State Bank of Texas Offers Top Rate on 12-Month Jumbo CD

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Deal Summary: Jumbo CDs – 12-month (2.60% APY), 18-month (2.70% APY), 24-month (2.80% APY), 36-month (3.00% APY), $25k minimum.

Availability: Nationally available

In the past few years, State Bank of Texas (SBT) has been periodically offering nationally available special rate CDs. The latest are a series of Jumbo CDs, which required a $25k minimum deposit; in the past, the Jumbo CDs required a minimum deposit of $100k.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.80%$25k-State Bank of Texas (SBT)Jumbo 24 Month CD
2.70%$25k-State Bank of Texas (SBT)Jumbo 18 Month CD
2.60%$25k-State Bank of Texas (SBT)Jumbo 12 Month CD
Rates as of November 17, 2018.

According to CSR, the Early Withdrawal Penalty is as follows:

    30 days interest for terms of twelve months

    90 days interest for terms of 18 and 24 months

    120 days interest for terms of 36 months

While a Jumbo CD can be funded through an ACH transfer, maturing funds will be distributed by cashier’s check, by wire, or by a transfer to another SBT account. There is no ACH transfer available.

Availability

Headquartered in Dallas, State Bank of Texas’ primary market area includes the Dallas metropolitan area and “Chicagoland,” but the Bank is offering the Jumbo CDs nationwide.

Opening any of the Jumbo CDs can be done in person at any of the four Texas branches located in Dallas, Garland, Irving, and Richardson, or single full-service 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. Social Security numbers are required when adding beneficiaries.

Bank Overview

State Bank of Texas has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 11.23% (excellent) based on March 31, 2018 data. State Bank of Texas has an excellent capitalization level (20.39%), the resulting of holding $798.95 million in assets with $162.93 million in equity. 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 is currently the 76th largest bank in Texas, with deposits in excess of $637 million.

How the Jumbo CDs Compare

When compared to the 218 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 requirements.

When compared to the 167 similar length-of-term CDs tracked by DepositAccounts that are available nationwide, State Bank of Texas’ 18-month Jumbo CD APY currently ranks second, regardless of minimum deposit requirements.

When compared to the 213 similar length-of-term CDs tracked by DepositAccounts that are available nationwide, State Bank of Texas’ 24-month Jumbo CD APY currently ranks third, regardless of minimum deposit requirements.

When compared to the 214 similar length-of-term CDs tracked by DepositAccounts that are available nationwide, State Bank of Texas’ 36-month Jumbo CD APY currently ranks second, regardless of minimum deposit requirements.

The above rates are accurate as of 6/30/2018.

To look for the best CD rates, both nationwide and state specific, please refer to DA’s CD Rates Table page.

Related Pages: Chicago CD rates, Dallas CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
no doh
no doh   |     |   Comment #1
all my monies committed,
cant wait till oct nwfcu cd matures
Slime
Slime   |     |   Comment #2
I like the small penalty of only 30 days on a 1 year cd.
RJM
RJM   |     |   Comment #3
Does this give you warm fuzzies too?

....maturing funds will be distributed by cashier’s check, by wire, or by a transfer to another SBT account. There is no ACH transfer available.
boston02116
boston02116   |     |   Comment #4
Big banks have lower rates because they know most people won't go to banks that don't offer the same conveniences.
RichReg
RichReg   |     |   Comment #7
You can open up their Promo Money market @ 1.85% APY which offers checks.
Easy transfer and subsequent withdrawal...
111
111   |     |   Comment #8
Sure, that's an option for an "exit strategy". But I think that account requires a $25K balance in order to avoid a monthly fee. Am I wrong?
RichReg
RichReg   |     |   Comment #9
You don't have to do it now.
Ann
Ann   |     |   Comment #10
That's normal. With credit unions, you're required to open their basic savings account to be a member, so you automatically have 'another account' (a transactional account, not a CD) there to handle transfers when your CDs mature.

This bank has a regular basic savings account with a minimum balance of only $200 to avoid fees. No need to go for the biggest MMA interest rate there for an account you're not planning on keeping money in long-term.
boston02116
boston02116   |     |   Comment #5
Seems like anything over 1% is considered jumbo these days. I remember when jumbo CD's were paying over 15%
Carpline
Carpline   |     |   Comment #6
I think "jumbo" refers to the minimum deposit, not the APY.
Blade
Blade   |     |   Comment #12
Spoke to them today and confirmed the following related to the Jumbo 12 month - 2.6% offer:
$25K min - no max. You can manually ACH funds to open account from your bank but they cannot pull them so you'll need to contact your bank with their routing and account number once its ready to go. Reconfirmed 30 day interest is the EWP. You can set up monthly auto distribution of interest and they will ACH to the bank of your choice. You set that up during the initial opening. Minimal hold time on the phone and friendly enough agent.
Charles
Charles   |     |   Comment #14
We're OLD and depend on CD interest along with our S/S to exist! Of course the 2.6% rate is very appealing to us, but skeptical since this bank does not show up on www.bankrate.com as others do. I opened their website and although it shows "CDs", nowhere does it provide interest rates. I filled out a 'Contact' form and wrote to them. I got a very nice phone call and later an email from Bharti Shah where he attached .tiff file for opening a new account. We're just not used to all of this, and it makes us very nervous. On other larger banks (i.e., Ally, TIAA, CIT Bank) we can do everything ONLINE, and even do our ACH Transfers to open the account. Would be interested to hear what others think. I did, of course, go to the FDIC site and confirm that there are members and accounts are insured as with other larger banks.
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Availability: Nationally available

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