The MINT National Bank (The MINT) is currently offering 1.90% APY on its 13-month Promotional CD. A $1k minimum deposit is required to open; there is no stated balance cap.
The 13-month Promotional CD was added to the product line in late September, with an initial APY of 1.35%. Last week’s 55 bps increase was the CD’s first rate change.
According to CSR, the Early Withdrawal Penalty for the 13-month Promotional CD is only one month of interest.
In addition to the rate hike on the 13-month Promotional CD, The MINT also raised the rates on the rest of its CDs. With the increases ranging between 60 and 90 bps, The MINT’s CDs are experiencing their highest rates ever. These CDs all require a $1k minimum deposit. Of the entire CD product line, the 24- and 60-month CDs are the most competitive.
Headquartered in Kingwood, Texas (10 miles north of Houston), The MINT National Bank’s market area is the greater Houston metropolitan area, although CSR did state that any Texas resident who can come into the bank is “welcome to apply for an account.”
Opening a CD at The MINT must be done in person at the sole branch location on Kingwood Drive in Kingwood.
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 0.00% (excellent, and not a typo) based on September 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $19.46 million, an excellent annual growth rate of 17.19%. 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 282nd largest bank in Texas with assets of only $155+ 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 310 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 first.
The above rates are accurate as of 12/12/2017.
To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table.