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6.00% 6-Month CD at a Texas Bank (Patriot)

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Patriot Bank is advertising a 6.00% APY 6-month certificate of deposit. The minimum deposit is $10,000, and the maximum is $100,000. It requires money new to the bank, and is only available for consumer accounts. The offer is good through July 3, 2007. The special doesn't seem to be listed at the bank's website. It was advertised in today's Dallas Morning News. The ad is available online here.

Update:: The special CD is now listed at the bank's website at this page. A branch visit is required to open CD.

The ad lists the branches in Dallas and in Fannin County, Texas. Patriot Bank also has branches in Houston.

The bank's website lists some other decent specials such as a money market account with a 5.20% APY on balances over $20K and a 11-month CD with a 5.40% APY.

Patriot Bank has been FDIC insured since 1934 (FDIC Certificate # 3258).

[Edit 6/26/07: Updated based on readers' comments.]

Related Pages: CD rates, Patriot Bank, Tampa

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Comments
Anonymous
Anonymous   |     |   Comment #1
Anyone knows whether application online or thru the mail is accepted for out-of-state customers?
Anonymous
Anonymous   |     |   Comment #2
I'd be interested too. However, from their website, it says that you have to call Patriot Bank to get more information or to open an account with them (a non-tollfree #), or stop at a local branch. Interestingly, both their Freedom Checking and Independence Money Market Checking accounts have free transactions at any bank's ATM; but you must submit reciept to get refunds; but Freedom charges billpay $4.95/month.
Anonymous
Anonymous   |     |   Comment #3
A CSR said it is necessary to visit the bank to purchase the CD. What happens in Texas stays in Texas, or vice versa.
Anonymous
Anonymous   |     |   Comment #4
I called both the LBJ location in Dallas, and the Main St. location in Fannin County. They require you to come into the bank in person to open the CD, even if you live in Texas.
Anonymous
Anonymous   |     |   Comment #5
Even though I live TX, I will pass it because FNBO is better.
Anonymous
Anonymous   |     |   Comment #6
FNBO 6% deal will expired in sept. If you take this deal, it will continue until jan next year. So it's depend on your financial.
Duck
Duck (anonymous)   |     |   Comment #7
10min in and out at the one on oates in Garland Thay say they had a problem with people opening accounts waiting for check to clear then wiping it out wouldnt go into specifics but they will not open without visit at least it was on the way to frys Thanks Banking Guy
Anonymous
Anonymous   |     |   Comment #8
The promotion is now on their website. I called the main number and they indicated that a branch visit was necessary. I asked about a credit check - they said they do a tele-chex. Also the interest is compounded monthly, not daily. I was told, "it accumulates daily, but compounded monthly."
Banking Guy
Banking Guy (anonymous)   |     |   Comment #9
Thanks everyone for the sharing the details that you've learned. I've updated the post with some of this info.
Poor Credit Loans
Poor Credit Loans (anonymous)   |     |   Comment #10
I think there might be more into this than you might see in the whole picture that they are putting forward. Why would Texas bank be so aggressive with their money recruitment policies to even consider a 6% A.P.R at this market climate. I smell desperation.