Texas CD Rates for June 12, 2009 from SelectCDrates.com

June 15, 2009 - PRLog -- Texas CD rates were down on all terms for the week with the exclusion of the six month term rates.  The average of the best six month CD rates in Texas moved in the opposite direction with a vengeance climbing by 12 basis points or 12/100 of a percent to 2.30%.  The best six month CD rate is available at Wilshire State Bank with an interest rate of 2.52%.  This rate can be obtained either in person at the one bank branch location in Dallas or online.  Access 1st Capital holds the next best rate on a nine month term that yields 2.45%.

With the reduction in the best national rates with a one year term, Texas CD rates in this term category are mostly outpacing the best national rates offered.  The highest one year CD rate is marketed by Collin Bank with an interest rate of 2.58%.  Mutual Bank continues to offer their promotional 16 month CD with a rate of 2.56% to make the list of the best rates.  Wilshire State Bank rounds out the top three banks with a one year CD rate of 2.52%.

The best two year CD rates in Texas unfortunately, continue to trail the best national rates.  The highest two year CD rates in Texas stands at 2.75%, that two year CD rate is a product of Texas Security Bank and lags the best national rate by 12 basis points.  Two basis points below that rate is Collins Bank’s two year CD with an interest rate of 2.73%.  Mutual Bank follows this with a two year CD that earns a rate of 2.69%.  

The five year CDs are the real lemons in the bunch.  The best five year CD rate in Texas is at 3.50% and is available at several Texas banks including; Green Bank, Northstar Bank of Texas, La Jolla Bank and First National Bank of Port Lavaca.  This rate is well below the best national rate offered by a few banks at 3.65%.  With most investors keeping their finger off of the trigger when it comes to buying five year CDs, evaluating the competitive position on these bank rates is mostly a pointless task.  Fear of future rising rates and inflation is steering most CD investors away from the longer term products and into shorter term bank CDs.

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