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Financial Rates:
5.0
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Customer Service:
3.0
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Website Experience:
5.0
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Bank Fees:
5.0
Pros:
- Good variety of CD terms and no fees
- Competitive interest rates on CDs
- Can open any CD account online
- Short-term CDs offer competitive rates
Cons:
- Only CDs offered
- Must link CDs to external accounts
- High opening required amounts
- Customer service not available 24/7
What You Need to Know
There are a variety of CD terms offered through CD Bank. The terms range from three-month to 60-month terms. There are nine CDs offered between those terms. There are no fees to open the accounts or to maintain the account. The only fee is if you withdraw the money before the CD reaches maturity.
Each of the accounts offered through CD Bank offer competitive interest rates. The rates are competitive with other online CDs. The rates are much higher than typical brick and mortar bank rates.
CD Bank is an entirely online bank. You can open any CD term online as long as you meet the requirements. You must be at least 18 years old and a U.S. citizen or resident alien. The process to open a CD with CD Bank is completely online.
Usually, with CDs, the longer terms earn more competitive interest rates. However, some short-term CDs from CD Bank offer more competitive rates than the longer terms. The 9, 12, 18, and 24-month CD terms offer the most competitive interest rates.
CD Bank offers a limited amount of accounts. They only offer personal deposit CDs. Those CD terms range from three-month to 60-months. There are no other personal deposit accounts available. There are also no business accounts offered through CD Bank.
The easiest way to fund CD Bank accounts is to link the account to an external account. You can mail a check or request a wire transfer. To make electronic transfers does require a linked external account. Money can only be deposited into CD accounts at CD Bank during the grace period after the CD reaches maturity.
The amount required to open any CD with CD Bank is high. Each term requires $10,000 to open. You must also have $10,000 in the account to earn the most competitive interest rate. Balances under $10,000 do not earn the competitive interest rates.
Customer service for CD Bank has specific hours. They are open Monday through Friday from 9 a.m. to 5 p.m. Central Time. If you contact customer service after hours, they will address your issue the next business day.
Cool Things
CD Bank Blog
The CD Bank website offers a few blog posts. These posts answer general questions about CDs. These posts explain why a CD is a good way to invest your money. Learn how to keep safe from scams or hacks as well.
History
CD Bank is an online-only bank. It is the online division of TBK Bank. TBK Bank headquarters are in Dallas, Texas. TBK has over 50 branch locations in Colorado, Iowa, Illinois, Kansas, New Mexico, and Texas. TBK offers personal deposit accounts and business accounts.
CD Bank offers online CDs only. Those CDs are available to anyone over 18, who is a resident of the United States. You do not have to live near a branch location to open a CD with CD Bank. The CD terms offered range from 3-months to 5-year terms.
Frequently Asked Questions
Yes. This CD Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
Access your money mainly through electronic transfers. You can request a check or a wire transfer.
No mobile app is listed on the website.
Yes. The CDs offered through CD Bank do not have a monthly fee. The only fees for CDs are from withdrawing the money before the maturity date.
The interest rates for the CDs are competitive with other online accounts. The only accounts offered are CDs. The opening required amount for each CD is $10,000. There are no monthly fees.
CD Bank offers security measures that comply with federal laws. Their computers have safeguards, and their buildings and files are secure.
Yes. CD Bank CDs offer competitive interest rates. Their rates are competitive with other online accounts. They are much higher than typical bank rates.
No specific business accounts are available through CD Bank. The only accounts are personal deposit CDs. Those terms range from three months to five years.
Everything for your CDs through CD Bank is online. There are no branch locations. The interest rates for CD Bank are much higher than your typical bank rates.
CD Bank does not offer checking accounts. The only accounts offered are CDs.
By phone, email, or mail. Customer service has specific hours. They are open Monday thru Friday from 9 a.m. to 5 p.m. Central Time.
No. No checking accounts are offered, so no bill pay is available. The only accounts offered are CDs.
No. Make deposits through electronic transfers from your linked external account. You can mail in a check or request a wire transfer.
Specific transfer times are not listed on the website.
You can transfer money electronically from the linked external account. You can only deposit money during the grace period or after the CD reaches maturity.
Bank Contact Information
CD Bank12700 Park Central Drive, Suite 1700
Dallas, Texas 75251
888-201-8185
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| Savings (Rate as of 10/29/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 4.00% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC It only takes about 5 minutes to open a fee-free account. | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.81% |
|---|---|
| Rate | 4.81% |
| Min to Open | $500 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.60% |
|---|---|
| Rate | 4.50% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.