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.

2.25%$25k$250kState Bank of Texas (SBT)12 Month CD
Rates as of July 7, 2022.

According to CSR, the Early Withdrawal Penalty for the 12-month CD is a very mild 30 days of interest. Partial withdrawals are not allowed: only an early closure is permitted.

Funding the 12-month CD can be done by ACH transfer, wire, or check. Monthly interest can be paid via ACH to a checking account at any bank, if so desired. Maturing funds can be distributed by ACH ($10 fee), wire transfer ($30 fee), cashier’s check to the address on file, wire, or transferred to another SBT account.

Unlimited beneficiaries (equal shares) can be named and a Social Security/Tax Identification number is required for each beneficiary.


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.

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, SBT has five Texas branches located in Dallas, Garland, Houston, Irving, and Richardson, and a single full-service Illinois branch located on Chicago’s North Side.

While SBT has a 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, with a Texas Ratio of 2.86% (excellent) based on March 31, 2022 data. In the past year, SBT has increased its total non-brokered deposits by $312.97 million, an excellent annual growth rate of 42.24%. 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, becoming the largest Indian-American owned bank in the country. SBT is currently the 61st largest bank headquartered in Texas with assets in excess of $1.4 billion.

How the 12-Month CD Compares

When compared to similar length-of-term CDs tracked by which are available nationwide and have minimum deposit requirements of $25k or less, one bank and one credit union have higher rates than currently offered on the SBT 12-Month CD. The following table compares the 12-Month CD 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
2.50%1-Year Bread Savings CD, $1.5k min (EWP=180 days)Bread Financial
2.32%6-11 Month CD, $25k min (EWP=90 days)Department of Commerce Federal Credit Union
2.25%12-Month CD, $25k min (EWP=30 days)State Bank of Texas
2.25%12-Month CD, $1k min (EWP=90 days)United Texas Bank
2.05%14-Month CD Special, $1k min (EWP=180 days)Premier America Credit Union

The above information and rates are accurate as of 6/27/2022.

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

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 30 days of interest....

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State Bank of Texas Offers Rate Leading 12-Month CD
Deal Summary: 12-month, 0.85% APY, $25k minimum deposit

Availability: Nationwide

In the past few years, State Bank of Texas (SBT) has been periodically offering limited-time nationally available special rate CDs. The current offering is a 12-month CD that earns 0.85% APY with a minimum $25k opening deposit.

The last time the 12-month CD was available was in the spring, but only residents of Harris County, Texas (and seven contiguous counties) were eligible for the 0.85% APY ($100k minimum). The rates available to the rest of the...

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Competitive Jumbo Money Market Account at State Bank of Texas
Deal Summary: Jumbo Money Market, 0.75% APY, $100k minimum.

Availability: Nationwide

Thanks to a comment made by DA reader, keke2die4, the Jumbo Money Market offered by State Bank of Texas’ (SBT) was added to this week’s Liquid Summary. The Jumbo Money Market currently earns 0.75% APY on balances of at least $100k.

The Jumbo Money Market has seen a variety of changes between 2016 and 2017. In early 2016, the Jumbo Money Market (known then as Jumbo MMDA) was only available in Chicago. A few...

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SBT Offers Special Rate On 12-Month CD To Houston Area Residents
Deal Summary: 12-month, 0.85% APY, $100k minimum deposit

Availability: Residents of Harris County (TX) and its contiguous counties.

In the past few years, State Bank of Texas (SBT) has been periodically offering nationally available special rate CDs. Currently, the only nationally available CD is a 12-month, with rates that aren’t that special (0.55% APY, $25k; 0.65% APY, $100k), but residents of Harris County (and seven contiguous counties) qualify for 0.85% APY ($100k minimum) on the 12-month CD.

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

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State Bank of Texas Offers Top Rate on 12-Month Jumbo CD
Update 7/10/2020: CD rates listed below have expired and are only listed below for historical purposes.

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.

According to CSR, the Early Withdrawal...

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