Best CD Rates in Dallas, Texas

With a plethora of options available in Dallas, Texas, finding the best CD rates can be like searching for a needle in a haystack.

Apart from all discrimination, if you are saving for a big purchase, or retirement, maximizing your returns is paramount. Fortunately, Dallas boasts several financial institutions offering competitive CD rates that can help you achieve your financial goals.

Let’s explore some of the top options to help you make the most of your money in the heart of Texas, Dallas.

Overall Best CD rates in Dallas, Texas

No.	Name of the Bank	APY %	Term Length	Address
1	A New Direction Credit Union	6.00%	12-month	8200 Walnut Hill Ln Dallas, TX 75231
2	Green Bank, National Association	5.35%	12-month	2408 Cedar Springs Rd Dallas, TX 75201
3	Sovereign Bank	5.35%	12-month	17950 Preston Rd Ste 100 Dallas, TX 75252
4	Veritex Community Bank	5.35%	12-month	2700 Oak Lawn Ave Dallas, TX 75219
5	United Texas Bank	5.30%	12-month	13101 Preston Rd Dallas, TX 75240
6	American Bank, National Association	5.25%	12-month	2707 W Northwest Hwy Dallas, TX 75220
7	NexBank SSB	5.25%	12-month	2515 McKinney Ave Dallas, TX 75201
8	American Airlines Federal Credit Union	5.12%	12-month	Trmnl D D24 Rm D24L316 Dallas, TX 75261
9	Southwest Airlines Federal Credit Union	5.10%	12-month	2430 Shorecrest Dr Dallas, TX 75235
10	Unity One Credit Union	5.10%	18-month	6701 Burlington Blvd, Fort Worth, TX 76131
11	Baptist Credit Union	5.05%	12-month	521 N Ervay St Dallas, TX 75201
12	Beal Bank, SSB	5.05%	12-month	15770 Dallas Pkwy Dallas, TX 75248
13	Navy Federal Credit Union	5.05%	12-month	6451 E Northwest Hwy Dallas, TX 75231
14	One World Bank	5.03%	12-month	2449 Walnut Hill Ln P.O Box 29819 Dallas, TX 75229
15	Neighborhood Credit Union	5.00%	12-month	650 Fort Worth Ave Dallas, TX 75208
16	Tinker Federal Credit Union	5.00%	6-month	Online
17	Affiliated Bank	4.90%	12-month	100 Crescent Ct Dallas, TX 75201
18	Texas Capital Bank, National Association	4.88%	12-month	2000 McKinney Ave Dallas, TX 75201
19	PenFed Credit Union	4.50%	12-month	3911 S Walton Walker Blvd Dallas, TX 75236
20	Texas Trust Credit Union	4.45%	12-month	5850 Colleyville Blvd, Colleyville, TX 76034
21	Texas Health Credit Union	4.02%	12-month	6100 Harris Pkwy, Fort Worth, TX 76132
22	Credit Union of America	4.01%	18-month	711 N Broadway St, Wichita, KS 67214
23	Southwest Airlines Federal Credit Union	4.00%	18-month	4001 Legend Trail, Fort Worth, TX 76177
24	EECU Credit Union	4.00%	24-month	1645 W Northwest Hwy, Grapevine, TX 76051
25	First Service Credit Union	4.00%	12-month	9621 Broadway St, Pearland, TX 77584
26	LegacyTexas	4.00%	12-month	5000 Legacy Dr, Plano, TX 75024
27	Neighborhood Credit Union	3.93%	36-month	13651 Montfort Dr, Dallas, TX 75240
28	Advancial Federal Credit Union	3.93%	24-month	1845 Woodall Rodgers Fwy, Dallas, TX 75201
29	American Airlines Credit Union	3.93%	12-month	4151 Amon Carter Blvd, Fort Worth, TX 76155
30	City Bank Texas	3.93%	12-month	4000 Fannin St, Houston, TX 77004
31	Redstone Federal Credit Union	3.86%	12-month	220 W Camp Wisdom Rd, Duncanville, TX 75116
32	City Credit Union	3.67%	12-month	7474 Ferguson Rd, Dallas, TX 75228
33	Resource One Credit Union	3.56%	12-month	1200 Belleview St Dallas, TX 75215
34	Texans Credit Union	3.44%	24-month	777 E Campbell Rd, Richardson, TX 75081
35	Resource One Credit Union	3.00%	24-month	1200 Belleview St #100, Dallas, TX 75215
36	RBFCU – Randolph-Brooks Federal Credit Union	3.00%	6-month	2401 E Trinity Mills Rd, Carrollton, TX 75006
37	First Convenience Bank	2.00%	12-month	Various locations, Texas
38	Credit Union of Texas	1.89%	13-month	8131 LBJ Fwy, Dallas, TX 75251
39	FirstLight Federal Credit Union	1.05%	24-month	9983 Kenworthy St, El Paso, TX 79924
40	First Bank Texas	1.00%	36-month	120 Cypress Street, Abilene, TX 79601

Current CD Rates of Dallas, Texas

The current CD rates in Dallas, Texas, hold significant importance for individuals who are seeking to maximize their savings and secure stable returns on their investments.

With CD rates fluctuating based on economic conditions and monetary policies, staying informed about the latest offerings from local banks and credit unions can help residents make informed decisions to grow their wealth effectively. Ultimately, they can achieve their financial objectives.

Best 6-Month CD Rates

For short-term investments, consider institutions that provide attractive options for 6-month CDs, with rates reaching a considerable amount.

1. Superior Choice Credit Union

Minimum Amount: $500

APY / Rate: 5.65%

Pros:

• Superior Choice Credit Union offers some of the highest interest rates on savings accounts and certificates of deposit (CDs) in the area.
• Superior Choice Credit Union has no monthly maintenance fees on checking accounts and low fees on other products and services.
• Superior Choice Credit Union employees are known for their friendly and helpful service. They are always willing to go the extra mile to help members with their financial needs.
• Superior Choice Credit Union is committed to giving back to the community. It supports a variety of local charities and organizations.
• Superior Choice Credit Union has branches located throughout the area. It also offers online and mobile banking services.

Rules:

• The minimum balance required to open a CD account at Superior Choice Credit Union is $500.
• The term of a CD account is the length of time that you agree to keep your money invested. Superior Choice Credit Union offers CD terms ranging from 7 months to 60 months.
• There is an early withdrawal penalty if you withdraw your money from your CD account before the term ends. The early withdrawal penalty is 6 months’ interest on the amount withdrawn.
• There are no other fees associated with CD accounts at Superior Choice Credit Union.

2. NASA Federal Credit Union

Minimum Amount: $1000

APY / Rate: 4.80% APY

Pros:

• Membership Savings Account
• NASA FCU offers a variety of checking accounts to meet the needs of its members. These accounts offer features such as free ATM usage, online bill pay, and overdraft protection.
• NASA FCU offers a variety of CDs with terms ranging from 7 months to 60 months. These CDs offer competitive interest rates and no early withdrawal penalties.
• NASA FCU offers a variety of loans to its members, including personal loans, auto loans, and home loans. These loans offer competitive interest rates and flexible terms.
• NASA FCU offers a variety of credit cards to its members. These cards offer rewards such as cash back, travel rewards, and points that can be redeemed for merchandise.

Rules:

• You must be a member of NASA Federal Credit Union to open a CD account.
• There is an early withdrawal penalty if you withdraw your money from your CD account before the term ends.
• The minimum balance required to open a CD account at NASA Federal Credit Union varies depending on the term of the account. For example, the minimum balance to open a 6-month CD is $1,000, while the minimum balance to open a 60-month CD is $10,000.
• The term of a CD account is the length of time that you agree to keep your money invested. NASA Federal Credit Union offers CD terms ranging from 6 months to 60 months.
• Some CD accounts have special requirements, such as a minimum deposit amount or a requirement to make monthly deposits.

3.  Bellco Credit Union

Minimum Amount: $500

APY / Rate: 5.50% APY

Pros:

• Bellco Credit Union members have access to a variety of discounts and services, such as discounts on car rentals, hotels, and other travel expenses.
• This account offers competitive interest rates and no monthly maintenance fees.
• Bellco Credit Union offers free financial counseling to its members. This can help members develop a budget, save money, and achieve their financial goals.
• Bellco Credit Union is owned by its members. This means that the profits from the credit union are returned to the members in the form of lower interest rates, higher dividends, and other benefits.

Rules:

• You must be a member of Bellco Credit Union to open a CD account. You can become a member by meeting one of the eligibility requirements listed on the Bellco Credit Union website.
• Some CD accounts have special requirements, such as a minimum deposit amount or a requirement to make monthly deposits. Be sure to read the terms and conditions carefully before opening a CD account.
• You must meet certain requirements to earn the advertised APY. For example, you must make 15 debit card purchase transactions that post and clear in the statement month to earn the advertised APY on the 12-month CD.

Best 1 Year CD Rates

Looking for a one-year commitment? This term CD rates appears to be a compelling choice for short-term investments.

1. Garden Savings Federal Credit Union

Minimum Amount: $500

APY / Rate: 5.50%

Pros:

• As a not-for-profit institution, Garden Savings is able to pass on its savings to its members in the form of lower interest rates on loans. This can be a significant savings, especially on large loans such as mortgages or car loans.
• Higher deposit rates:
• Free checking and savings accounts
• Convenient access to your money
• Member perks

Rules:

• $5 fee for out-of-network ATM transactions
• Some restrictions on who can join

2.  Crescent Bank

Minimum Amount: $1000

APY / Rate: 5.45%

Pros:

• Low interest rates on loans
• High-yield savings accounts
• Free checking accounts
• Convenient online banking
• Personalized service

Rules:

• The account must be opened with new money
• The account must be opened for the full term.
• The account must be in good standing. This means that the account must be free of overdrafts and other fees.
• The minimum opening deposit for a CD is $1,000.
• The interest rates on CDs are based on the term of the CD. The longer the term, the higher the interest rate.
• CD rates are subject to change at any time.

3. NexBank

Minimum Amount: $10,000

APY / Rate: 5.40%

Pros:

• FDIC insured
• No monthly maintenance fees
• The interest rate is compounded daily, so you earn interest on your interest.
• The Bread Savings website makes it easy for you to open a CD online.
• You can set up automatic transfers from your checking account to your CD.

Rules:

• There is a 180-day early withdrawal penalty if you withdraw your money before maturity.
• The interest rate is subject to change.

Best 2 Year CD Rates

When aiming for a slightly longer investment horizon, Dallas offers favorable 2-year CD rates ensuring steady returns over the duration.

1.  Purdue Federal Credit Union

Minimum Amount: $5000

APY / Rate: 5.60% APY

Pros:

• High interest rates: Purdue Fed’s CD rates are among the best in the industry.
• No monthly fees: There are no monthly fees for Purdue Fed CDs.
• Early withdrawal penalty: The early withdrawal penalty for Purdue Fed CDs is 6 months’ interest if the CD is withdrawn within the first 12 months.
• Member perks: Purdue Fed members can earn points through My Member Perks, which can be redeemed for discounts on fees, higher CD rates, and other benefits.

Rules:

• The interest rate you earn on your CD will depend on the term of the CD and your membership status.
• You must maintain the minimum balance in your CD account to earn the stated interest rate.
• If you withdraw your money from your CD before the maturity date, you will be subject to an early withdrawal penalty.

2. Ally Bank

Minimum Amount: $1000

APY / Rate: 5.50% APY

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at Ally Bank is $25.
• The term of a CD at Ally Bank can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at Ally Bank. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

3.  BMO Harris Bank

Minimum Amount: $1000

APY / Rate: 5.40% APY

Pros:

• High interest rates: BOW offers competitive interest rates on CDs.
• No early withdrawal penalty: Some CDs at BOW have no early withdrawal penalty.
• FDIC insured: All CDs at BOW are insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000 per depositor.
• Wide range of terms: BOW offers a wide range of terms for CDs, so you can find one that fits your needs.
• Easy to open an account: You can open a CD account online or at any BOW branch.

Rules:

• Minimum deposit: The minimum deposit for a CD at BOW is $1,000.
• Term: The term of a CD at BOW can range from 7 months to 60 months.
• Early withdrawal penalty: There is an early withdrawal penalty for CDs at BOW. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

Best 3 Year CD Rates

Seeking stability and growth for a mid-term investment? Dallas offers attractive 3-year CD rates. It provides a reliable option for maximizing your returns.

1. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.8%

Pros:

• FDIC insured
• No monthly maintenance fees
• The interest rate is compounded daily, so you earn interest on your interest.
• The Bread Savings website makes it easy for you to open a CD online.
• You can set up automatic transfers from your checking account to your CD.

Rules:

• There is a 180-day early withdrawal penalty if you withdraw your money before maturity.
• The interest rate is subject to change.

2. CFG Bank

Minimum Amount: $1000

APY / Rate: 4.30%

Pros:

• A competitive APY of 5.25% is available from CFG Bank for deposits of $500 or more.
• The local bank provides individualized service along with a selection of financial goods and services.
• CFG Bank offers a variety of deposit products, including savings accounts, money market accounts, checking accounts, and certificates of deposit (CDs).

Rules:

• The 5.25% APY is only available for 12-month term deposits, and the minimum deposit needed to obtain the advertised APY is $500.
• Though early withdrawals from the account are permitted, there is a penalty of 180 days’ supply of interest on the amount taken out.

3. Discover

Minimum Amount: $2500

APY / Rate: 4.30%

Pros:

• Competitive interest rates: Discover Bank’s CD rates are competitive with other online banks.
• No minimum balance requirement: There is no minimum balance requirement to open a CD with Discover Bank.
• Easy to open and manage: CDs can be opened and managed online or through the Discover Bank mobile app.
• FDIC insured: Your money is FDIC insured up to $250,000.

Rules:

• The minimum deposit for a CD is $2,500.
• There is a penalty for early withdrawal. The penalty is six months of simple interest if you withdraw your money within one year of opening the CD. The penalty is three months of simple interest if you withdraw your money within two years of opening the CD.
• You must maintain a qualifying direct deposit to earn the full advertised interest rate. The qualifying direct deposit must be for at least $1,500 each month.

Best 5 Year CD Rates

For those looking to commit to a longer-term investment strategy, Dallas Financial Services offers enticing 5-year CD rates. These CD terms are the compelling choice for securing your savings over the long haul.

1.  First Internet Bank of Indiana

Minimum Amount: $100

APY / Rate: 5.85%

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at First IB is $1,000.
• The term of a CD at First IB can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at First IB. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

2. Ally Bank

Minimum Amount: $1000

APY / Rate: 5.75% APY

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at Ally Bank is $25.
• The term of a CD at Ally Bank can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at Ally Bank. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

3. BMO Harris Bank

Minimum Amount: $1000

APY / Rate: 5.70% APY

Pros:

• High interest rates: BOW offers competitive interest rates on CDs.
• No early withdrawal penalty: Some CDs at BOW have no early withdrawal penalty.
• FDIC insured: All CDs at BOW are insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000 per depositor.
• Wide range of terms: BOW offers a wide range of terms for CDs, so you can find one that fits your needs.
• Easy to open an account: You can open a CD account online or at any BOW branch.

Rules:

• Minimum deposit: The minimum deposit for a CD at BOW is $1,000.
• Term: The term of a CD at BOW can range from 7 months to 60 months.
• Early withdrawal penalty: There is an early withdrawal penalty for CDs at BOW. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

Dallas, Texas Economic Statistics

Dallas, Texas, is a dynamic economic hub with a thriving population and diverse investment opportunities. As of the most latest information;

• The city boasted an average household income of approximately $67,382, reflecting the financial stability of its residents.
• The average home value in Dallas stood at around $303,042, showcasing the robust real estate market in the area.
• With a population exceeding 1.3 million people, Dallas offers a large consumer base and a vibrant economy conducive to investment and savings growth.

In light of these economic indicators, investors in Dallas can explore various financial institutions to find the best CD rates tailored to their investment goals.

Economic Statistic	Average Value
Average Household Income	$67,382
Average Home Value	$303,042
Population	1.3+ million

How to Get Best CD Rates in Dallas, Texas?

To get the best CD rates in Dallas, Texas, it is essential to follow a systematic approach and compare offerings from multiple financial institutions.

1. Begin by compiling a list of banks and credit unions offering CD products in Dallas, Texas. This can be done through online research, referrals, or by visiting local branches.
2. Evaluate Terms and Conditions. In addition to interest rates, carefully examine the terms and conditions of each CD, including minimum deposit requirements, penalties for early withdrawal, and any additional perks or features offered by the bank.
3. In this regard, you can use online calculators or spreadsheet tools to estimate the potential earnings from different CD options based on your investment amount and the applicable interest rates.
4. After thorough research and evaluation, narrow down your list to the top contenders based on competitive rates, favorable terms, and reputable institutions.

You are also directed to reach out to the selected banks or credit unions directly to confirm the accuracy of the rates and inquire about any promotional offers or special incentives available.

CD Rates Methodology

• Number of Banks Reviewed – A total of 63 banks and credit unions offering CD products in Dallas, Texas, were reviewed.
• Number Made the List – Out of the 63 institutions reviewed, 40 made it to the list based on competitive CD rates, favorable terms, and reputation.
• Conclusion – By following a comprehensive methodology and comparing offerings from multiple institutions, investors in Dallas can secure the best CD rates tailored to their financial needs and objectives, maximizing their savings potential and achieving long-term financial success.

Conclusion

In conclusion, by following a systematic methodology that includes reviewing rates, evaluating terms, and contacting institutions directly, individuals can make informed decisions to maximize their savings potential and achieve their financial goals.

Whether opting for short-term or long-term CDs, leveraging the competitive landscape of Dallas’s financial sector can lead to favorable outcomes and sustained financial success over time.

FAQs