State Bank of Texas 12-Month CD Special Is Near-Rate Leader

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Deal Summary: 12-month CD Special, 4.65% APY, $25k minimum deposit.

Availability: Nationwide

Last week, Dallas-based State Bank of Texas (SBT) upped the rate on its nationally available 1-year CD Special to 4.65% APY. The 12-month CD Special can be opened with a $25k minimum deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.65%$25k-State Bank of Texas (SBT)12 Month CD Special
Rates as of November 29, 2022.

The 12-month CD Special was added back to the product line in December 2021 earning 0.85% APY, which was a competitive rate at the time. Since its debut, there have been 13 rates increases, adding an impressive total of 380 bps.

Funding and Other Particulars

The following information is from a conversation with CSR.

  • Funding – ACH transfer, wire, or check.
  • Maturing Funds – ACH ($10 fee), wire transfer ($30 fee), cashier’s check to the address on file, or transferred to another SBT account.
  • Interest – compounded/credited monthly and distributed by ACH to a checking account at any bank, or deposited into the CD annually.
  • Grace Period – 10 calendar days before automatic renewal.
  • Beneficiaries – unlimited, equal shares, Social Security numbers required.
  • Early Withdrawal Penalty – 60 days interest; early closure only.

Availability

Headquartered in Dallas, State Bank of Texas has been offering a variety of CDs on a nationwide basis for about five years. The only nationally available CD currently offered is the 12-month CD Special.

The first page of the online application reads,

Please note that you must be 18 years of age and classified as a US Person to apply online.

According to the IRS definition of U.S. Persons, the following are eligible to open a 12-month CD:

  • A citizen or resident of the United States
  • A domestic partnership
  • A domestic corporation
  • Any estate other than a foreign estate
  • Any trust if: a court within the United States is able to exercise primary supervision over the administration of the trust, and one or more United States persons have the authority to control all substantial decisions of the trust
  • Any other person that is not a foreign person.

In addition to opening a CD online, a CD can be opened at any of five Texas branches located in Dallas, Garland, Houston, Irving, and Richardson, or the single full-service Illinois branch located on Chicago’s North Side.

While SBT has a brick-and-mortar presence at Chicago’s Midway and O’Hare airports, the vast majority of those “branches” are kiosks that only offer currency exchange services. The one exception is the O’Hare location in Terminal 5, on the Lower Level outside of security next to arrivals. No airline ticket is required for entry to the Terminal 5 location.

Bank Overview

State Bank of Texas has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.77% (excellent) based on June 30, 2022 data. In the past year, SBT has increased its total non-brokered deposits by $351.77 million, an excellent annual growth rate of 40.33%. Please refer to our financial overview of State Bank of Texas (FDIC Certificate # 27074) for more details.

Founded in 1987, State Bank of Texas continues to be 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.

In the past ten years, SBT acquired Millennium State Bank of Texas, National Republic Bank of Chicago, and Seaway Bank and Trust Company, becoming the largest Indian-American owned bank in the country. SBT is currently the 62nd largest bank headquartered in Texas with assets in excess of $1.6 billion.

How the 12-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $25k or less, only one credit union has a higher rate than currently offered on the SBT 12-Month CD Special. The following table compares the 12-Month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
4.85%14-Month Special Share Certificate, $5k (EWP=90 days)Spectra Credit Union
4.65%12-Month CD, $25k min (EWP=30 days)State Bank of Texas
4.65%12-month CD, $2.5k min (EWP=180 days)INSBANK Online
4.63%1-year CD, $100 min (EWP=180 days)KS StateBank
4.51%12-Month Certificate, $5k min (EWP=90 days)Connexus Credit Union

The above information and rates are accurate as of 11/28/2022.

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

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

Comments
State Bank of Texas Nationally Available 12-Month CD Jumps To The Top
Deal Summary: 12-month CD, 3.85% APY, $25k minimum deposit.

Availability: Nationwide

After months of being a “near-rate leader,” the State Bank of Texas (SBT) 1-year CD has transitioned to rate leader status with a new 3.85% APY. The 12-month CD can be opened with a $25k minimum deposit. Note, there used to be a $250k balance cap, but that has been removed.

The 12-month CD was added back to the product line in December 2021 earning 0.85% APY, which was a competitive rate at the...

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State Bank of Texas Nationally Available 12-Month CD Is Near-Rate Leader Again
Deal Summary: 12-month CD Special, 3.25% APY, $25k min/no max deposit.

Availability: Nationwide

The State Bank of Texas (SBT) 1-year CD Special crossed into 3% territory about six weeks ago. Earlier this week, the 12-month CD Special jumped up to a competitive 3.25% APY. The 12-month CD can be opened with a $25k minimum deposit. There is no longer any maximum deposit.

The 12-month CD Special was added back to the product line in December 2021 earning 0.85% APY, which was a competitive rate...

Continue Reading
State Bank of Texas Ups Nationally Available 12-Month CD Rate
Deal Summary: 12-month CD, 3.00% APY, $25k min/$250k max deposit.

Availability: Nationwide

The latest bank to offer a nationally available 3% APY 1-year CD is State Bank of Texas (SBT). The 12-month CD was added back to the product line in December 2021 earning 0.85% APY which was a competitive rate at the time. In the past eight months, there have been seven rates increases, adding a total of 165 bps. The 12-month CD can be opened with a $25k minimum deposit and...

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State Bank of Texas Nationally Available 12-Month CD Rate Upped Again
Deal Summary: 12-month, 2.25% APY, $25k min/$250k max deposit.

Availability: Nationwide

State Bank of Texas (SBT) brought back its nationally available 12-month CD in December 2021 earning 0.85% APY which, at the time, was a competitive rate. In the past seven months, there have been six rates increases, adding a total of 140 bps. Currently earning 2.25% APY, the 12-month CD can be opened with a $25k minimum deposit and is capped at $250k.

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

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State Bank of Texas Has Competitive 12-Month CD and Jumbo Money Market
Deal Summary: 12-month, 1.85% APY, $25k min/$250k max deposit. Jumbo Money Market, 1.15% APY, $100k min balance.

Availability: Nationwide

Five months ago, State Bank of Texas (SBT) brought back its nationally available, limited-time 12-month CD earning 0.85% APY. The 12-month CD is again available with a highly improved 1.85% APY. The minimum opening deposit is $25k, and there is a cap of $250k.

According to CSR, the Early Withdrawal Penalty for the 12-month CD is a very mild 60 days of interest....

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