APY GUY tracks and publishes noteworthy APYs (annual percentage yields) on both fixed and variable rate deposit accounts from hundreds of FDIC-insured banks and NCUA-insured credit unions nationwide.

In this August 2023 report, we’ve published what we’ve found to be the top CD (certificate of deposit) rates available to residents in Texas. While we do our best to keep rates updated on a monthly basis at the minimum, we advise that you check with each financial institution individually to get updated CD and savings rates.

We should also note that although all of the CDs on this list are available to residents in the state of Texas, many are issued by institutions based outside of the state and/or without locations in the state.

According to FDIC state profile data (download here) there are 387 banks serving the state of Texas with combined assets of just over $1.1 trillion.

There are also ~420 credit unions with headquarters in Texas serving 10+ million members with combined assets of nearly $150 billion according to Credit Unions Online.

The largest credit union in Texas by member size and assets held is Randolph-Brooks Federal Credit Union, serving 1.12 million members and holding $16.86 billion in assets.

Credit unions and banks of all sizes within the state of Texas and throughout the country offer federally insured CDs with varying terms, generally ranging from a few months to 5 to 10 years. The FDIC insures bank deposits up to $250,000 per depositor and the NCUA insures credit union deposits up to $250,000 per depositor.

CD and savings rates are generally correlated to Federal Reserve rates which are now anchored between 5.25% and 5.50% following the Fed’s most recent rate hike in July. The Fed may still raise rates again before the end of the year. You can read more in our CD rate forecast.

Below is our report on the best CD Rates in Texas for the month of August, 2023.

Best 6 Month CD Rates

Below are the top four short term CD rates. Originally we kept this list to just 6 month CD rates, but have expanded it to cover new promotional CD offers with short terms. All of the CD rates below are available to residents in Texas. These products may not be exclusive to Texas residents in all cases.

To put these yields into perspective, the national average for a 6 month CD sits at just 1.30% according to FDIC data.

Frost Bank is headquartered in San Antonio, Texas and has 184 financial service centers in Texas with locations in the following cities:

• Austin (18)
• Corpus Christi (8)
• Dallas (34)
• Houston (62)
• Permian Basin (7)
• Rio Grande Valley (5)
• San Antonio (27)
• Tarrant County (24)
• Victoria (2)

*Credit Union of Texas has an advertised 5.00% APY (annual percentage yield) CD with a 6 month term, however, they also have a Best Rate Guarantee Policy where they will beat any competitors CD rates by 0.10% if they are located in East Texas and/or the Dallas-Fort Worth area.

Security Service Federal Credit Union is headquartered in San Antonio, Texas and has 30 branches in and around San Antonio and Corpus Christi. Your zip code may affect your rates and you’ll have to enter that before seeing SSFCU’s product terms and APYs on their website. The rates we surveyed for this report were from a Houston, Texas area zip code.

Regions Bank is headquartered in Birmingham, Alabama but serves customers across the South, the Midwest and Texas. To earn the advertised “Relationship Rate” listed above, you’ll have to also have an eligible checking account with Regions.

Best 12 Month CD Rates

Below are the top four 12 month CD rates available to residents in Texas.

The State Bank of Texas has a 12 month promotional CD with a phenomenal APY that is available to residents throughout the country and can be opened securely online. The online application process takes about 20 minutes but you’ll need a hefty minimum deposit of $100,000 to earn the advertised rate.

The 14 month promotional CD from regions also falls under their “Relationship Rate” which means you’ll need to have a checking account with them as well to earn the advertised APY.

The Credit Union of Texas’s Best Rate Guarantee applies to all CD terms.

To give the offers above some context, the average APY on a 12 month CD sits at just 1.72% nationally (according to FDIC data) while the average 12 month CD rate in Texas is 2.36% according to Bankrate data.

Best 2 Year CD Rates

Below are the top four 2 year CD rates available to residents in Texas.

USAA is headquartered in San Antonio, Texas but accepts new members throughout the country. Joining USAA takes just a few minutes and can be completed online. Once you’ve joined you may also open a CD with them online as well.

To put these offers above in perspective, the average 2 year CD rate sits at just 1.47%, nationally. The average 2 year CD rate in Texas is 2.55%.

Best 3 Year CD Rates

Below are the top five 3 year CD rates available to residents in Texas.

Navy Federal Credit Union offers nationwide membership.

To put these offers above in perspective, the average 3 year CD rate sits at just 1.37%, nationally. The average 3 year CD rate in Texas is 2.71%.

Best 5 Year CD Rates

Below are the top five 5 year CD rates available to residents in Texas.

To put these offers above in perspective, the average 5 year CD rate currently sits at just 1.37%, nationally. The average 5 year CD rate in Texas is 2.83%.

Texas CD Rates VS National Average

Banks and credit unions operating in Texas and serving the residents therein, are currently featuring higher CD rates and APYs than what we find at the national level.

We’ve compiled a chart comparing average CD rates in Texas vs average CD rates in the US using both Bankrate and FDIC data. You can see the results below. These are accurate as of August 2023.

Average CD Rates in Texas – vs – Average CD Rates Nationally:

All of the CD rates featured in this report were surveyed on August 17, 2023.