One of the “New to Summary” CDs in yesterday’s CD Rates Summary is a very competitive 1-year CD offered by Trinity Bank. Following an 86 bps increase, the 1-year CD earns 2.42% APY and currently has the highest 1-year CD rate offered by a Texas-based bank. The minimum opening deposit is $1k, with no stated balance cap.
The 1-year CD is also available as an IRA CD (Traditional), offering the same APY with the same deposit requirements.
Trinity Bank’s website is definitely light on documentation, which is not unusual for community bank websites. The following information is from a conversation with a knowledgeable and helpful CSR.
- The Early Withdrawal Penalty is a very mild 30 days interest on the amount being withdrawn. Partial withdrawals are allowed as long as a $1k minimum balance is maintained.
- Interest is compounded and credited quarterly, and can be withdrawn without penalty.
- Funding can be done by check, ACH, or wire transfer.
- There is a 10 day grace period before a CD automatically renews.
- Maturing funds can be distributed by cashier’s check or transferred into a Trinity Bank checking or savings account.
- Unlimited beneficiaries (with equal shares) can be designated. Social Security numbers are not required, but full legal names and DOBs are required for all named beneficiaries.
Headquartered in Fort Worth, Texas, Trinity Bank’s market area is the Dallas-Fort Worth metropolitan area.
Existing Trinity Bank customers can open a CD in-branch or over the phone. New customers who open a CD (or any other type of account) must do so in-branch at the Fort Worth branch located on West Vickery Boulevard. Trinity Bank’s online banking platform is currently dedicated to account management and bill payment services.
Trinity Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.53% (excellent), based on March 31, 2022 data. In the past year, Trinity Bank has increased its total non-brokered deposits by $53.13 million, an excellent annual growth rate of 16.19%. Please refer to our financial overview of Trinity Bank (FDIC Certificate # 57543) for more details.
Founded in 2003, Trinity Bank is a relatively small community bank with assets in excess of $434 million and deposits of $391 million. As stated on Trinity Bank’s About Us page,
It was 2003, and longtime Fort Worth banker Jeff Harp prepared to launch a bank with state-of-the-art infrastructure supporting banking the way it used to be – local, personal, and excellent.
“At that time, I made five commitments that would be the foundation of Trinity Bank,” said Harp, the bank’s chairman. “First, we would raise and maintain the capital for financial strength. Second, we would become profitable and do it quickly. Third, we would consistently exceed the returns of our peer-group banks. Fourth, we would sustain that performance even in difficult times. And fifth, we would steadily develop our stable of ‘next generation’ leaders to take Trinity Bank into the future.”
In every case, those commitments from the early days have been kept.
How the 1-Year CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the market area and have minimum deposit requirements of $10k or less, only one bank has a higher rate than currently offered on the Trinity Bank 1-Year CD. The following table compares the 1-Year CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 7/7/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.