Frost Bank Review, Rates: CDs, Savings, Money Market, Mortgages
Frost Bank has proven their consistent record of performance through their commitments to their customers and the $18.5 billion in assets they are able to reel in. Since 1868, Frost Bank has promised each and every customer their fair share and strives to treat them in the most professional manner. Perhaps this is why Frost Bank was rewarded the “Highest in Customer Satisfaction with Retail Banking in Texas” – according to the J.D. Power and Associates 2011 Retail Banking Satisfaction StudySM.
Frost Bank started out as a small mercantile store and now it has grown to more than 100 financial institutions across Texas. They survived through the Great Depression, two world wars and the Great Recession – Frost Bank is a secure and stable bank and being able to survive such dramatic events proves their integrity and commitments to their customers.
Quite frankly, Frost Bank has been serving Texans for as long as Texas has been a state. They are able to connect with their customers in a personal way and have always played an active role in the communities they serve. Incorporating the communities and people they serve is a daily routine for Frost Bank. Pictures submitted by customers are on display via their website and many testimonials can also be found. They support nonprofit organizations, volunteer and better the community through sharing meals, donating books and planting trees. Frost Bank is always readily available to their customers through their financial centers and more than 400 ATM locations.
Checking accounts: One of the neat features that Frost Bank offers is the ability to customize your own checking account. You are able to select the features you want, plus you can add or remove features as your financial needs change. It takes $50 to open a checking account and the base account is currently being advertised as a total $5 charge. The add-on features are what you will have to watch out for as these are $2/each per month. Some of these include unlimited online and mobile bill pay, mailed paper statements or the ability to refund up to $15 of other bank’s domestic ATM fees.
Savings accounts: Frost Bank offers a traditional savings account for ease of access and a sense of familiarity. The Personal Savings account requires a minimum $50 opening deposit and a $500 minimum daily balance to avoid the $3.50 monthly service charge. Features of this account are 2 free withdrawals per month, ability to transfer money online and it can also be used as overdraft protection for your checking account. The interest on the account is paid on a quarterly basis. They also offer a money market and health savings account.
Frost Bank also offers business services as well and offer financial advice and guidance regarding investments.
Frost Bank CD Rates
A safe and reliable way to keep your money growing is through Frost Bank’s many CD accounts. They offer varying terms and rates and each account is FDIC insured. The CD accounts can also be used to waive monthly service charges for a Frost Checking Account and are viewable online or through Frost Mobile Banking.
It simply takes a $1,000 minimum opening deposit and you can open a CD account either online or in person.
Frost Bank: Personal CDs With $1,000.00-$99,999.99 – as of 9/7/11
- 14 days – N/A
- 30 days – N/A
- 60 days – N/A
- 90 days – 0.15% APY
- 180 days – 0.20% APY
- 1 Year – 0.25% APY
- 18 Months – 0.35% APY
- 2 Years – 0.40% APY
Frost Bank: Personal CDs With $100,000 and over – as of 9/7/11
- 14 days – 0.15% APY
- 30 days – 0.15% APY
- 60 days – 0.15% APY
- 90 days – 0.15% APY
- 180 days – 0.25% APY
- 1 Year – 0.30% APY
- 18 Months – 0.40% APY
- 2 Years – 0.45% APY
Terms & Conditions: Your interest rate and annual percentage yield may change at any time. Fees could reduce the earnings on the account. Penalty may be imposed for early withdrawal.
Frost Bank Savings Rates
Frost Banks offers a couple of choices when it comes to saving your money. They offer the Frost Savings Account and the Health Savings Account.
With the Frost Savings Account, you can expect a savings account that will keep your money safe and give you additional benefits. The interest on the account is paid quarterly and you are given two free withdrawals per month. If you go over the two free withdrawals, then you will be charged $3. It can also be used as overdraft protection for your checking account, although a fee does apply. It can be opened with a low $50 minimum opening deposit and the required $500 minimum daily balance avoids the $3.50 monthly service charge.
The Frost Health Savings Account offers a secure way to save or to cover for medical expenses. The interest is paid monthly, you are given a free Health Savings Account Checkcard and you have quick access to check deposits. It takes a $50 minimum deposit to open the account and $3,000 is the minimum daily balance to avoid the $3 monthly service charge. To be eligible for this account, you must meet the following criteria:
- covered under a high-deductible health plan
(minimum $1,200 single; $2,400 family)
- not covered by any other health plan
- not entitled to benefits under Medicare
- not a dependent on another person’s tax return
Contributions to your Frost Health Savings Account may be tax deductible and withdrawals used for medical expenses are tax-free. If you are single, you can contribute up to $3,050 annually or $6,150 as a family. The features of this account are that unused balances are automatically rolled-over from year-to-year, transfers are allowed and you are given three free check withdrawals per statement cycle. If you go over that limit, there will be a charge of $5.
Frost Bank: Frost Health Savings Accounts – as of 9/7/11
- All balances – 0.05% APY
Frost Bank Money Market Rates
With their Frost Money Market Account, you are given an easy way to keep your money liquid and growing. The account features tiered interest rates, quick access to check deposits and six free check withdrawals per statement cycle. This money market account does come with fees if the minimum $15,000 balance is not met. A $15 monthly service charge will be accessed on low balances and you will be charged $10 when you go over your check limit. This can be avoided by making transfers in person or at an ATM where it is unlimited. There is also a fee of $0.75 per bill using My Frost Bill Pay. It takes a minimum $50 opening deposit for the Frost Money Market Account.
Frost Bank: Frost Money Market Account – as of 9/7/11
- $0-$9,999.99 – 0.10% APY
- $10,000-$24,999.99 – 0.15% APY
- $25,000-$49,999.99 – 0.25% APY
- $50,000-$99,999.99 – 0.25% APY
- $100,000-$249,999.99 – 0.30% APY
- $250,000-$999,999.99 – 0.30% APY
- $1,000,000-$2,499,999.99 – 0.30% APY
- $2,500,000 and over – 0.30% APY
Terms & Conditions: Your interest rate and annual percentage yield may change at any time. Fees could reduce the earnings on the account.
Frost Bank Mortgage Rates
Frost Bank and Cornerstone Mortgage Company have partnered together to provide customers fixed and adjustable rate terms, one time closing, FHA, VA and conventional in-house underwriting, plus financing for teachers, fire fighters, police and medical personnel.
Both companies are Texas-based, which mean they both share the same Texas-big commitment to providing amazing customer service with a personal touch. Cornerstone Mortgage Company has been providing individuals mortgage lending advice for nearly two decades. The two merged together to become a smarter unit in order to work more efficiently and quickly.