2.00% Savings Account Promotion at Community State Bank Austin - Local Only


Community State Bank has a promotion on its Gold Savings Account with a 2.00% APY guaranteed through 5/31/2010. Minimum deposit is $1,000. This doesn't appear to be listed at the bank's website. It was advertised in today's (3/21/10) Austin Statesman. A scan of this offer is available here.

The small print of the offer doesn't have many details. One downside that is listed is the quarterly payment of interest. Of course it would be better if the guaranteed period was longer. There's always the concern with these promotions that the rate will plummet soon after the guarantee period. At least this is a community bank rather than one of the megabanks.

A branch visit appears to be required to open an account. The bank has two branches in Austin, Texas.

The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 11561).