At the end of last week, Union Bank & Trust (UBT) raised the rate on two of its long-term CD Specials: 48-month, 2.57% APY ($25k+) and 60-month, 2.73% APY ($25k+). These tiered-rate CDs also offer APYs 10bps lower for opening deposits of $1k+.
|2.78*%||$25k||-||Union Bank and Trust Company (NE)||60 Month CD Special|
|OTHER TIERS: 2.68% → $1k - $25k|
|2.63*%||$25k||-||Union Bank and Trust Company (NE)||48 Month CD Special|
|OTHER TIERS: 2.52% → $1k - $25k|
Both CDs have been available for more than six years, with rates that could be described as lackluster. In the past two months, 162 bps have been added to the 48-month CD, with the 60-month CD gaining 97 bps.
According to CSR, the Early Withdrawal Penalty for either CD is “182 days’ worth of interest.”
Headquartered in Lincoln, Nebraska, Union Bank & Trust currently offers its product line and services to all residents of Nebraska and Kansas, through its online banking platform and in-branch.
Opening a CD (or any other account) can be done online, or at any of 31 full-service branches, located in Nebraska (29 locations, mainly in the southeast corner of the state) and two in the greater Kansas City metropolitan area.
Union Bank & Trust has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.21% (excellent) based on June 30, 2017 data. In the past year, UBT has increased its total non-brokered deposits by $138.74 million, an excellent annual growth rate of 631%. Please refer to our financial overview of Union Bank & Trust (FDIC Certificate # 13421) for more details.
This year marks the 100th anniversary of Union Bank & Trust. Founded in 1917, the Bank was originally known as the Farmer’s State Bank, one of many “Farmer’s State Banks” located throughout the Mid-West. The name was changed to Union Bank in 1935, and in 1959, following the addition of trust powers, became Union Bank & Trust Company. The Bank was purchased in 1965 by the Dunlap family (a familiar name in Nebraska banking), which still owns and manages the Bank. Union Bank & Trust is currently the fifth largest bank headquartered in Nebraska, with deposits in excess of $2.7 billion and more than 177,000 customer accounts.
How the CDs Compare
When compared to the 289 similar length-of-term CDs tracked by DepositAccounts.com that are available to Nebraska and Kansas residents, Union Bank & Trust’s 48-month CD APYs currently rank first and second, regardless of minimum deposit.
When compared to the 252 similar length-of-term CDs tracked by DepositAccounts.com that are available to Nebraska and Kansas residents, Union Bank & Trust’s 60-month CD APYs currently rank second and third, regardless of minimum deposit.
The above rates are accurate as of 11/21/2017.