UPDATE: Thanks to DA reader, FrankSavage, for his comment about the availability of United Texas Bank's CDs. I was able to confirm that the CDs can be opened online by U.S. citizens and resident aliens with a valid Social Security number who have a U.S. physical address.
United Texas Bank (UTB) ended the month by raising the rate on its 12-month CD to 2.80% APY. This week’s addition of 105 bps gives the 12-month CD its highest rate in more than seven years.
UTB also raised the rates on its 6-month CD (2.15% APY) and 36-month CD (3.00% APY) this week. Like the 12-month CD, these two CDs now offer all-time high APYs, but neither APY is as competitive as the 12-month CD APY. Any UTB CD can be opened with a minimum $1k deposit, with no stated balance cap.
|1.05%||$1k||-||United Texas Bank||36 Month CD|
|0.50%||$1k||-||United Texas Bank||6 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impose will equal three months interest on the amount withdrawn subject to penalty.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impose will equal six months interest on the amount withdrawn subject to penalty.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
Good news – according to CSR, funding a CD can be done by ACH, wire, or check. Even better news – maturing funds can be sent by ACH, wire, or cashier's check. There are no dollar limits on ACH transfers.
Thanks to DA reader, Anon1234, for the recent Forum post about United Texas Bank.
Headquartered in Dallas, United Texas Bank has a physical presence in the greater Dallas metro area, but offers it CDs online to U.S. citizens and resident aliens with a valid Social Security number who have a U.S. physical address.
According to CSR, anyone with a “valid Social Security number who lives in the geographical area, and can come into a branch,” may apply for an account. UTB’s online banking platform is still limited to account maintenance and bill payment services.
United Texas 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 March 31, 2018 data. In the past year, UTB has increased its total non-brokered deposits by $22.69 million, an excellent annual growth rate of 8.32%. 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 $498 million, UTB is currently the 123rd largest bank in Texas.
How the CDs Compare
When compared to the 213 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available
within the Bank’s market area nationwide, United Texas Bank’s 12-month CD APY currently ranks first.
When compared to the 208 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available
within the Bank’s market area nationwide, United Texas Bank’s 36-month CD APY currently ranks fourth.
The above rates are accurate as of 8/1/2018.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.