CD rates in Texas were little changed for the week of June 5, 2009. The average for the best six month CD rates was unchanged at 2.32%. The average for the best one year CD rates rose by one basis point or 1/100 of a percent to 2.52%. The average for the two year CD terms dropped slightly to 2.66% from 2.68%. Five year CD rates increased by the largest margin, on average, by rising seven basis points to 3.46% for the week.
The short term, six month CD rates are the sweet spot for bank rates in Texas. With the trend of lower rates in the past several weeks combined with higher Treasury rates, staying in the shorter term bank rates is an advisable position. Fortunately for Texas residents there is a plethora of bank CDs with above average rates to choose from. The highest CD rate in this term comes from Wilshire State Bank with an interest rate of 2.52%. The next best falls to 2.45% and can be found at Access 1st Capital Bank on a longer, nine month term CD.
The best one year CD rates in Texas are lagging the best national rates. The highest one year CD rate is marketed by Collin Bank with an interest rate of 2.58%. Two basis points lower, is the 16 month CD of Mutual Bank with a rate of 2.56%. Just under this rate is a one year CD from Wilshire State Bank that yields 2.52%.
The two year CD rates of Texas are trailing the national rates by an appreciable margin. The best two year CD rate is at Texas Security Bank with an interest rate 2.75%. This bank CD rate is 12 basis points behind the highest national rate. Collin Bank’s two year CD is another three basis points lower than Texas Security’s at 2.73%. Mutual Bank’ two year CD rate follows at 2.69%.
The best five year CD rates in Texas are also lagging the top national rates. The highest five year CD rate is unchanged at 3.50% and can be found at four different financial institutions including, First national Bank in Port Lavaca, Green Bank, Northstar Bank of Texas and La Jolla Bank.
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