State Bank of Texas 12-Month Jumbo CD (1.55% APY) Available Nationwide

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.55%$100k-State Bank of TexasJumbo 12 Month CD
1.45*%$25k-State Bank of Texas12 Month CD
OTHER TIERS: 1.30% $5k - $25k
Accounts mentioned in this post. Rates as of May 29, 2017.

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 and Jumbo CD is one month’s interest.

Jumbo Money Market Account

SBT also offers its Jumbo Money Market Account (1.25% APY, $100k min) nationwide. The 1.25% APY has been effect since February 2016.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.25%$100k-State Bank of TexasJumbo MMDA
Accounts mentioned in this post. Rates as of May 29, 2017.

The 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.

Availability

Headquartered in Dallas, State Bank of Texas’ market area includes the Dallas metropolitan area and the Chicago metropolitan area, but currently offers part of its product line nationwide.

Opening the 12-month CD or 12-month Jumbo CD 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 "A" at DepositAccounts.com, with a Texas Ratio of 8.05% (excellent) based on December 31, 2016 data. In the past year, the Bank has increased its total non-brokered deposits by $107.45 million, an excellent annual growth rate of 22.59%. Please refer to our financial overview of State Bank of Texas (FDIC Certificate # 27074) for more details.

Thirty years after its establishment, 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 currently holds assets in excess of $740 million and has not reported a quarterly operating loss in almost 30 years.

How the CD Compares

When compared to the 210 similar length-of-term CDs tracked by DepositAccounts that are available nationwide, State Bank of Texas’ 12-month Jumbo CD APY currently claims the top spot, regardless of minimum deposit requirement.

Interest RateCD Length of TermCredit Union/Bank
1.55% APY12-Month Jumbo CD ($100k min)State Bank of Texas
1.50% APY12-Month Certificate ($5k min)Connexus Credit Union
1.45% APY12-Month CD ($25k min)State Bank of Texas
1.43% APY12-Month Online Promo CD ($5k min)M.Y. Safra Bank

How the Money Market Account Compares

When compared to the 170 Money Market Accounts tracked by DepositAccounts that are available nationwide, State Bank of Texas’ Jumbo Money Market APY currently ranks second, regardless of minimum deposit requirement.

Interest RateCD Length of TermCredit Union/Bank
1.26% APYMoney Market ($500 min)Self-Help Federal Credit Union
1.25% APYJumbo Money Market ($100k min)State Bank of Texas
1.15% APYMy Banking Direct Money Market ($5k min)My Banking Direct

The above rates are accurate as of 5/24/2017.

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

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: money market accounts, 1-year CD rates, nationwide deals

Comments
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