2.12% Certificate of Deposit at Collin Bank for Texans
They say that the best CD rates are those which are offered by your local bank. This is not necessarily because of the high yield, but because these impressive yields are least likely to fall at a snap of a finger. Such is the case with the certificate of deposit offered at Collin Bank . These CD interest rates have been consistently competitive for the past few months.
The most attractive certificate of deposit rate from the bank is the Jumbo CD which runs for 36 months. This earns an impressive 2.12% APY, but because it is a jumbo account, it also requires a steep minimum balance. You need to keep $100,000 in the bank for three years for three whole years to open the account and let it earn interest.
A few weeks ago, Collin Bank’s 24-month CD was the real eye catcher. It had a 2.15% APY rate, with only $1,000 minimum balance requirement. While the rate fell to 1.76% APY, it still remains competitive among top CD rates offered in the market today. The maximum deposit for this account is $100,000. The same floor and ceiling deposits apply to three of the lower tiers in the CD deal:
- 1.26% APY for the 18-month CD
- 0.85% APY for the 12-month CD
- 0.60% APY for the 6-month CD
Considering the short terms for these lower tiers, they’re still among the highest CD rates in the market. Of course, you will want to check the bank’s website before you visit the branch to open an account. These rates keep on changing, and there’s not predicting when the yields will get higher or lower. All you can really do is watch and charge once the going’s good enough.
Collin’s Bank is a nifty little bank. Right not it only has one office which is located at Frisco, Texas. You really need to go there if you want to open an account because they don’t have online application tools. Despite the smallness of the bank, it earned impressive ratings from critics. Both BauerFinancial.com and Bankrate.com gave the bank four out of five stars for health.
This is rare for a bank which was only established two years ago. Collins bank is part of the FDIC and is federally insured. You can double-check this credential through FDIC Certificate #58610.
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