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7 Best CD rates in Texas in October 2024

The Lone Star State’s best CD rates we could find.

While CD rates are still high, now’s the time to lock in. Texas has a lot of banks and credit unions with very high CD rates, but there are also online banks to consider. We’ve narrowed down the best CDs in Texas, featuring deposit requirements of $1,000 or less and rates more than double the national average.

7 best CD rates in Texas

Quontic Bank CDs

5
★★★★★

Finder score

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1-year APY4.00%
3-year APY3.25%
5-year APY3.00%
Minimum deposit to open$500

Alliant Credit Union CDs

4.8
★★★★★

Finder score

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1-year APY4.50%
3-year APY3.80%
5-year APY3.65%
Minimum deposit to open$1,000

Ciera Bank

4.8
★★★★★

Finder score

1-year APY4.75%
3-year APY3.95%
5-year APY3.55%
Minimum deposit to open$1,000

Susser Bank

4.8
★★★★★

Finder score

1-year APY4.25%
3-year APY3.25%
5-year APY3.00%
Minimum deposit to open$1,000

Ally High Yield CDs

4
★★★★★

Finder score

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1-year APY4.25%
3-year APY3.60%
5-year APY3.60%
Minimum deposit to open$0

Marcus by Goldman Sachs High-Yield CDs

4.5
★★★★★

Finder score

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1-year APY4.50%
3-year APY4.15%
5-year APY4.00%
Minimum deposit to open$500

Credit Human Share Certificates

5
★★★★★

Finder score

1-year APY4.05%
3-year APY3.75%
5-year APY3.85%
Minimum deposit to open$500

Methodology: How we chose the best CD rates in Texas

Finder’s experts compared Texas-based banks and credit unions to find the best CD offerings. We heavily considered banks based or headquartered in Texas and online banks that service Texas. We only considered CDs with minimum opening deposits no higher than $1,000 and rates at least double the national average rate for CDs of the same term.

How to compare the best CDs in Texas

Any great CD will have a high APY, allowing your money to earn the most it can. You should also consider the opening deposit requirements and whether the term suits your situation.

  • APYs. When comparing CDs, the interest rate is a top consideration. The higher the rate on the CD, the more you will earn. Currently, national averages for CDs are around 1.50% for most terms, so rates higher than this are likely a good bet.(1)
  • Deposit requirements. As the name suggests, expect an opening deposit requirement when you open a CD. Most banks require at least $1,000, but a few — like Ally, Marcus and Ciera Bank — have lower requirements.
  • Early withdrawal penalties. If you need to withdraw funds before the term ends, you’ll likely forfeit some interest earned. Typically, the penalty ranges from 90 to 180 days of earned interest, depending on your term. Ask the bank about these penalties to know how much you could lose if you withdraw funds early.
  • CD terms. A CD’s term is key. The longer the term, the more interest you can earn. However, make sure you’re comfortable with leaving the funds untouched for the entire term. CD terms typically range from 30 days to 10 years.

How often do CD rates change?

Federal rates can change up to eight times a year, because that’s how often the Federal Open Market Committee (FOMC) meets to discuss the federal funds rates. However, individual banks, credit unions and fintechs can adjust their savings and CD offerings at any time.

With most CD types, your interest rate is fixed for the whole term. Even if a bank lowers its CD and savings rate offerings, your CD remains fixed if you opened it before the rates dropped. Fixed-rate CDs are guaranteed to earn the interest rate offered at the time you opened the CD.

Experts often consider CDs a safe way to earn interest because your rate is fixed. However, you won’t have penalty-free access to those funds until the term ends. With savings accounts, rates are variable. You could open a savings account today with a 5% APY and access your funds without penalties, but the bank may lower that rate to 1% tomorrow.

Alternatives to Texas CDs

You may not want to lock your savings away for months at a time — consider these CD alternatives for other ways to save:

  • High-yield savings accounts. A high-yield savings account is just a fancy phrase for a savings account with a very high interest rate. It typically offers an APY well over two or three times the national average, which is currently 0.46%, according to the FDIC.
  • Interest-bearing checking. CDs lock your funds away. If you want access to your funds, an interest-bearing checking account is a great alternative.
  • Money market accounts. Often called a hybrid of checking and savings accounts, money market accounts offer access to your funds while they earn interest.

Bottom line

CDs are a great place to store some savings and make your money work for you. For more high-yield CD options, compare the best CD rates overall.

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To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.
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Written by

Editor, Banking

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

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