State Bank of Texas Ups Jumbo MMDA Rate


UPDATE 10/31/2017: No longer available.

Deal Summary: Jumbo MMDA (money market), 1.55% APY, $100k minimum.

Availability: Nationwide

In the past 16 months, I have written about State Bank of Texas’ (SBT) Jumbo MMDA three times. Since February 2016, the competitive Jumbo MMDA was available only in Chicago, then offered nationwide, then withdrawn completely for a short time, and then reinstated as a nationally available product in late August.

Last week, SBT raised the rate on the Jumbo MMDA to 1.55% APY on balances of $100k+, and CSR confirmed that it is still available nationwide.

1.75%$100k-State Bank of Texas (SBT)Jumbo MMDA
Rates as of May 19, 2018.

The Jumbo MMDA is a fairly straightforward account, with no unusual conditions or requirements, but it does require a minimum $100k opening deposit. SBT’s Personal Banking page states:

Minimum balance of $100,000 required to earn the stated rate, no interest paid if balance falls below $100,000.

Monthly maintenance fee of $20.00 if the average daily balance falls below $25,000.00.


Headquartered in Dallas, State Bank of Texas’ primary market area includes the Dallas metropolitan area and the Chicago metropolitan area, but the Jumbo MMDA is available nationwide.

Opening a Jumbo MMDA can be done in person at any of the four Texas branches located in Dallas, Garland, Irving, and Richardson, or the single Illinois branch located on Chicago’s North Side.

A “New Account Form” will be emailed to out-of-state customers that can be returned by mail, email, or fax. According to the New Account Form, funding the account can be done by wire, check, or ACH. If beneficiaries will be added, Social Security numbers are required.

Bank Overview

State Bank of Texas has an overall health grade of "B+" at, with a Texas Ratio of 14.48% (above average) based on March 31, 2017 data. In the past year, SBT has increased its total non-brokered deposits by $298.51 million, an excellent annual growth rate of 64.42%. Please refer to our financial overview of State Bank of Texas (FDIC Certificate # 27074) for more details.

Thirty years after opening its doors for business, State Bank of Texas is still a family-owned and operated bank. After 20 years in the hotel industry, SBT’s founder, Chan Patel, set out to create a bank for the immigrant community, particularly those in the hospitality industry. At the time, $2 million of capital was required to start a bank; Patel had $1 million of his own to invest but needed to find investors for the remaining $1 million. Using the novel approach of offering a lifetime career as a professional banker and a Director’s position in exchange for a $100K investment, Patel raised the monies within two weeks.

SBT is currently the 65th largest bank in Texas, with assets in excess of $959 million. Beginning in 1990, SBT acquired two Texas banks and two Illinois banks, the most recent acquisition being Seaway Bank and Trust Company (Chicago) in January 2017.

How the Jumbo MMDA Compares

When compared to the 210 Money Market Accounts tracked by that are available nationwide, State Bank of Texas’ Jumbo MMDA APY currently ranks first, regardless of minimum deposit requirement.

The above rates are accurate as of 6/26/2017.

To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account rates table or our Rates Map page.

Related Pages: Chicago money market accounts, Dallas money market accounts, money market accounts, nationwide deals

RichReg   |     |   Comment #1
Not a bad deal. Someone has to explain to me why "caps" are necessary on these offers while this bank manages to pull in $100k or more per account.
Oh crap, I'm short twelve bucks....
Stewie   |     |   Comment #2
I'll loan you that twelve bucks at 937% interest compounded semi-hourly, of course I'll need collateral....
Bugs Bunny
Bugs Bunny   |     |   Comment #3
I got $140k rotting in an account with a 1.30% rate. I'm outta there for this one. Thanks Ken!
annonymous   |     |   Comment #12
Yes, me too!! But I need to open the account online. I just sent a message & am waiting for reply. Since I e-mailed I see that they will probably have to e-mail an application form. Will take some time to complete process.
Anon1   |     |   Comment #4
The 1.55% rate only applies to new accounts or "new" money, so be careful. Existing account holders wanting to add money at new rate have to call them according to a CSR.
bmx   |     |   Comment #5
does it say how long rate is guaranteed?
martin   |     |   Comment #6
is it really worth the effort to go from 1.3% to 1.5%
lot of work for pennies
midas89   |     |   Comment #7
So, Self-Help CU is 1.31% for most people. SBT is 1.55%. That's a 0.24% difference, of course.

If one is lucky enough to have $200,000 cash, the extra interest would equal $480 per year. That's $40 per month.

(Not quite pennies, as you put it. But of course, is $40 per month to someone who has $200K worth it to that person regarding the time and effort it would take to open up this SBT account, etc.?)
Bugs Bunny
Bugs Bunny   |     |   Comment #10
Yeah, I'm gonna make $35/month to move my money. Not bad for 10 minutes of work.
TRUTHDACTYL   |     |   Comment #18
rateshopper   |     |   Comment #8
Is it worth chasing after a few basis points that aren't guaranteed to last for any length of time?
RichReg   |     |   Comment #11
Optimally, 1st order of checks would be nice with a money market so you can drop out immediately if necessary. But if you have a 2nd best alternative set-up with efficient ACH capabilities, you can always use that as well. Bottom line is you need to pay attention just a little...
Att   |     |   Comment #9
If you go below 100,000 no interest paid.
scubabelle   |     |   Comment #13
I realize that, if you're going to have a jumbo MMDA, then you should be a "jumbo" type of investor. However, I really see this account as all or nothing. Either you're at $100K+ or you zero out and close the account. If you had to dip below $100K, you'll earn no interest. Heaven forbid you drop below $25K and now you're paying them to hold your money. It's too funky. Thank you but I'll keep my cash at PurePoint and Barclays for max flexibility and ACH access and excellent customer service.
annonymous   |     |   Comment #14
Just a good place to keep your liquid funds ($100K+). So you wouldn't pull money out, unless you had a more profitable interest rate to place those funds. I like PurePoint, 1.25% & it is an easy place to move funds in or out (keep $10K), but why not go for 1.55% rate?
Att   |     |   Comment #17
No guarantee on the rate. If you go with ally and set up 4 $25,000 11 month CDs with no penalty that could be an alternative and you get 1.5% guaranteed for 11 months or can get out if you find a higher rate.
mapleman   |     |   Comment #15
tried to open an account. called and had paperwork mailed to me. completed and mailed back. never heard anymore. if that is the kind of customer service you get when they are trying to get your money, I hate to think what it would be like after they had it. I will look elsewhere.
deplorable 1
deplorable 1   |     |   Comment #16
1.55% is a pretty good deal for liquid cash but I already have $50,000 in that 2% NFCU CD and another $25,000 in a Vibe CU CD @2.5%, $35,000 at Redneck bank MMA @1.5 and multiple 5% $5,000 debit card savings accounts plus a few bank bonuses going on. Maybe when my last Wilshire/Bank of hope 2.28% $100,000 installment CD matures in 11 months I'll open one of these while looking for the next CD deal pop up. I hope it is still available nationwide by then and the rate doesn't drop.
TRUTHCERATOPS   |     |   Comment #19
midas89   |     |   Comment #20
This 1.55% rate is looking even sweeter now that Self-Help CU just lowered their rate. Thanks, Ken, for letting everyone know this news. (Of course, if SBT is inundated with so much new money, they might lower the rate just as Self-Help has done.)

Self-Help Credit Union lowered their Money Market rate from 1.31% APY to 1.26% APY (for balances under $500K). (I am guessing that after the news that they raised their rate to 1.31% hit here at Deposit Accounts and at FatWallet, they were inundated with new money.)
John   |     |   Comment #21
After completing the new account form they mail you, can all future transactions be done online?
John   |     |   Comment #22
Also, I can't find the "New Account Form". Where is it?
Deal   |     |   Comment #23
No ACH to open? Forget it. .002% is not worth my time.
State Bank of Texas 12-Month Jumbo CD Available Nationwide
Deal Summary: 12-month Jumbo CD, 1.55% APY, $100k minimum; 12-month CD, 1.45% APY, $25k minimum.

Availability: Nationally available

State Bank of Texas’ (SBT) has raised the rate on its 12-month Jumbo CD (1.55% APY, $100k minimum) and 12-month CD (1.45% APY, $25k minimum). SBT has been offering these products nationwide on-and-off for more than a year.

CSR stated that if you “bring a total of $200k, it will be split into two $100k CDs earning 1.575% APY."

According to CSR, the Early Withdrawal Penalty for the 12-month CD...

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DA readers may remember my February blog post about State Bank of Texas’ (SBT) 1-year Jumbo CD (1.25% APY, $25k; 1.35% APY, $100k) and Jumbo Money Market (1.25% APY, $100k). Initially, these rate specials were only available in the Chicago area, then were offered nationwide, and then were withdrawn completely in early August. I’m pleased to report that SBT has recently made these products available nationwide, yet again.

According to CSR, the Early Withdrawal Penalty for the 1-year Jumbo CD is one month’s interest.

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State Bank of Texas Offers Competitive 1-Year CD And MMA

UPDATE 8/8/2016: No longer available.

Availability: Nationwide

Sundays are usually my relatively slow email day, both in quantity and quality. Yesterday proved to be the exception, as I received a rather interesting email from a DA reader, who forward an advertisement he saw in yesterday’s Chicago Tribune.

According to the ad, State Bank of Texas (SBT) is offering a 1-year CD earning 3.35% APY – that’s right, 3.35% - and a Jumbo Money Market (1.25% APY, $100K minimum deposit). A quick call to the Chicago branch at 9:01 this...

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4.00% 10-Month / 4.15% 15-Month CD at a Texas Bank (Millennium)
Update 7/09/09: The bank has been closed by regulators. Please see this post for more details.

Millennium Bank is advertising a special 4.00% APY 10-month CD and a 4.15% APY 15-month CD. The minimum deposit is $2,500. The bank is also advertising a 3.75% APY on its Preferred Money Market Account for balances of at least $50,000. This account requires a minimum balance of $2,500 to avoid fees.

These specials don't seem to be listed at the bank's website. They were advertised in today's Dallas Morning News. The ad is available online...

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Millennium Bank is advertising a special 4.10% APY 9-month CD and a 4.35% APY 18-month CD. The minimum deposit is $2,500. The bank is also advertising a 3.75% APY on its Preferred Money Market Account for balances of at least $50,000. This account requires a minimum balance of $2,500 to avoid fees. The bank has been advertising this MMA since early July.

These specials don't seem to be listed at the bank's website. They were advertised in the 9/7/08 Dallas Morning News. The ad is available online here.

It appears likely to...

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