State Bank of Texas Offers Top Rate on 12-Month Jumbo CD (2.60% APY)
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 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.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 2.60% APY | 12-Month Jumbo CD ($25k min) | State Bank of Texas |
| 2.50% APY | 12-Month CD ($10k min) | CD Bank |
| 2.45% APY | 14-Month CD Special ($2k min) | Synchrony Bank |
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.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 2.80% APY | 15-Month CD Special ($500 min) | MainStreet Bank |
| 2.70% APY | 18-Month Jumbo CD ($25k min) | State Bank of Texas |
| 2.65% APY | 18-Month Share Certificate ($2k min) | CommunityWide Federal Credit Union |
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.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 2.90% APY | 24-Month Share Certificate ($2k min) | CommunityWide Federal Credit Union |
| 2.85% APY | 25-Month CD Special ($500 min) | USALLIANCE Financial |
| 2.80% APY | 24-Month Jumbo CD ($25k min) | State Bank of Texas |
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.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 3.01% APY | 30-Month CD ($500 min) | Northern Bank Direct |
| 3.00% APY | 36-Month Jumbo CD ($25k min) | State Bank of Texas |
| 2.85% APY | 3-Year CD ($500 min) | KS StateBank |
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.
cant wait till oct nwfcu cd matures
....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.
Easy transfer and subsequent withdrawal...
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.
$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.