Texas Exchange Bank, SSB (Texas Exchange Bank) is offering three CDs with three “special” rates for three different areas. The minimum deposit for any the special rates is $10k, with no stated balance cap.
Houston - 12-month (1.46% APY), 18-month (1.61% APY), and 24 month (1.69% APY)
Dallas - 12-month (1.41% APY), 18-month (1.49% APY), and 24 month (1.56% APY)
Fort Worth - 12-month (1.36% APY), 18-month (1.46% APY), and 24 month (1.56% APY)
All three CDs are offered as IRAs (Traditional), earning the same APYs with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for the 12- and 18-month CDs is 90 days interest, and 180 days interest for the 24-month CD.
Note: Three sets of APYs for three cities - seems fairly straightforward. Then I found out the CDs are available to all Texas residents, which complicates things. So who gets what rate if you don’t live in one of the specific areas?
After talking with a helpful CSR, it seems to be somewhat of a fluid situation. Theoretically, if you apply online, you qualify for the rate available in the city that’s closest to your residence. Sounds reasonable, but what if you live in Temple, Texas, which is equidistant from Dallas and Houston? After a bit of discussion, 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.
If you don't live in one of the named cities and want to receive the highest APY offered, it might be a good idea to call BEFORE you apply online. The first thing you hear on Texas Exchange Bank's current outgoing phone message is "If you’re calling about our CD rate special, dial 4." You will be speaking with a CSR who knows all the details about these special rates. Establishing a little rapport and expressing interest in the highest APY can go a long way in actually getting the APY you want.
Headquartered in Crowley (suburban Fort Worth), Texas Exchange Bank’s footprint covers the entire state of Texas.
Opening a 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 (FDIC Certificate # 20099) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 1.31% (excellent) based on June 30, 2016 data. In the past year, Texas Exchange Bank has increased its total assets by $118.81 million, an excellent annual growth rate of 118.12%. Please refer to our financial overview of Texas Exchange Bank, SSB 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 46 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’ 172nd largest bank with assets in excess of $333 million.
How the CD Specials Compares
When compared to the 573 CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Houston residents, Texas Exchange Bank’s 12-month CD APY currently ranks first.
When compared to the 362 CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Houston residents, Texas Exchange Bank’s 18-month CD APY currently ranks first.
When compared to the 534 CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Houston residents, Texas Exchange Bank’s 24-month CD APY currently ranks first.
The above rates are accurate as of 10/18/2016.