Are you tired of low-interest savings accounts that offer meager returns? Look no further than Beal Bank, a reputable institution based in Plano, Texas. Founded in 1988, Beal Bank has grown to become the 76th largest bank in the country, with assets totaling $32.6 billion as of last year. With 17 locations nationwide, Beal Bank is easily accessible for customers in major metropolitan areas. Let’s explore their impressive CD rates and see if they are the right fit for you.
Convenient Locations and Trusted Services
As a savings bank, Beal Bank offers a range of deposit accounts to cater to your financial needs. These include CDs (certificates of deposit), IRA CDs, money market accounts, and a savings account. Beal Bank is a member of the FDIC, meaning that all deposits are federally insured, providing added peace of mind. Each depositor is protected up to $250,000.
Competitive CD Rates
Beal Bank’s CDs are currently their most competitive accounts. These fixed-rate CDs come with a minimum deposit requirement of $1,000 and terms ranging from 1 month to 5 years. While some banks offer only daily compounding interest, Beal Bank compounds and credits interest quarterly, providing you with a less frequent, yet still lucrative compounding schedule.
Let’s take a closer look at the rates offered:
CD Term | APY
—- | —-
12 months | 4.65%
To put these yields into perspective, according to FDIC data, the national average for a 12-month and 60-month CD is just 1.28% and 1.21% APY, respectively. However, thanks to the recent rate hike by the Fed, the top yields from FDIC-insured online banks and credit unions have surpassed 5.00% and 4.50% APY for the same respective terms.
Flexibility and Grace Period
Upon the maturity of your Beal Bank CD, you will enjoy a 10-day grace period. During this period, you have the option to close the CD or make modifications before it automatically renews into a new CD with the same term and the prevailing APY at that time.
However, if you need to access your funds before maturity, an early withdrawal fee will apply. For CDs with terms of one year or less, the penalty is the greater of 1% of the amount withdrawn or half of the overall interest that would have been earned during the entire term. For CDs with terms longer than 1 year, the penalty is the greater of 1% of the amount withdrawn or the replacement cost of the amount withdrawn. The replacement cost is calculated based on 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.
Hassle-Free Application and Funding
Opening and funding your Beal Bank CD is a breeze. CDs with terms of 3 months or more can be applied for and opened online or over the phone. Simply visit their website, enter your zip code, and browse through their impressive range of terms and rates. Once you’ve selected the CD term you desire, click on the “Apply Now” button to initiate the process. Be prepared with your personal information, including email, phone number, home address, social security number, and a driver’s license or state-issued ID for verification.
To fund your CD, you’ll need the routing number of your current bank or credit union if you’re transferring funds from an outside institution. Provide the necessary details of the account from which the funds will be withdrawn.
Beal Bank’s commitment to customer satisfaction, competitive rates, and a hassle-free application process make them an attractive choice for consumers seeking to maximize returns on their deposits. Don’t settle for subpar interest rates. Give your hard-earned money a chance to grow with Beal Bank’s outstanding CD rates.
Note: The information provided in this article is accurate at the time of writing. Please refer to the official Beal Bank website for the most up-to-date information on CD rates and offerings.
[Image Source: Beal Bank]