA CD Rates

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of For IRA CD rates please refer to the best IRA rates section.

CapitalClimate (anonymous)   |     |   Comment #1
800-number CSR says offer is only available in Texas, California, and Kentucky (branch locations).
Anonymous   |     |   Comment #2
Just returned from Share Plus and got my CD!  Was told I could get another since it was two of us there.  I have to wait until my CD matures soon and if they are still having the special will return.  What I like about Share Plus is they will electronically send our monthly interest checks to our Chase account.  They seem really happy to get new accounts so I hope it will last a bit longer.  Thanks Ken for bringing this to our attention.   Can't believe I am this happy about a 2% CD! :)
Anonymous   |     |   Comment #3
Promotion page is not appearing. its empty.
Shorebreak   |     |   Comment #4
Re: CapitalClimate (anonymous) - #1, Wednesday, May 1, 2013 - 9:35 AM

"800-number CSR says offer is only available in Texas, California, and Kentucky (branch locations)."

Now that's interesting. Either the bank made an immediate change to their offer due to the high demand for the product or someone is mistaken. If you can get through Ken, could you call SharePlus and straighten this out? Thanks.

6. Who can bank with SharePlus Federal Bank? Anyone may apply for an Account and a Loan or Line of Credit regardless of where you live or work.
paoli2   |     |   Comment #5
Posters:  I just got off the phone with the Branch Manager of my local Share Plus who opened our CD today.  She said the Special is only good where there are local Share Plus branches.  They cannot be done in the mail for people in other states.  They also do not have branches in most states at this time.
Anonymous   |     |   Comment #6
but what about the petition  we need better rates so dds  financial future will be secure
Shorebreak   |     |   Comment #7
Re: paoli2 - #5, Wednesday, May 1, 2013 - 1:12 PM

Thanks paoli2 for the info. Apparently Sol at received erroneous information that this promotion was available nationally. I reposted your post on his blog site.
akapla01   |     |   Comment #8
Opened my CD at the Frito Lay HQ branch this morning - pretty simple, took about 30 minutes.  As a joint account holder I can open two CDs - one with me being primary and the other with my wife as primary.  So - you can deposit $50K as a married couple (two CDs) or $100K if both husband and wife open checking accounts.  Interest is compounded and paid quarterly.  Early withdrawl penalty is 180 days.
outtempster   |     |   Comment #9
They are only asking customers to go to the branch to open the CD now. I called, they said it's only for local customer to walk into the branch and open the CD. They are not openning it on the phone.
Anonymous   |     |   Comment #10
apache are you not concerned about giving out to much info we now know that you live in texas california or kentucky IMHO
Anonymous   |     |   Comment #11
#10  You know nothing as usual.  Maybe I am temporarily living in one of those states so I can care for a relative.  They don't ask if we are permanent residents.  If you are so concerned about me would you like what color my eyes are and why I like Kam dogfood?  You are quite a joke with your interest in me.  Don't you have a pet you can spend some time with? 
Anonymous   |     |   Comment #12
you keep enjoying those 2 percent cds
Ariana (anonymous)   |     |   Comment #13
Isn't it sad that we're all excited about a lousy 2% CD? I remember getting 5% on a Money Market years ago & thought that was bad! It's just pathetic that the powers that be worship greed above all. It's immoral, unethical & without conscience. And what's worse is that we let them get away with robbing us blind. I hope they all rot in hell. BTW: Does anyone really know who "they" are?
Ariana (anonymous)   |     |   Comment #14
And yes, I'll be driving 35 miles tho the Irvine, CA branch tomorrow & put my dwindling savings locked up for 2 years. Maybe by then, rates will have grown to 3%. Geese, I can't wait, tho I'm tempted to take all my money to the races. I'd probably make more in one day. Hey, ya never know.
Ariana (anonymous)   |     |   Comment #15
"you keep enjoying those 2 percent cds" I doubt ANYONE is enjoying them. And that includes the bank.
Anonymous   |     |   Comment #16
#15  I can't imagine anyone "enjoying" 2% CDs but they are better than the .50% ones many banks are offering.  I take what I can get and got things get better before long.
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