Here’s what happens when you place your money in a certificate of deposit. Generally, you get to earn more with the higher interest rates, and with only a 1 month term, there’s no need to worry about having your money locked in when you need it the most. Plus, you can always opt to lengthen or continue the term if you don’t have any plans of using your money just yet.

Lone Star Bank gives the biggest return on a 1 month certificate of deposit, with other institutions giving only .15 to .30% interest. The minimum deposit for this CD is only $1,000 and with your money compounded daily, you get to earn more.

As the name suggests, Lone Star Bank is one that originates in Texas. Their claim is that they do banking in a personal, and Texan style way. Lone Star Bank originated in the 1920’s in Moulton, and has since gone strong. Branches can be found in Moulton, Shiner, Brazoria, Gonzales, Austin and North Austin. It’s FDIC insured and offers a wide range of banking services.

Danversbank from Boston was holding the top spot at 2.50% APY, but recently dropped their rate to 2.00% APY causing them to lose the highest CD rate on the market.

Melrose Credit Union is out of New York and is open to all residents throughout the United State. They have a $1 joining fee which makes all of their certificates of deposit worth looking at. Since they hold the top spot for the 12 month, 36 month and 60 month CD rates, its worth a look at. Melrose is also close to leading in the 24 month CDs category also.

To put these interest rates into perspective here is a list of the next top 3-year certificates of deposit:

• 2.19% APY from Heritage Bank located in Phoenix and Tempe, Arizona. A minimum deposit of $5,000 is required.
• 2.15% APY from Sallie Mae Bank, has no minimum deposit and is owned by the big student loan lender.
• 2.08% APY from Bank of Internet, requires a minimum deposit of $1,000.
• 2.05% APY from USAA out of Texas, requires a minimum deposit of $1,000.

All of these financial institutions take applications online and have no restrictions on who can apply.

Be sure to check out our best nationally available CD rates. CD rates can change at any moment, so be sure to verify the current rates being offered.

Texas First Bank

If you live in SE Texas this may be an offer you want to take a look at.

You will earn an unprecedented 3.25% APY on your Checking account.  This would be a very high yield on a savings account let alone a checking account.

Not only will you earn high interest on the balance of the account, but the checking account itself is free.  Plus you will be eligible for ATM fee refunds from ATM’s all over the nation.

Check our the other Rewards Checking Account Offers.

Of course there is some other details and fine print so here you go:

• 3.25% APY on balances up to $10,000
• 1.01% APY on portion of balances over $10,000
• 0.05% APY if monthly qualifications are not met (qualifications below)
• Nationwide ATM fee refunds (up to $45 per month)
• No minimum balance
• No monthly service fee
• Unlimited check writing
• Free check card
• Free online banking with bill pay
• Free direct deposit
• Free telephone banking
• Free mobile banking
• Free eStatements
• $50 deposit to open

And here is what it takes to remain qualified to receive the 3.25% APY:

• Make 10 check card purchases each statement cycle
• Receive monthly eStatements
• Set up 1 recurring direct deposit or ACH auto debit

These three things are pretty simple to accomplish withing a given monthly cycle.  If you do not qualify for a particular month you will receive the standard .05% APY for that month, but this is not permanent.  Once you meet all the qualifications for any month after you will receive the 3.25%* and ATM refunds for that month.  (*For balances up to $10,000, and 1.01% on the remaining balance.)

Texas First Bank is FDIC insured and services customers in SE Texas. For more info and to read all the fine print visit here.

You can also find our great list of checking account specials.

We have reviewed and sifted through many banks to find the best local rates Dallas Texas has to offer.

While with local CD rates you often get the personal touch of a friendly local banker, you may find the rates to be just under the national average.  You can check out our best cd rates to help you determine whether your local cd rates or national cd rates are better.

We determine the “highest” local rates by factoring in the CD rates with their respective term and comparing them to the national average.

Here are Dallas Texas’ best local CD rates.

6 Month

• Texas Federal Credit Union – 1.92% APY – Minimum deposit = $1,000
• SouthWest Airlines Federal Credit Union – 1.90% APY  – Minimum deposit = $1,000

12 Month

• Baxter Credit Union – 2.50% APY – Minimum deposit = $50
• SouthWest Airlines Federal Credit Union – 2.50% APY – Minimum deposit = $1,000
• Branch Banking and Trust Company – 2.25% APY  – Minimum deposit = $2,500

24 Month

• First National Bank – 2.68% APY – Minimum deposit = $1,000
• SouthWest Airlines Federal Credit Union – 2.60% APY – Minimum deposit = $1,000
• Washington Federal Savings and Loan Association – 2.50% APY – Minimum deposit = $1,000

All of the financial institutions mentioned above are insured by the FDIC or the NCUA.

Remember CD rates are time sensitive.  Please check with the financial institution for current rates and more details.  Refer to the date of this article for probable accuracy of cd rates.