A review of Amegy Bank’s online high yield certificates of deposit.

Amegy Bank offers three different high yield certificates of deposit, including online cds and jumbo cds. Amegy Bank, based in Texas, has some of the best cd rates and all the accounts are FDIC. Amegy high interest cd accounts are a great way to make money off a high interest rate. No bank is immune to financial difficulties, but Amegy Bank has been in business for almost 20 years, so there are two decades of experience behind them. All accounts are FDIC insured up to $250,000 which also adds to customer confidence. Not all high yield certificate of deposit accounts are available for online application so pay attention to those details given in this review.

Personal cd accounts from Amegy Bank

Please note that this category of CD accounts, are not available for online application. The terms available from Amegy Bank, range from one month to 5 years. The one month cd is particularly attractive to those who want a higher return than generally available from a savings account, but need their deposit to be available in a relatively short time period. Another positive of high rate certificates of deposit is that the rate of return is fixed for the entire term. If you would like to learn more about the general pros and cons of CD accounts please see Bank Truth’s page on Cd accounts. Since these accounts are not available online we will not spend very much time reviewing them.

Personal Internet CDs

Amegy bank does offer certificates of deposit that you can apply for and manage through online banking services. These CDs are available in three different terms. Three months, six months, and one year are the choices. The best cd rate corresponds to the one year term with an APY of 0.10%. The six month certificate of deposit also has an APY of 0.10% and the three month return is set at 0.05%. All the CD accounts in this category require a minimum opening deposit of $1,000. There are no monthly maintenance fees. Once the account has been opened, you may not make any deposits or withdrawals to the account until it reaches maturity. Interest is compounded and paid monthly. You have three options when it comes to the interest earned from your high yield cd: you can have the interest credited to your cd account, paid to you in the form of a check, or you can have the interest automatically transferred to another Amegy account. Please note that if you opt for any thing other than crediting your interest to the cd account you will not earn the disclosed APY but a lower rate. All cd accounts renew automatically and you have the standard ten day grace period to withdraw funds and close the account, change the terms of the renewal, or to deposit or withdraw funds. Remember this is a certificate of deposit, and if you close it early there will be penalties assessed. If you do end up having to make a withdrawal, the fees assessed by Amegy Bank are actually very reasonable in comparison to other banks. The standard fee for Amegy CDs with terms between 1 month and 1 year is one month’s worth of interest.

Personal Internet Jumbo CDs from Amegy Bank

The jumbo cds require an initial deposit of $100,000 or more. The quoted APY rates are the same as the personal Internet CDs discussed in the previous paragraph. All the options for interest payments and the specifics of interest computation are the same as well.

As I always recommend, please do your homework before opening any account. Compare APY rates offered by Amegy Bank with other online banks by looking through Bank Truth’s reviews of the best cd rates. If you are interested in more information about other products and services offered by Amegy Bank, please see our in-depth review of Amegy Bank.