United Texas Bank Ups 12-Month CD

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UPDATE 8/3/2018: Available nationwide.

Availability: 12-month CD, 2.80% APY, $1k minimum.

Availability: Nationwide Market area is greater Dallas metro area.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.60%$1k-United Texas Bank12 Month CD
Rates as of November 17, 2018.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.80%$1k-United Texas Bank36 Month CD
1.90%$1k-United Texas Bank6 Month CD
Rates as of November 17, 2018.

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impose will equal three months interest on the amount withdrawn subject to penalty.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impose will equal six months interest on the amount withdrawn subject to penalty.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.

Availability

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.

Opening a CD at United Texas Bank can be done online, or at either of the two Texas branches, which are both located in Dallas along I-635, near Galleria Dallas.

UTB’s online banking platform is still limited to account maintenance and bill payment services.

Bank Overview

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.

Related Pages: Dallas CD rates, 1-year CD rates, 5-year CD rates

Comments
FrankSavage
FrankSavage   |     |   Comment #1
For those non-Texas residents who may be interested in UTB’s 12-Month CD, according to a UTB Customer Service Representative I spoke with yesterday, UTB no longer requires a visit to a branch to open a new account. New accounts may be opened online and are available to residents of all states. As an example, a certificate of deposit may be opened online with a one-time ACH transfer to initially fund the account. However, once the certificate is funded there are no ongoing ACH links. Upon maturity should the certificate not be renewed, funds may be transferred by wire or cashier’s check, as an ACH option for a certificate account is not available at this time. According to the UTB CSR if a customer opened a savings account, also available online, then certificate funds at maturity could be transferred to savings, then an ACH pull could be originated from an external account. This may not necessarily be a convenient or cost-effective option, but may be a potential work around for some who wish to avoid the delay associated with receiving a cashiers check or paying the expense of a wire transfer. The UTB CSR I spoke with was knowledgeable, helpful and professional (and they answered on the first ring).
alan1
alan1   |     |   Comment #2
FrankSavage -- Thanks for posting this. I hope the bank's representative is right. The bank's website says otherwise, but the website's FAQ may be outdated.

Q: Can I open an account if I don't live in the United States? What if I live in the United States but am not a citizen yet?

A: At this time, we only service accounts for persons that reside within our geographical area and have valid U.S. tax identification numbers (Social Security Numbers). If you have questions, contact us. We'd like to hear from you.
https://www.unitedtexasbank.com/services-tools/tools/faq.html
FrankSavage
FrankSavage   |     |   Comment #3
alan1 -- I would be interested to hear if you receive information that conflicts with what I was told. The CSR I spoke with specifically said that UTB management had recently made the decision to expand their service area nationwide to attract additional potential customers. I too hope the information the CSR provided was correct.
pradcliffe
pradcliffe   |     |   Comment #4
The blurb on the "Deposit Accounts-Lending Tree" sight where I found this United Texas Bank CD info, contradicts the statement that funds from an expired account cannot be transferred by ACH. The blurb states, "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." Anyone have the definitive answer to this? Yes or No to ACH transfer of maturing CD funds to another account.
FrankSavage
FrankSavage   |     |   Comment #5
According to the UTB CSR I spoke with several days ago, funds from a maturing certificate cannot be transferred via ACH, only by wire or cashier's check. However, if the customer also has an UTB savings account, matured funds may be transferred from the matured certificate to the savings account. Once funds are in the savings account, then an ACH pull can be initiated from an external account linked to the UTB savings account, but not by pushing from UTB. If you have a moment you may want to read comment #1 again. As always it is best to take time to speak with a CSR for the latest information.
rzelman
rzelman   |     |   Comment #6
The 12 mo CD rate must have been reduced as website as of today shows the rate at 2.65%
SavyCD
SavyCD   |     |   Comment #7
United Texas 2.80% dropped the rate to 2.65% for 1 year. The 2.80% now applies only to 36mo CD's.
United Texas Bank Adds 24-Month CD
Availability: 24-month CD, 1.75% APY, $1k minimum; Lone Star Money Market, 1.55% APY ($250k+ balance) and 1.05% APY (<$250k balance).

Availability: Market area is greater Dallas metro area.

Last Sunday’s Dallas Morning News featured an ad for United Texas Bank’s (UTB) 24-month CD and Lone Star Money Market.

The 24-month CD (1.75% APY) requires a minimum deposit of $1k, with no stated balance cap. Interest on the 24-month CD will be compounded on an annual basis and credit on an annual basis.

As stated on the Personal Savings Account page, the...

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