Tuesday, 24 November 2020

State Bank of Texas Review: Checking, Savings, CD and Money Market Accounts

State Bank of Texas Review: Checking, Savings, CD and Money Market Accounts
03 Nov
9:19

State Bank of Texas (SBT)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

State Bank of Texas (SBT) Savings Account

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.60%

CD Rates

State Bank of Texas (SBT) Jumbo 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.80%

CD Rates

State Bank of Texas (SBT) Jumbo 24 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.00%

CD Rates

State Bank of Texas (SBT) Jumbo 36 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

State Bank of Texas Checking Account Options

How State Bank of Texas’ checking account compares

State Bank of Texas’ checking account is about as basic as it comes. It offers a debit card and online banking, but not much else, and doesn’t pays interest.

The biggest drawback on this account is the limited free ATM access. With only five locations, State Bank is not part of any national network of ATMs. So unless you live close to one of its five branches, it may cost you to get convenient access to your money.

There are better checking accounts on the market that are free, available for a small deposit and provide easier access to your money than State Bank of Texas.

State Bank of Texas Savings Account Option

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How State Bank of Texas’ savings account compares

The State Bank of Texas savings account offers a very low interest rate, especially compared to the country’s top savings accounts. However, it might be worth considering for someone who wants to open a small account of only a few hundred dollars.

The account has a low balance requirement of only $200 to waive the monthly maintenance fee, and it also earns the same interest rate regardless of how much you deposit. This is good for smaller accounts but bad for larger balances, as other banks typically bump up your rate if you keep more money in the account.

State Bank of Texas Money Market Account

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How State Bank of Texas’ money market account compares

If you can meet the high deposit requirements, the jumbo money market account could be an excellent choice. Their high interest rate is competitive with the top money market accounts around the country.

For a smaller deposit, you could get a higher rate with fewer restrictions elsewhere. Still, for a deposit of more than $100,000, State Bank of Texas is worth serious consideration.

State Bank of Texas Certificates of Deposit

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How State Bank of Texas’ CDs compare

While State Bank of Texas does not offer many options for their CDs, the ones they do offer are among the most attractive, with interest rates that match up well even against the very best CDs in the entire country.

The high minimum deposit requirement of $25,000 means this isn’t the place to look for a small account. Their early withdrawal penalties are also quite steep, especially for the longer CD terms. Before you sign up, make sure you can commit for the full length or it will cost you.

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David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/state-bank-of-texas/

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