Beal Bank, based out of Plano, Texas and founded in 1988, is the 76th largest bank in the country by assets with $32.6 billion as of last year.

They have 17 locations nationwide and nearly all of them are in major metropolitan areas. As of 2023, Beal Bank has branches in the following cities:

• Phoenix, AZ
• Sacramento, CA
• San Diego, CA
• Walnut Creek, CA
• Denver, CO
• Miami, FL
• Tampa, FL
• Atlanta, GA
• Chicago, IL
• Boston, MA
• Las Vegas, NV
• Philadelphia, PA
• Seattle, WA

For consumers, Beal Bank is primarily a savings bank that offers deposit accounts including CDs (certificates of deposit), IRA CDs, money market accounts and a savings account. They are member FDIC and all deposits are federally insured up to $250,000 per depositor.

For the purpose of this review, we will focus on their CD rates. These are their most competitive accounts at the moment and come with fixed rates.

Their variable-rate savings account isn’t competitive at the moment and their money market rates only beat the national average if you can maintain a balance of $25,000 or more. Plus, much better yields can be found from other online banks with no balance requirements.

To see if Beal Bank’s CDs are right for you continue reading our review below.

Beal Bank CD Rates + Account Details

All of Beal Bank’s CDs come with a minimum deposit requirement of $1,000 to open and terms ranging from 1 month to 5 years.

Their CDs can be applied for and opened online by consumers nationwide except for 1 and 2 month CDs which must be opened in one of their branches.

Also, to get started with an IRA CD, you must contact a Beal Bank USA Specialist at 877-TRY-BEAL. Those can not be applied for and opened online.

CD Rates

To put these yields into perspective, the current national average for a 12 month and a 60 month CD sit at just 1.28% and 1.21% APY, respectively, according to FDIC data.

The top yields from FDIC-insured, online banks and nationally available credit unions are now inching over the 5.00% and 4.50% APY mark for the same respective terms following the Fed’s most recent rate hike.

Compounding and Crediting Interest

Interest is both compounded and credited quarterly to your account.

This is a less frequent compounding schedule than many other banks offer which tend to feature daily compounding interest which credits back to the account monthly.

Grace Period and Early Withdrawal Fees

Upon the maturity of your Beal Bank CD you will be given a 10 day grace period in which you may close it out or modify it before it automatically renews into a new CD with the same term and the going APY at that time.

If you need funds from your CD prior to its maturity you will face an early withdrawal fee. The fee structure is as follows:

For CDs with terms of one year or less, the penalty is the greater of:

• 1% of the amount withdrawn, or
• Half of the overall interest that would have been earned during the entire term of the CD

For CDs with terms longer than 1 year, the penalty is greater of:

• 1% of the amount withdrawn, or
• The replacement cost of the amount withdrawn

The Replacement Cost is the difference between the interest rate Beal Bank is paying you on your CD and the approximate rate they would need to pay on a new CD to replace the funds that you’ve withdrawn. You can find this calculation and see an example in their Truth-in-Savings disclosure form.

How to Open and Fund your CD

CDs with terms of 3 months or more can be applied for and opened online or over the phone.

To get started online, navigate here and enter your zip code. Once all of their terms and rates are displayed you can select the CD term you’d like to open by clicking on the “Apply Now” button next to it.

Once you’ve clicked that, you should see it in a shopping cart on the top right of your screen. You will also be prompted to begin filling out your personal information.

To expedite this process, you’ll want to have the following pieces of information available:

• Email
• Phone
• Home Address
• Social Security Number
• Driver’s License or State Issued ID

Once approved, you’ll need to fund your CD. If funding your certificate from an outside bank or credit union, you’ll need:

• Your current bank or credit union’s routing number.
• bank account where funds will be withdrawn from to fund your Beal Bank CD.