As I was reviewing CDs in preparation for this week’s CD Rates Summary, I noticed that United Texas Bank (UTB) has a new website that's quite comprehesive. The one thing missing from the new website is an online application, which made me think that perhaps UTB’s CDs were no longer nationally available. Good news – UTB still offers all its accounts on a nationwide basis. The UTB official I spoke with told me the online application hasn’t been integrated into the website yet, but accounts can be opened through UTB’s encrypted email system (discussed in the Availability section below).
Currently, the most competitive CDs in UTB’s product line are the 36-month (1.05% APY) and 48-month (1.15% APY), which can be opened with a $1k minimum deposit. The 1.05% APY and 1.15% APY have been in effect since mid-March, following rate drops of 60 bps.
|0.75%||$1k||-||United Texas Bank||48 Month CD|
|0.70%||$1k||-||United Texas Bank||36 Month CD|
As stated on the Certificates of Deposit page, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of one year or less: The fee we may
impose will equal three months interest on the amount withdrawn subject to penalty.
If your account has an original maturity of more than one year: The fee we may
impose will equal six months interest on the amount withdrawn subject to penalty.
Funding and Accessing Maturing Funds
Funding a CD can be done by ACH, wire, or check. Maturing funds can be distribution by ACH (no dollar limit), wire, or cashier's check to the address on file. There is a ten calendar day grace period before a CD automatically renews.
Headquartered in Dallas, United Texas Bank has a physical presence in the greater Dallas metro area, but its CDs are available to all U.S. citizens and resident aliens who have a valid Social Security number and a U.S. physical address.
Opening a CD can be done through UTB’s encrypted email service and by phone (972.239.7000). The first step is to request a “Personal Account Checklist,” which collects personal information used for identification purposes and account opening. After the Personal Account Checklist is approved, the Bank will contact you to open the CD. CDs can also be opened at either of the two Texas branches, both of which are located in Dallas along I-635, near Galleria Dallas.
United Texas Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.52% (excellent), based on September 30, 2020 data. In the past year, UTB has increased its total non-brokered deposits by $119.51 million, an excellent annual growth rate of 24.32%. Please refer to our financial overview of United Texas Bank (FDIC Certificate # 26626) for more details.
Founded in 1986 as the Park Central Bank of Dallas and rebranded in 1994, United Texas Bank is a locally owned and operated boutique bank. With assets in excess of $1 billion, UTB is currently the 80th largest bank headquartered in Texas.
How the CDs Compare
When compared to 173 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are nationally available, United Texas Bank’s 48-month CD APY currently ranks third.
When compared to 202 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are nationally available, United Texas Bank’s 36-month CD APY currently ranks third.
The above rates are accurate as of 12/14/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.