T Bank 13-Month CD Special Is A Rate Leader
I wrote about Texas-based T Bank’s 13-month CD Special in early January. With a competitive 5.65% APY, the 13-month CD Special made its debut in the January 17th CD Deals Summary near the top of the nationally available 1-Year CD category. The 5.65% APY lasted well into February before dropping to 5.25% APY and subsequently being removed from the CD Deals Summary. T-Bank has just added 25 bps to the 13-month CD Special, and the new 5.50% APY is currently the highest rate offered on a nationally available 1-year CD. The 13-month CD Special requires a $1k minimum opening deposit, with no stated balance cap.
Early Withdrawal Penalty
According to CSR, a 13-month CD Special can only be closed early; no partial withdrawals are allowed. The Early Withdrawal Penalty is 90 days of interest on the total balance. If a 13-month CD Special is closed within 90 days of account opening, the principal will be reduced.
Availability and Account Opening
Headquartered in Dallas, Texas, T Bank offers its product line and services to U.S. citizens (18 years or older) who have a valid Social Security number and a U.S. physical mailing address through an online application.
The 13-month CD Special can be opened online or at the sole branch location on Dallas Parkway in Dallas.
In a February 17, 2024 Review of T Bank, DA reader, Novodka11, stated,
Happy With CD And Rates
Opened a CD a few weeks ago, very happy with decision. Excellent website platform very detailed. So much so that I am in the process of opening up another one!!
Funding and Other Particulars
The following information was obtained from the T Bank website and a conversation with CSR.
- Funding – ACH, wire, check, internal transfer.
- Ownership* – Individual or joint.
- Interest – Compounded daily and credited monthly; earned interest can be withdrawn without penalty.
- Maturing Funds – Wire or cashier’s check to address on file.
- Grace Period – 10 calendar days before automatic renewal as a 12-month CD.
- Beneficiaries – Unlimited (after CD is opened), percentages can be assigned; Social Security numbers required for all beneficiaries.
- Credit Check – ChexSystems.
*The Let’s Get Startedpage states,
The ownership types available for online accounts are Single-Party Account without Payable on Death Designation (Individual) or Multiple-Party Account with Right of Survivorship (Joint).
If you need to add beneficiaries to your account, call (972) 720-9000 M –F 8:00 am – 5:00 pm CT or email [email protected].
Bank Overview
T Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on September 30, 2023 data. In the past year, T Bank has increased its total non-brokered deposits by $20.43 million, an excellent annual growth rate of 4.67%. Please refer to our financial overview of T Bank (FDIC Certificate # 57703) for more details.
Established in 2004, T Bank is currently the 134th largest bank headquartered in Texas, with assets in excess of $622 million and more than 4,300 customer accounts. A self-described “community bank,” T Bank’s parent company is Houston-based Tectonic Financial, “a financial holding company that offers several intertwined verticals: banking, trust, investment advisory, securities brokerage and insurance services to small businesses, 401k/defined benefit plans, institutions and high net worth individuals in all 50 states.”
How the 13-Month CD Special Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the T Bank 13-month CD Special. The following table compares the 13-month CD to the four highest-rate similar length-of-term CDs from banks/credit unions with nationwide market areas.
The above information and rates are accurate as of 3/2/2024.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
