Texas Exchange Bank, SSB (Texas Exchange Bank) ended the week by raising the rates on three of its New Money CDs, with different rates for three different areas. Of the three CDs, the 12- month is the most competitive. The minimum deposit for any the special rates is $10k of new money, with no stated balance cap.
Dallas - 12-month (1.66% APY), 24-month (1.76% APY), and 36-month (1.91% APY)
Houston - 12-month (1.52% APY), 24- and 36- month are not available
Fort Worth - 12-month (1.51% APY), 24-month (1.76% APY), and 36-month (1.91% APY)
All three CDs are offered as IRAs (Traditional and Roth), earning the same area-specific APYs with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for the 12-month CD is 90 days interest, and 180 days interest for the 24- and 36-month CD.
Note: Three sets of APYs for three cities - seems fairly straightforward. But what if you don’t live in one of the named areas?
One of the options on Texas Exchange Bank's outgoing phone message is, "If you’re calling about our CD rate special, dial #4." According to the CSR at #4, if you do not live in one of the named areas, the default rate is the Fort Worth rate, as the Bank is headquartered in the Fort Worth area. I asked if the Fort Worth rate would be automatically applied during the online application process. CSR stated that after an online application is submitted, there is a follow-up call to confirm the details, and at that time the APY would be determined.
Headquartered in Crowley (suburban Fort Worth), Texas Exchange Bank’s footprint covers the entire state of Texas through its online application.
Opening a New Money CD can be done online, or at either of two Texas branches located in Crowley and Fort Worth. The New Account Application is also available for download and it can be returned by fax or mail.
Note: A CD can be funded through an ACH, but CSR stated that if you want to fund via ACH, you have only one chance to do so: the last option on the online application asks if you want to "fund it now." You must click YES to fund via ACH. If you click NO, you have lost the ACH opportunity and must fund by check. As in life, there is no back-button.
Texas Exchange Bank, SSB has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on March 31, 2017 data. In the past year, Texas Exchange Bank has increased its total non-brokered deposits by $160.79 million, an excellent annual growth rate of 135.82%. Please refer to our financial overview of Texas Exchange Bank, SSB (FDIC Certificate # 20099) for more details.
Texas Exchange Bank, SSB, was established 1970 as The Bank of Crowley and has been locally owned and opened for the past 47 years. The name was changed in 2008 in anticipation of an expansion that included a branch in Fort Worth (2010) and a loan production office in Houston (2011). Texas Exchange Bank is currently Texas’ 92nd largest bank with assets in excess of $674 million.
How the CD Special Compares
When compared to the 321 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Texas residents, all of Texas Exchange Bank’s 12-month New Money CD APYs top the list.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.66% APY||12-Month New Money CD (Dallas)||Texas Exchange Bank|
|1.52% APY||12-Month New Money CD (Houston)||Texas Exchange Bank|
|1.51% APY||12-Month New Money CD (Fort Worth)||Texas Exchange Bank|
|1.50% APY||12-Month Certificate||Connexus Credit Union|
|1.48% APY||12-Months Online Promo CD||M.Y. Safra Bank|
The above rates are accurate as of 6/9/2017.