Saturday, 28 November 2020

United Texas Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

United Texas Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
20 Oct
12:09

United Texas Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

United Texas Bank Savings Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

2.60%

CD Rates

United Texas Bank 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

United Texas Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.75%

CD Rates

United Texas Bank 48 Month CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

United Texas Bank checking account options

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How United Texas Bank’s checking accounts compare

You could do worse than signing up for the United Texas Bank checking accounts but you could also do a lot better. Our favorite feature was that both their accounts offer up to $100 in ATM fee refunds per month so you can get free access to your money even if you aren’t close to one of the Dallas bank branches.

The downside is that the United Texas Bank checking accounts both have high balance requirements or else they charge a costly monthly fee. Even their basic checking account requires a minimum daily balance of $750, which is way too high for an account that doesn’t earn interest.

If we had to recommend one, we’d go with NOW Personal Checking because it earns interest while having nearly the same balance requirements as Classic. Still, there are other online checking accounts which combine convenient ATM access with much higher interest rates. They are a better choice than what’s available at United Texas Bank.

United Texas Bank savings account options

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How United Texas Bank’s savings accounts compare

We would not go out of our way to open the United Texas Bank savings account because the interest rate is simply not good enough. Though they beat the large national banks, they don’t beat them by much and there are online lenders that pay much more than United Texas Bank.

We also don’t like that the United Texas Bank savings account charges a fee if your balance ever falls below $500. True, it’s just $3 but there are plenty of free savings accounts to choose from. Finally, we noticed that their excess withdrawal fee is quite high. If you accidentally make more than six certain transactions, the $25 fee will wipe out a good chunk of your interest earnings.

Because of these issues, we believe you could find a better place for your savings. Any option on this list of best online savings accounts will earn a higher rate than what you will get at United Texas Bank.

United Texas Bank CD rates

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How United Texas Bank’s CD rates compare

The United Texas Bank CD rates are fantastic. Their 12 month CD earns one of the best rates in the country for this amount of time. Their 36 month CD is also extremely competitive. The rest of the United Texas Bank CD rates are decent, but if you do your research you can find better options. Your best bet is to stick with either the 12 month or 36 month CD.

Typically, banks pay more as you increase the length of your CD but we noticed this isn’t always the case with the United Texas Bank’s CD rates. You earn more on the 12 month CD than you do even on the 48 month CD. Pay attention when you apply and don’t assume that just because a CD term is longer, it will pay more.

The longest CD at United Texas Bank is also 48 months so if you want to invest for a greater amount of time, you’ll need to go with another bank. In the end, if you sign up for either the 12 month or 36 month CD at United Texas Bank, you’ll be making a wise choice but if you want some other excellent options to compare, we’ve listed the very best CDs here.

United Texas Bank money market account options

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How United Texas Bank’s money market accounts compare

The United Texas Bank Money Market account is a great choice thanks to its solid interest rates. For deposits over $250,000, their rate is one of the highest in the entire country but even if you keep a smaller balance, you’ll still earn a decent return on your savings.

The $2,500 minimum balance requirement and $15 monthly maintenance fee are typical for a money market account. These accounts typically aren’t meant for small deposits. But if you want to open a money market account for less money, we may be able to help you out.

These are some of the other top money market accounts available today and some do not have have a minimum balance requirement, so you can earn a decent return without keeping thousands in your account. While the United Texas Bank Money Market account is good, you may be able to do even better with these other options.

United Texas Bank IRA account options

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How United Texas Bank’s IRA CD rates compare

Most banks offer some if not all of their regular CDs for their IRAs but United Texas Bank has created completely different rates for their IRAs.

The is a major disappointment because their IRA CD rates are so much lower. Their 1 year IRA CD earns less than half of what you earn on a 12 month CD at United Texas Bank.

It’s a puzzling move and because of this decision, we do not recommend these IRA CDs. Either stick with their normal CDs or if you want to open a retirement plan, consider this list of high-paying IRA CDs instead.

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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/united-texas-bank/

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