CD Rate SharePlus

SharePlus Federal Bank is a mutual savings bank in Texas advertising some very attractive CD rates in the local Dallas Morning News.  This bank started life as a credit union and on July 23, 2004, the credit union membership voted to change the charter and become a bank.  As a bank, SharePlus Federal Bank has now opened its doors to the public and expanded its operations. 

When a customer has an account with the bank they become part of the customer-owned mutual savings institution.  This is true of all mutual savings banks, they are owned by the customers.  Unlike commercial banks, mutual savings banks have no stockholders and are operated for the benefit of its depositors.  Although depositors in a mutual savings bank technically own the institution’s assets and share in its profits, they are neither stockholders nor members, and have no voting rights or influence over how their money is invested.  Mutual savings banks traditionally enjoyed a reputation of providing a high level of safety for depositors.

Before becoming a mutual savings bank, SharePlus Federal served the employees and family members of Frito-Lay, Inc., YUM! Brands, Inc., A&W Restaurants, Inc., KFC Corporation, Long John Silvers, Inc., Pizza Hut, Inc., Taco Bell Corp., and various PepsiCo Divisions, as well a dozens of companies who provided credit union benefit to their employees.

The bank now offers a wide range of financial products with the services of a community bank.  These products and services include free and full featured checking, high yield deposit accounts/CD’s, low-rate consumer loans and lines of credit, competitive home loans, free Online Banking and bill pay; over 20,000 surcharge-free ATMs nationwide and more.

The banks website indicates that anyone may have a loan or line of credit with the bank regardless of where they live or work.  In order to have a deposit relationship, such as checking, savings, CD, money market, IRA, or similar accounts with SharePlus Federal Bank the consumer must live, work, or have their place of business in a county or bordering county where a bank branch is located or be an employee of a sponsor company or have a secured loan with SharePlus Federal Bank or own or work for a YUM! Brands franchise.

Now, the CD rates.
Standard CD rates:

3 month CD rate 3.00% APY
6 month CD rate 2.25% APY
9 month CD rate 2.50% APY
1 year CD rate 2.25% APY
18 month CD rate 2.25% APY
2 year CD rate 3.00% APY
30 month CD rate 3.00% APY
3 year CD rate 300% APY
4 year CD rate 3.25% APY
5 year CD rate 3.25% APY
Each of these bank CDs requires a minimum deposit of $1,000.00 to open the account.

The bank also offers CD called the Encore! CD.  These bank CD have terms of 8 months, 1 year, 14 months, and 18 months, with the option to bump-up the rate on the CD one time during the term.   The minimum opening deposit is $5,000.00.  The CD rates on this products is as follows:

8 month CD rate 2.25% APY
1 year CD rate 2.50% APY
14 month CD 3.00% APY
18 month CD 2.50% APY

The bank CD rates and terms are subject to change without notice.  Additional conditions may apply.  To contact SharePlus Federal Bank directly, call 800-352-8257.  The bank website displays a significant amount of information regarding CD rates, savings rates, money market account rates as well as other account information.  The bank website is located at www.shareplus.com.

Tags: 1 year CD rates, 2 year CD rates, 3 year CD rates, 5 year CD rates, 6 month CD rates, Banks, CD rates, CD rates Texas, SharePlus Federal Bank, Texas bank

This entry was posted on Thursday, January 29th, 2009 at 5:29 pm and is filed under Bank Promotions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.