For the week ending May 8, 2009 the best CD rates in Texas gained some ground and now surpass the best national rates for all terms with the exception of the two year CD. Last week the best six month CD rate in Texas was crushing the best national rates. This week the difference between the best six month CD rate in Texas and the national rates widened even further. The top rate in the six month category is the seven month promotional CD offered by State Bank of Jewett with an interest rate of 2.86%. The State Bank of Jewett is a division of Alliance Bank Central Texas and is based in Jewett, Texas. The previous leader in this term, American First National Bank, has been bounced to second position but still offers a six month CD rate that is well above the national rate at 2.64%. Wilshire State Bank has dropped the rate on their six month CD rate to 2.52% but it to continues to outdo the best national rate and is the third best six month CD rate in Texas.
The State Bank of Jewett is running a 13 month promotional CD rate that dominates local and national rates in the one year CD term category. This certificate of deposit is being promoted with an interest rate of 2.98%. Last week’s leader, American First National Bank, drops to a distant second place with a one year CD rate of 2.64%. Two basis points lower is the one year CD of Mutual Bank which offers the CD at 2.62%. Wilshire Bank follows with a one year CD that earns a rate of 2.52%. Two banks, United Central Bank and Southwestern National Bank, share last place on the list with one year CD rates of 2.50%.
The two year CD rate category is one term in which the state and regional banks are not keeping pace with the best national rates. The best two year CD rate has declined by seven basis points and is now being offered by The State Bank of Jewett with a rate of 2.78%. Mutual Bank’s two year CD rate is only two basis points lower and stands at 2.76%. Not far behind is Texas Security Bank’s two year CD that has an interest rate of 2.75%. Southwestern National Bank and NexBank share the next best rate with two year CDs that yield 2.70%.
The best five year CD rates in Texas were mostly unchanged for the week. Though the best national rates increased with Discover Bank offer of a five year CD at 3.70%, the top Texas five year CD rate still surpasses this rate but by just one basis point. Access 1st Capital Bank continues to promote their five year CD that has a rate of 3.71% to take the top spot. The second best five year CD rates are offered by Northstar Bank of Texas and Green Bank at 3.50%. Mutual Bank follows with a five year CD rate at 3.34%. Texas Bank and Equity finish up the best five year CD rates with rates at 3.20% and 3.19%.
Tags: American First National Bank, Banks, best CD rates, best five year CD rates, best six month CD rate, best two year CD rate, CD rates, certificate of deposit, five year CD rate, interest rate, one year CD rate, six month CD rate, Texas bank, Texas CD rates, two year CD rate, United Central Bank, Wilshire State Bank
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