Update on the Best Reward Checking Account in Houston Texas


Texas Citizens Bank continues to offer two competitive rates on its reward checking accounts. In my last report on this bank in 2008, I had only mentioned the reward checking account with a 4.76% APY. This applies to balances of up to $25K. Over $25K, the rate falls to 1.00% APY. However, I didn't mention the Reward Plus Account which pays 5.01% APY on balances up to $25K (1.00% for above). These rates are listed at the bank's rates page as of 6/04/2010.

The only extra requirement for the Reward Plus Account is direct deposit. Both share the following monthly requirements:

  • 12 debit card purchases
  • 3 bill payment transactions using TCB Online Banking
  • Receive your bank statement online

Both of these reward checking accounts can be opened online at CheckingFinder.com. However, these accounts will only show up if your zip code is in our around Houston. Update 8/24/10: This account no longer shows up at CheckingFinder even for Houston zip codes.

In addition to top reward checking rates, the bank also offers some competitive CD specials with a one-bump option. The rates have fallen a little since my last post in April, but they're still very competitive. One CD has a 30-month term and a 2.50% APY. The other is a 48-month CD with a 3.01% APY. Minimum deposit is $10,000. These rates are listed at the bank's rates page as of 6/04/2010.

Branches are located in Houston, Texas and in nearby cities of Pasadena, Baytown and Rosenberg.

The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 12/31/09 financial data. At DepositAccounts.com the overall health score for this bank based on 3/31/10 data is 4 out of 5 (see our Texas Citizens Bank rates and reviews page). The bank has been a FDIC member since 2006 (FDIC Certificate # 58319).

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  |     |   Comment #1
The 5.01% with DD was stated before and it even had two listings (the 5.01% option and 4.76% option) at ken's local RCA list at one time.

Anyhow, it has been such a way for some time and it is not new (even with the 5.01% DD option). 


It is definitely local, so nothing to wriite home about:-) 
  |     |   Comment #3
I am glad that I live in Houston. I just opened my account today.
  |     |   Comment #4
You can open the account online thru CheckingFinder, but the bank will reject the application if you don't live in Houston area, that was what happened to me. My online app was approved but later received the email from the bank that says the app is denied. I was told regardless where you live, if you can still open up an account with them if you visit the branch.
  |     |   Comment #6
down to 2.76% APY.
  |     |   Comment #7
Rate will be dropping in January, expected to 3.01% for Rewards Plus.  Branch visit and proof of local TX residency required.
2.85% 30-Month CD & 3.10% 48-Month CD at Texas Citizens Bank in Houston - Local Only

Texas Citizens Bank is offering two competitive long-term CDs: 2.85% APY for 30 months and 3.10% APY for 48 months. Minimum deposit is $10,000. These have a bump-up feature that allows one bump up in the rates. There's also one competitive standard CD rate. It's a 24-month CD with a 2.50% APY. If you maintain a liquid account with direct deposit, you can get this raised to 2.60% APY. These rates are listed at the bank's rates page as of 4/05/2010.

Another deal at this bank is its high-yield reward checking...

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High-Yield Reward Checking Account at a Texas Bank (Texas Citizens)

Update 7/22/10: The top yield has fallen to 2.76% APY. Refer to the bottom of the post for the rate history.

Texas Citizens Bank has a reward checking account that pays 2.76% APY on balances up to $25,000 (1.00% for above) and refunds ATM fees if the following monthly requirements are met: 1) 12 non-ATM debit card transactions, 2) 3 bill payment transactions using TCB Online Banking, and 3) receive electronic statements. The minimum initial deposit is $100. One nice perk is that it offers free checks.

Update 6/04/10: The bank offers...

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