Top Rate on a 17-Month CD Special at Sovereign Bank in Texas - Local Only


Update 7/20/2012: Latest ad states that the offer is scheduled to last through 7/23/2012.

Sovereign Bank (TX) has another CD promotion with a very competitive rate. It has a 1.77% APY with a 17-month term. Minimum deposit is $25,000, and the maximum deposit is $240,000 per CD ($1M maximum for total of all CDs). New funds are required. The offer is scheduled to last through July 16, 2012. This special isn't listed on the bank's website. It was advertised in the Sunday (7/8/12) edition of the Fort Worth Star-Telegram. The ad is available online here (Hat tip to the reader who emailed me news of this special).

A branch visit is required to open an account. Sovereign Bank's branches are located in the Dallas-Forth Worth area and in the Austin area. Note, the ad only lists the DFW branches. It doesn't list the Austin and Cedar Park branches. I called the Austin branch yesterday and asked if they would honor this special. At first the branch representative said no, but after she checked with the branch manager, she said they would honor this advertised special. So if you live in the Austin area and are interested in this special, it would be a good idea to call the branch first to confirm they'll honor the special.

It should be noted that this Texas Sovereign Bank has no relation to the large Sovereign Bank that's based in Boston.

Sovereign Bank Texas has an overall health score at of 5 stars (out of 5) with a Texas Ratio of 9.95% (above average) based on March 2012 data. Please refer to our financial overview of Sovereign Bank Texas for more details. The bank has been a FDIC member since 2004 (FDIC Certificate # 57787).

How This CD Rate Compares

If you live in Texas, you can get a rate close to this Sovereign Bank CD special at Libertad Bank which is offering a special 15-month CD with a 1.50% APY. When I contacted this bank in May, I was told anyone in Texas is eligible to open this CD, and a branch visit wasn't required (see review).

Texans who live, work or worship in certain counties in the Corpus Christi metro area can qualify for membership in Navy Army Community Credit Union. They're offering a 3.00% APY 30-month CD.

All of the above rates are much higher than the best CD rates that are nationally available. The highest 18-month bank CD rate is 1.15% APY at Doral Bank Direct, and the highest 18-month CD rate from a credit union is 1.25% (special 19-month term) at Xceed Financial Credit Union.

Searching for the Best CD Rates

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

Related Pages: CD rates

Anonymous   |     |   Comment #1
KEN - nice write-up with all the details.  You must have spent some time on this.

THANKS for all you.  It would be very hard to make use of many specials without your site and your efforts.


Don't forget about TIAA-CREF running 1.25% high yield savings and money market.  Be aware that ACH transfers can take several days .... so if you use them, get a checking or money market with checks so you can make immediate transfers.

GOOD JOB - Ken !
ricsue   |     |   Comment #2
Called Sovereign, very helpful and simple, filled out forms ahead of time, and the rate is being extended thru next week. A visit to the branch is required for anyone that is to be on the account, or an additional signer can fill out a signature addendum but it must be notarized if they are not appearing in person.

Thanks for posting this advertisment...this is just in time for a maturing CD next week!
Anonymous   |     |   Comment #3
Reading all these great rates in Texas banks really makes one want to move to Texas!  Maybe their money comes from oil revenues and they can afford to give higher rates.  I guess the Fed's policies can't force a bank to stick with zero rates basically for savers and it's really up to the bank if they feel they can afford to give us a bit more.  Good for Texas!
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