Banking » Compare Banks » Best CD Rates In Texas: 7 Lucrative Options (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.

Best CD Rates In Texas: 7 Lucrative Options (April 2024)

Navigating through the vast landscape of CD rates in Texas can be challenging. Here are 7 excellent options to simplify your decision
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.

Texas is home to many banks and credit unions, making it quite challenging to identify the best CD rates. Furthermore, each CD account has its advantages and disadvantages.

Some accounts offer higher yields for short-term investments, while others perform better in the long run. Certain accounts have attractive rates but limited terms, while others have multiple terms suitable for CD laddering but lower rates. Moreover, there are differences in terms of minimum deposit requirements and early withdrawal fees.

This article presents a concise summary of some of the most rewarding CD accounts available in Texas in terms of CD rates. However, we have also encountered additional factors contributing to the overall evaluation, including the account terms, minimum deposit requirements, and options for early withdrawal.

Air Force Federal Credit Union

Air Force Federal Credit Union certificates (CDs)
Air Force Federal Credit Union certificates (CDs)

Air Force Federal Credit Union

APY Range

3.70% – 4.75%

Minimum Deposit

$1,000

Terms

6 months – 7 years

Fees

$0

Air Force Federal Credit Union (AFFCU) operates six branches across Texas and offers competitive certificate rates compared to other credit unions and banks. In fact, their rates are frequently ranked among the highest in the entire country.

To open a certificate account, a minimum deposit of $1,000 is required. However, if you deposit $100,000 or more, you'll be eligible for the highest available interest rate.

Term
APY
6 Months
4.55%
12 Months
4.70% – 4.75%
18 Months
4.55%
24 Months
4.30%
36 Months
4.10%
60 Months
3.80% – 3.85%
72 Months
3.70% – 3.75%

AFFCU primarily serves military personnel and their families. To be eligible for membership, you must be a current or retired member of the U.S. military, a civilian employee of the Department of Defense, an immediate family member of an existing AFFCU member, or someone who donates $10 or $25 to specific foundations.

Randolph-Brooks Federal Credit Union

randolph brooks credit union logo
randolph brooks credit union logo

Randolph-Brooks Federal Credit Union

APY Range

3.31% – 5.07%

Minimum Deposit

$1,000

Terms

12 months – 7 years

Fees

$0

With an extensive network of over 30 branches in Texas, Randolph Brooks Federal Credit Union (RBFCU) presents individuals with the opportunity to invest in certificates with a wide range of annual terms, spanning from one year to seven years. To open an RBFCU certificate, regardless of the chosen term, a minimum deposit of $1,000 is required.

The interest earned on your deposit is compounded on a monthly basis and can be credited to your certificate account. Alternatively, you have the option to receive the dividends in your RBFCU savings, checking, or money market account.

CD Term
APY
Early Withdrawal Penalty
12 Months
4.87% – 5.07%
60 days of interest
18 Months
4.50% – 4.70%
60 days of interest
24 Months
4.21% – 4.51%
120 days of interest
36 Months
4.06% – 4.26%
180 days of interest
48 Months
3.66% – 3.86%
240 days of interest
60 Months
3.61% – 3.82%
300 days of interest
72 Months
3.40% – 3.61%
360 days of interest
84 Months
3.31% – 3.50%
420 days of interest

Randolph Brooks Federal Credit Union is recognized as one of the largest credit unions in Texas. To become a member of RBFCU, you must meet the eligibility criteria. Fortunately, there are several avenues through which you can fulfill the requirements for membership.

Citibank

citi logo
citi logo

Citibank

APY Range

0.05% – 4.75%

Minimum Deposit

$500 – $2,500

Terms

3 months – 5 years

Fees

$0

Citibank's CDs can be a favorable choice for Texas individuals wishing to deposit their funds in a conventional banking institution. Citibank, one of the prominent financial institutions in the United States, offers a diverse assortment of CDs that cater to various preferences. 

However, customers are advised to exercise selectiveness as not all CD terms offer competitive interest rates. Exploring the special terms available and consulting with a banking representative regarding the current opportunities is recommended.

Additionally, being a traditional bank, Citibank allows for rate negotiation for customers with substantial deposits.

CD Term
APY
Early Withdrawal Penalty
3 Months
0.05%
90 days interest
6 Months
4.75%
90 days interest
9 Months
3.75%
90 days interest
12 Months
2.00% – 3.00%
90 days interest
12 Months – No Penalty
0.05%
/
18 Months
2.00%
180 days interest
24 Months
2.00%
180 days interest
30 Months
0.10%
180 days interest
36 Months
2.00%
180 days interest
48 Months
2.00%
180 days interest
60 Months
2.00%
180 days interest

Regarding early withdrawal penalties, Citibank adheres to reasonable policies, especially for long-term CDs. Citi also provide both fixed-rate CDs and no-penalty CDs, a feature uncommon among traditional banks.

Capital One

Capital One
Capital One

Capital One

APY Range

4.00% – 5.10%

Minimum Deposit

$0

Terms

6 – 60 months

Fees

$0

Capital One 360 offers a diverse range of CDs with durations that span from 6 – 60 months. Residents of Texas can benefit from the competitive interest rates provided for all durations, making Capital One a highly suitable choice for employing CD laddering techniques.

Furthermore, you can choose the frequency at which your CD interest is paid out, be it on a monthly, annual, or end-of-term basis.

CD Term
APY
Early Withdrawal Penalty
6 Months
4.35%
3 months interest
9 Months
4.35%
3 months interest
12 Months
4.90%
3 months interest
18 Months
4.50%
6 months interest
24 Months
4.20%
6 months interest
30 Months
4.10%
6 months interest
36 Months
4.10%
6 months interest
48 Months
4.05%
6 months interest
60 Months
4.00%
6 months interest

Capital One sets a comparably modest penalty for early withdrawals from your CD, distinguishing itself from other banking institutions.

Capital One, a renowned credit card issuer, has broadened its range of services to encompass online banking and the establishment of Capital One Cafés. Presently, it stands as one of the leading online banks nationwide.

American Express National Bank

American Express
American Express

American Express National Bank

APY Range

Up to 4.75%

Minimum Deposit

$0

Terms

12 – 60 months

Fees

$0

American Express is widely recognized as one of the most stable, reputable, and well-established banking institutions in the United States. They provide competitive interest rates on specific terms without requiring a minimum deposit, and they offer the option for anyone, including non-Amex customers, to open an account.

Nevertheless, American Express may not be optimal if you intend to engage in CD laddering. The discrepancies in interest rates among various CD terms are substantial, and you might discover higher rates on a limited range of terms compared to what other banks provide.

CD Term
APY
Early Withdrawal Penalty
12 Months
4.00%
270 days interest
18 Months
3.25%
270 days interest
24 Months
4.00%
270 days interest
36 Months
3.00%
270 days interest
48 Months
3.00%
365 days interest
60 Months
3.00%
540 days interest

Lastly, American Express early withdrawal penalties are quite high compared to other CD accounts.

Sallie Mae

sallie-mae- review
sallie-mae- review

Sallie Mae

APY Range

4.00% – 4.95%

Minimum Deposit

$2,500

Terms

6 months – 5 years

Fees

$0

Sallie Mae emerges as a highly favorable option for customers residing in Texas, boasting highly competitive interest rates and a wide selection of term choices. As a result, it proves to be an ideal solution for individuals searching for an online banking facility.

All certificate of deposit (CD) accounts necessitate an initial deposit of at least $2,500 at the time of opening. Furthermore, your account will accrue interest on a monthly, quarterly, annual, or maturity basis. Additionally, you have the option to transfer the accumulated interest to a linked bank account during these intervals. Compared to its competitors, Sallie Mae offers lower penalties for early withdrawals.

CD Term
APY
Early Withdrawal Penalty
6 Months
4.80%
90 days of interest
9 Months
4.85%
90 days of interest
12 Months
4.95%
90 days of interest
18 Months
4.75%
180 days of interest
24 Months
4.50%
180 days of interest
30 Months
4.00%
180 days of interest
36 Months
4.00%
180 days of interest
60 Months
4.00%
180 days of interest

Sallie Mae Bank operates under the umbrella of the SLM Corporation, a renowned provider of federal student loan services. With a primary focus on online banking services, Sallie Mae extends a variety of savings options to its customers, including savings accounts, CD accounts, and a money market account. 

Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 4.45% 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.

No Penalty CDs In Texas

It's tough to find a no-penalty option in Texas, but this isn't just a problem in Texas. Unfortunately, only a few banks and credit unions like CIT Bank, Synchrony Bank, and Citi offer no-penalty CDs. Usually, the interest rates are lower than regular CDs.

If you're looking for a no-penalty option in Texas, you might want to check out savings accounts instead. They give you the flexibility to withdraw money whenever you need it, and they're very popular, available at almost any bank or credit union in Texas. And in many cases, they even offer higher interest rates than no-penalty CDs.

Can I Find Better CD Rates In Texas

Yes, it's possible to find better rates for specific terms at other banks and credit unions in Texas. It's always a good idea to compare and check as rates can change frequently. Banks and credit unions often adjust their rates and even offer promotions for certain terms.

The list above considers not only the best CD rates in Texas but also additional factors like minimum deposit, early withdrawal fees, and convenience.

The selected banks and credit unions cater to different types of customers in Texas, including individuals building their emergency fund, families saving for a down payment, those who prefer traditional banks, those who prefer credit unions, and even those who prefer online banking. We've got you covered with competitive rates and favorable CD conditions.

CD APY Range
Minimum Deposit
4.00% – 5.05%
$500
3.50% – 5.30%
$0
5.05%
$1
4.30% – 5.30%
$500
2.00% – 4.35%
$1,000
5.08%-5.20%
$1,000
4.25% – 4.75%
$1,500
3.00% – 4.75%
$1,000
2.00% – 4.70%
$2,500
0.30% – 3.50%
$1,000
3.00% – 4.50%
$0
3.51% – 4.85%
$5,000
4.05% – 5.25%
$25,000
4.95% – 5.35%
$1,000
5.00% – 5.40%
$1,000
4.05% – 5.40%
$1,000
0.05% – 4.50%
$1,000
4.75%- 5.01%
$2,500
2.05% – 5.15%
$0
2.75% – 5.50%
$1,000
1.00% – 5.00%
$250
4.85%
$1,000
4.00% – 5.15%
$2,500
0.05% – 5.00%
$1,000
0.05% – 0.25%
$500
3.95% – 5.15%
$1,000

Best CD Rates In Texas: Research Methodology

The Smart Investor team extensively researched to identify the best CD rates in Texas. We assessed them based on four main categories:

  • Interest Rates and Terms (50%): We examined the interest rates offered by CD accounts in Texas and any accompanying terms, such as the duration of the CD term, early withdrawal fees and minimum deposit requirements. CD accounts with higher interest rates and more favorable terms received higher ratings in this category.
  • Account Features (20%): This category evaluated additional features offered by CD accounts, such as the option for automatic renewal at maturity, flexibility in terms of interest payout frequency (e.g., monthly, quarterly, or at maturity), and any special promotions or bonuses. CD accounts with extra features and flexibility earned higher scores.
  • Customer Experience (20%): We analyzed the ease of opening a CD account, communication with customer service representatives, the usability of online banking platforms (tested by our team), and the availability of support channels. CD accounts offered by banks with user-friendly interfaces, responsive customer support, and efficient digital banking tools received higher ratings.
  • Bank Reputation (10%): Our team scrutinized each bank's reputation based on factors such as customer satisfaction ratings, JD Power scores, TrustPilot reviews, and the bank's Better Business Bureau (BBB) profile. Banks with positive reputations and minimal customer complaints regarding CD account services received higher ratings.

We assigned weights to various features and qualities within each category to ensure a comprehensive evaluation of each CD account's offerings. Our ratings were based on a combination of these factors to assist consumers in selecting the best CD account in Texas to meet their financial needs.

Compare CD Rates

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: 4.45% 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

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).

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.

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.

Table of Contents