While CD rates are still high, now’s the time to lock in. Texas has a lot of banks and credit unions with very high CD rates, but there are also online banks to consider. We’ve narrowed down the best CDs in Texas, featuring deposit requirements of $1,000 or less and rates more than double the national average.
Offering up to 4.25% APY on a 6-month term, Quontic Bank's CDs are hard to beat. On top of the high rates, the minimum opening deposit is just $500, which is half as much as the typical $1,000 deposit requirement with other banks.
Alliant Credit Union is an online credit union available in all 50 states. It offers a high 4.1% APY on a 12-month CD with a $1,000 opening deposit. As with other credit unions, you must become a member. You qualify for membership by living or working near its service area or by joining the Alliant Credit Union Foundation with a one-time $5 donation.
Headquartered in Graham, Texas, Ciera Bank offers some of the lowest deposit requirements alongside top-notch rates. It offers a 90-day CD with a 4.75% APY and a $1,000 opening deposit requirement. However, a standout offer is the 180 Day EZ Saver CD, offering 5.20% APY with just a $50 minimum deposit.
Offering up to 4.5% APY on a 3-month CD, Susser Bank is a solid Texas-based bank. It requires a minimum opening deposit of $1,000 for its CDs, which is right in line with other banks. Unlike most other options on this list, Susser has physical branches in cities like Dallas, Fort Worth, San Antonio and Houston.
Ally Bank is an online bank, and US residents can open CDs entirely online. Its CD rates are high for most of its terms, with the top rate being a 4.2% APY on its 6-month CD. The cherry on top is that there's no minimum deposit requirement, so you can open any Ally CD with as little as $1.
Marcus by Goldman Sachs is a long-standing bank that focuses on savings products, such as high-yield savings accounts and CDs. A standout CD is the 9-month term with a competitive 4.1% APY, requiring just a $500 minimum opening deposit, where most banks require at least $1,000.
Offering share certificates, another word for CDs, Credit Human is a credit union that nearly anyone can join thanks to its lenient membership requirements. It offers multiple CD terms with great rates, most notably, a 4.21% APY with terms between 18 to 23 months offer and a low $500 minimum deposit. If you live, work, worship or attend school near San Antonio, Texas, you may automatically be eligible for a membership. Others can join Credit Human through the American Consumer Council.
1-year APY
4.21%
3-year APY
4.11%
5-year APY
4.11%
Minimum deposit to open
$500
3-month APY
3.41%
5-month APY
3.41%
6-month APY
4.11%
7-month APY
4.11%
8-month APY
4.11%
9-month APY
4.11%
10-month APY
4.11%
11-month APY
4.11%
1-year APY
4.21%
13-month APY
4.21%
14-month APY
4.21%
15-month APY
4.21%
16-month APY
4.21%
17-month APY
4.21%
18-month APY
4.21%
20-month APY
4.21%
23-month APY
4.21%
2-year APY
4.25%
25-month APY
4.25%
27-month APY
4.25%
28-month APY
4.25%
30-month APY
4.25%
3-year APY
4.11%
42-month APY
4.11%
4-year APY
4.11%
5-year APY
4.11%
6-year APY
4.11%
7-year APY
4.11%
10-year APY
4.11%
1-year APY
4.21%
3-year APY
4.11%
5-year APY
4.11%
Minimum deposit to open
$500
Methodology: How we chose the best CD rates in Texas
Finder’s experts compared Texas-based banks and credit unions to find the best CD offerings. We heavily considered banks based or headquartered in Texas and online banks that service Texas. We only considered CDs with minimum opening deposits no higher than $1,000 and rates at least double the national average rate for CDs of the same term.
How to compare the best CDs in Texas
Any great CD will have a high APY, allowing your money to earn the most it can. You should also consider the opening deposit requirements and whether the term suits your situation.
APYs. When comparing CDs, the interest rate is a top consideration. The higher the rate on the CD, the more you will earn. Currently, national averages for CDs are around 1.50% for most terms, so rates higher than this are likely a good bet.(1)
Deposit requirements. As the name suggests, expect an opening deposit requirement when you open a CD. Most banks require at least $1,000, but a few — like Ally, Marcus and Ciera Bank — have lower requirements.
Early withdrawal penalties. If you need to withdraw funds before the term ends, you’ll likely forfeit some interest earned. Typically, the penalty ranges from 90 to 180 days of earned interest, depending on your term. Ask the bank about these penalties to know how much you could lose if you withdraw funds early.
CD terms. A CD’s term is key. The longer the term, the more interest you can earn. However, make sure you’re comfortable with leaving the funds untouched for the entire term. CD terms typically range from 30 days to 10 years.
How often do CD rates change?
Federal rates can change up to eight times a year, because that’s how often the Federal Open Market Committee (FOMC) meets to discuss the federal funds rates. However, individual banks, credit unions and fintechs can adjust their savings and CD offerings at any time.
With most CD types, your interest rate is fixed for the whole term. Even if a bank lowers its CD and savings rate offerings, your CD remains fixed if you opened it before the rates dropped. Fixed-rate CDs are guaranteed to earn the interest rate offered at the time you opened the CD.
Experts often consider CDs a safe way to earn interest because your rate is fixed. However, you won’t have penalty-free access to those funds until the term ends. With savings accounts, rates are variable. You could open a savings account today with a 5% APY and access your funds without penalties, but the bank may lower that rate to 1% tomorrow.
Alternatives to Texas CDs
You may not want to lock your savings away for months at a time — consider these CD alternatives for other ways to save:
High-yield savings accounts. A high-yield savings account is just a fancy phrase for a savings account with a very high interest rate. It typically offers an APY well over two or three times the national average, which is currently 0.46%, according to the FDIC.
Interest-bearing checking. CDs lock your funds away. If you want access to your funds, an interest-bearing checking account is a great alternative.
Money market accounts. Often called a hybrid of checking and savings accounts, money market accounts offer access to your funds while they earn interest.
Bottom line
CDs are a great place to store some savings and make your money work for you. For more high-yield CD options, compare the best CD rates overall.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
Bethany's expertise
Bethany has written 448 Finder guides across topics including:
See what the average interest rate was in the US for 3-month, 60-month, 1-year, 3-year and 5-year CDs since 2009 and learn how the economy affects rates.
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