Texas Exchange Bank recently raised the rates on many of its New Money CDs, with different rates for different geographic areas. Of all the CDs in the product line, the 12-, 18- and 24-month CDs are the most competitive. The minimum deposit for any the above rates is $10k of new money, with no stated balance cap.
Texas Exchange Bank’s website delineates the rates for various areas. In the past, the rates for Dallas and Fort Worth were not the same.
Dallas: 12-month (2.72% APY), 18-month (2.82% APY), and 24-month (2.92% APY)
Fort Worth: 12-month (2.72% APY), 18-month (2.82% APY), and 24-month (2.92% APY)
Houston: 12-month (2.42% APY), 18-month (2.52% APY) and 24-month (2.77% 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.
Rates Outside Dallas/Fort Worth/Houston
What if you don’t live in one of the named areas? The Bank's outgoing phone message states, "If you’re calling about our CD rate specials, dial #4." According to the #4 CSR, 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 transfer, 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 "C+" at DepositAccounts.com, with a Texas Ratio of 18.35% (above average) based on March 31, 2018 data. In the past year, Texas Exchange Bank has increased its total non-brokered deposits by $67.85 million, an excellent annual growth rate of 24.3%. Please refer to our financial overview of Texas Exchange Bank, SSB (FDIC Certificate # 20099) for more details.
Texas Exchange Bank, SSB, was established in 1970 as The Bank of Crowley and has been locally owned and opened for the past 48 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 the 54th largest bank headquartered in Texas with assets in excess of $1 billion.
How the CD Specials Compare
When compared to the 586 similar length-of-term CDs tracked by DepositAccounts.com, which require a minimum deposit of $10k or less and are available to Texas residents, Texas Exchange Bank’s Dallas/Fort Worth 12-month New Money CD APY currently ranks third.
When compared to the 389 similar length-of-term CDs tracked by DepositAccounts.com, which require a minimum deposit of $10k or less and are available to Texas residents, Texas Exchange Bank’s Dallas/Fort Worth 18-month New Money CD APY currently ranks first.
When compared to the 555 similar length-of-term CDs tracked by DepositAccounts.com, which require a minimum deposit of $10k or less and are available to Texas residents, Texas Exchange Bank’s Dallas/Fort Worth 24-month New Money CD APY currently ranks first.
The above rates are accurate as of 7/8/2018.
Looking for the best CD rates, either nationwide and or in your state? Please refer to our CD Rates Table page.