Normally, the rate changes and new offerings I write about have happened in the recent past; this time, the scenario is a bit different. On Saturday, Triumph Savings Bank, SSB (Triumph) announced rate increases on six CDs that take effect on Monday.
Of all the soon-to-be increased rates, the 12-month CD (1.25% APY) and 18-month CD (1.25% APY) are the most competitive.
|0.35%||$500||-||TBK Bank||12 Month CD|
|0.35%||$500||-||TBK Bank||18 Month CD|
|0.35%||$500||-||TBK Bank||12 Month IRA (Traditional, Roth, CESA)|
|0.35%||$500||-||TBK Bank||18 Month IRA (Traditional, Roth, CESA)|
A minimum deposit of $1K opens either CD and there is no maximum balance cap. Both CDs are also offered as IRAs (Traditional and Roth) at the same rates and with the same funding requirements.
As stated on Triumph’s Truth In Savings Disclosure, the Early Withdrawal Penalty reads as follow:
If your account has an original maturity of one year to eighteen months: The penalty will equal three months interest on the amount withdrawn subject to penalty.
Headquartered in Dallas, Triumph Savings Banks offers its services and product line to all U.S. Citizens and Resident Aliens, 18 years or older.
Opening a CD (or any other account) can be done online, by email, fax, or snail-mail. The Customer Account Application is available for download.
For those who prefer a brick-and-mortar experience, opening an account at Triumph can also be done at either of the two Dallas branch locations.
According a very helpful CSR, any combination of online, email, fax and mail services can be used to open and fund the CDs, with initial funding via either ACH or check. The CSR also stated that Triumph Savings Bank believes in being flexible in accommodating customers, both new and existing.
Triumph Savings Bank has an overall health rating of "A" at DepositAccounts.com, with Texas Ratio of 12.62% (above average) based on March 31, 2015 date. In the past year, Triumph Savings Bank's total deposits have grown by $43.55 Million, an excellent annual growth rate of 14.85%. Please refer to our financial overview of Triumph Savings Bank for more details.
Originally established in 1981 as Franklin National Bank (and later Equity Bank, SSB), Triumph Savings Bank, SSB (FDIC Certificate #23498) is the 141st largest bank in Texas, with assets in excess of $410 Million. Triumph Savings Bank’s parent company is Triumph Bancorp, Inc., a financial holding company with total assets of approximately $1.2 Billion and with interests in wholesale banking, commercial finance and investment management.
How the CD Compares
When compared to the 125 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, Triumph Savings Bank’s 12-Month CD currently ranks third.
When compared to the 93 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, Triumph Savings Bank’s 18-Month CD currently ranks second.
The above rates are accurate as of 8/9/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.