Over the weekend, The MINT National Bank (The MINT) raised the rate on its 13-month Promotional CD to 2.30% APY. A $1k minimum deposit is required to open, with no stated balance cap.
The 13-month Promotional CD was added to the product line in late September 2017, with an initial APY of 1.35%. In the past eight months, a total of 95 bps were added in three rate increases.
According to CSR, the Early Withdrawal Penalty for the 13-month Promotional CD is only one month’s interest.
In addition to the rate hike on the 13-month Promotional CD, The MINT also raised the rates on the majority of its CDs. Since I last wrote about The MINT in December, there have been two rate increases, adding between 35 and 50 bps. The current rates are the highest for The MINT’s CDs ever. Like the 13-month Promotional CD, the minimum deposit is $1k. Of the entire CD product line, the 48- and 60-month CDs are the most competitive.
|3.00*%||$1k||-||The MINT National Bank||60 Months CD|
|2.80*%||$1k||-||The MINT National Bank||48 Months CD|
Headquartered in Kingwood, Texas (10 miles north of Houston), The MINT National Bank’s market area is the greater Houston metropolitan area, although any Texas resident who can come into the bank is “welcome to apply for an account,” according to CSR.
Opening a CD at The MINT must be done in person at the Kingwood branch. While there are three other branches in Houston, Spring, and Sugar Land, these are actually loan servicing centers.
The MINT’s online platform is currently limited to account management and bill payment services.
The MINT National Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.59% based on December 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $31.59 million, an excellent annual growth rate of 28.09%. Please refer to our financial overview of The MINT National Bank (FDIC Certificate # 58764) for more details.
The MINT National Bank is a young bank, having opened its doors in January 2009; it’s also the last bank in the Houston area to have opened since 2009. Having only one branch might seem limiting, but according to a Houston Business Journal October 2017 article, it allows,
the bank to invest in itself and its customers rather than spend money on stand-alone branches in a time when banks are rethinking their traditional brick-and-mortar strategy.
Although The MINT is currently the 278th largest bank in Texas with assets of just $168+ million, it is the 77th largest U.S. Small Business Association loan originator (based on September 30 data). The MINT has also experienced the highest rate of loan growth (38.9%) in the Houston area over several years.
How the Promotional CD Compares
When compared to the 312 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, The MINT National Bank's 13-month Promotional CD APY currently ranks third.
The above rates are accurate as of 5/21/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.