Banking » Reviews » State Bank of Texas CD Rates, November 2023
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State Bank of Texas CD Rates, November 2023

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, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
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, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: November 1, 2023

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

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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

5.75%

Minimum Deposit

$100,000

Terms

12 months

Our Rating

3
3/5

State Bank of Texas CDs

APY Range

5.75%

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 5.75%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
5.75%

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
5.30%
$0
5.00%
$0
4.65% (13 months)
$1,000
Wells Fargo Bank
4.50% – 4.76% (11 months)
$2,500
4.25%
$0
5.20%
$2,500
5.75%
$1,000
5.65%
$1,000
5.45%
$1,000
5.40%
$2,500
5.65%
$2,500
5.00%
$0
5.20%
$500
5.67%
$25,000
4.30%
$500
3.00%
$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.

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 3.56% 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
5.75%
3.56%
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.

Compare CD Rates

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.