Banking » Reviews » State Bank of Texas CD Rates, February 2024
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

State Bank of Texas CD Rates, May 2024

The State Bank of Texas only has one personal CD for a 12-month term. While the rate is high, the minimum deposit required is $100,000.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

State Bank of Texas has a number of banking products including personal CDs. While it is not possible to open a CD online, State Bank of Texas does have a provision to mail in an account application, so you don’t need to live in Texas to access this product.

State Bank of Texas CDs

APY Range

5.40%

Minimum Deposit

$100,000

Terms

12 months

Our Rating

3
3/5

State Bank of Texas CDs

APY Range

5.40%

Minimum Deposit

$100,000

Terms

12 months

Our Rating

3
3/5

State Bank of Texas CD Rates

State Bank of Texas currently only has one personal CD. This has a 12 month term and it requires a minimum deposit of $100,000. This CD offers the potential to lock in the rate of 5.40%APY for the full 12 months. However, this is a limited-time offer, so it is subject to change when this offer is no longer available. The current maximum deposit for this CD product is $250,000.

The interest on State Bank of Texas CDs is paid monthly and paid via ACH, or you can opt to have your interest added at maturity to your account. However, if you need to withdraw some or all of your funds before maturity, you will be subject to an early withdrawal penalty of 30 days of interest on the amount withdrawn.

While this product may seem a little limited, there are some distinct plus points. All State Bank of Texas CDs have FDIC insurance, and there are no hidden costs or maintenance fees. You can also enjoy 24/7 access to your account.

Term
APY
12 Months
5.40%

Are State Bank of Texas CD Rates Competitive Compared to Other Banks?

When it comes to 1-Year CD rates, State Bank of texas offers one of the highest rates in the nation as we can see in the table below:

Financial Institution
12 Months CD APY
Minimum Deposit
4.80%
$0
4.90%
$0
3.50% (13 months)
$1,000
Wells Fargo Bank
4.50% – 4.76% (11 months)
$2,500
4.00%
$0
4.95%
$2,500
5.40%
$1,000
5.00%
$1,000
5.30%
$1,000
5.00%
$2,500
5.15%
$2,500
4.50%
$0
4.90%
$500
4.95%
$25,000
2.00% – 3.00%
$500
2.00%
$1,000

Overall, those who are looking for the best CDs may want to look elsewhere. The limitations, such as the high minimum deposit and lack of terms, make the State Bank of Texas a less ideal option.

Sign Up for

Our Newsletter

Join our community for the latest attractive savings rate changes ,expert insights, and member-only perks

State Bank of Texas CD vs. Money Market Account Rates

State Bank of Texas has a standard money market account and a jumbo money market account with the potential to earn up to 5.22% APY. The standard money market account has a tiered interest rate structure with the higher rates offered for higher balances.

While this is lower than the State Bank of Texas CD rates, the money market account does allow up to six withdrawals per statement period, with a $25 fee for each additional withdrawal. The initial minimum deposit for the jumbo money market account is the same as the State Bank of Texas CD, but the standard money market account requires a deposit of at least $1,000.

Both money market accounts have a monthly maintenance fee. This is $25 for the standard account and $20 for the jumbo account. However, these fees can be waived with an average daily balance of $2,500 and $25,000 respectively for the standard and jumbo accounts.

Additionally, to receive interest on the jumbo money market account, you need to have at least $100,000 in the account, but there are no minimums to receive interest with the standard money market account.

CDs
Money Market Account (Jumbo)
APY
5.40%
5.22%
Minimum Deposit
$100,000
$100,000
Fees
$0
$20 (waived if you maintain average daily balance of $25,000)

About State Bank of Texas

State Bank of Texas has been around since the 1980s and it was established on the foundation of helping immigrants and entrepreneurs to find funding to purchase cars or start a business. Today, the bank continues to remain a family owned and operated bank. It maintains a book equity value of approximately $130 million without needing to raise further capital from the $1 million raised from $100,000 investments from family members. 

While State Bank of Texas may have limited personal account options, it does offer a number of business products. So, whether you’re a personal customer or budding entrepreneur, State Bank of Texas does offer some competitive products to meet your requirements. Just be wary of the minimum requirements and check the competing products to ensure State Bank of Texas is the right option for you.

FAQs

State Bank of Texas currently only has one personal CD product and this does have an early withdrawal penalty if you need to withdraw funds before maturity.

State Bank of Texas does promote special CD products. The current CD product is a limited time offering.

Yes, the CDs have a 10 calendar day grace period. During this time, you may withdraw funds, add funds or close out the account without any penalties. After the grace period, unless otherwise instructed, the CD will automatically renew.

State Bank of Texas does not compound interest on CDs with a term of 12 months or less. The interest for the current 12 month CD can be added to your account on maturity or be paid monthly via ACH.

If you need to withdraw funds before your CD matures, you will incur a 30 day interest penalty on the amount you’ve withdrawn.

How We Rate Certificates of Deposits: Our Methodology

The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:

  • CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.

  • CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.

  • Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.

  • Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.

By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.

Compare CD Rates

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Search
Best CD Rates
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.00% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs

Banking Promotions & Latest Rate Updates

Our Banking Newsletter

Sign up for our newsletter and gain access to expert advice,
insider knowledge, and exclusive updates