Best CD Rates in Texas for April 2024

We’ve compiled the best CD rates in Texas to help you understand your options and maximize your savings.  Savings accounts may not be enough to reach large financial goals, but CDs in Texas may help.

With higher interest rates and flexible terms, reaching your goals faster is easy. Banks in Texas have CD terms ranging from a few days to 10 years, each paying different APYs.

Some banks run promotions on specific terms, while others reserve the highest APYs for the longest terms.

Always pay attention to the minimum deposit requirements, terms, withdrawal requirements/penalties, and renewal terms to choose the right CD in Texas.

Best CD Rates in Texas

Check out the best CD rates in Texas below to see how quickly you can reach your financial goals:

  1. Valley Direct: 5.60% APY
  2. Sallie Mae: 5.40% APY
  3. Blue Federal Credit Union: 5.25% APY
  4. Quontic Bank: 5.05% APY
  5. Discover® Bank: 5.00% APY
  6. CIT Bank: 5.00% APY
  7. First Tech: 4.91%

1. Valley Direct

  • Minimum Deposit: $500
  • APY: 4.60% to 5.60%
  • Terms: 12 to 36 months

Valley Direct CDs are available at fixed or variable rates. If you want to take advantage of rising market rates, the 36-month variable CD remains 0.1% above the Federal Funds Target Rate’s upper limit. This ensures your investment doesn’t lose value should inflation increase.

Valley Direct also offers the option to lock in fixed rates, but you’ll incur an early withdrawal fee if you withdraw funds before maturity. Valley Direct CDs are only available online but are open to anyone over 18 with a Social Security number and at least $500 to deposit.


  • Low minimum deposit
  • Unique variable rate CD option
  • All options are short-term investments with high APYs


  • Must maintain a $500 average daily balance to earn advertised APY
  • Only a few term options


2. Sallie Mae

  • Minimum Deposit: $1
  • APY: 4.70% to 5.40%
  • Terms: 10 to 14 months

Most people know Sallie Mae for its student loans, but it also offers lucrative financial products to help people of all ages achieve their financial goals in Texas. Available nationwide with no penalties, the CDs pay high APYs and have an exceptionally low minimum deposit requirement.

Clients have the option of traditional CDs or no-penalty CDs. While you sacrifice a little interest for the option to withdraw at any time, you won’t pay the typical high penalty for accessing funds early.


  • Option for no-penalty CDs
  • Pays high APYs even on no-penalty CDs
  • Interest compounds daily


  • A small selection of terms
  • Early withdrawals must be for the entire principal amount


3. Blue Federal Credit Union

  • Minimum Deposit: $1
  • APY: 5.00% to 5.25%
  • Terms: 9 to 15 months

The Blue Federal Credit Union CDs dividends compound daily and are paid monthly. With a minimum deposit of only $1, it’s easy for Texans to open an account and start earning interest on their funds.

Blue Federal Credit Union has 115,000+ members, who are members of the National Credit Union Administration, insuring deposits up to $250,000 per depositor.

While membership was originally for members of the Air Force assigned to Warren Air Force Base in Wyoming, Naval Reserve, or members of the Army or Air National Guard, it is now open to employees of many companies throughout Wyoming, family members of existing members, and anyone who donates to the Blue Foundation.


  • High APYs
  • Low minimum deposit
  • Easy to join


  • Must be a member of the credit union
  • Only offers short CD terms


4. Quontic Bank

  • Minimum Deposit: $500
  • APY: 4.30% to 5.05%
  • Terms: 6 months to 5 years

Quontic Bank’s CDs pay high APYs, with the highest rate paid on the 1-year term, and only require a $500 deposit. This digital bank offers many options for customer service, and they are FDIC-insured, so your funds are protected.

Quontic compounds interest daily, and it is paid monthly. You can withdraw your funds at maturity or renew for the same term. They provide a 10-day grace period to determine what to do; if you do nothing, your CD automatically renews for the same term.


  • Daily compounded interest
  • Pays attractive APY on a 12-month CD
  • Low minimum deposit requirement


  • Early partial withdrawals of principal are not allowed
  • Cannot add additional funds throughout the term


5. Discover® Bank

  • Minimum Deposit: $2,500
  • APY: 2.00% to 5.00%
  • Terms: 3 months to 10 years

Discover offers high APYs on short and long-term CDs, giving you options to invest your funds. Discover charges no fees, but there is an early withdrawal fee based on your term’s length if you withdraw funds before maturity.

The APYs vary by term, and your interest rate is locked once you choose your CD term. With transparent rates and pricing, it’s easy to know what to expect when you invest with Discover CDs in Texas.


  • Many term options
  • High APYs
  • Open an account today and deposit funds when you’re ready


  • Higher minimum deposit requirement than other banks
  • Hefty penalties for early withdrawal


6. CIT Bank

  • Minimum Deposit: $1,000 for term and no-penalty CDs and $100,000 for jumbo CDs
  • APY: 0.3% to 5%
  • Terms: 6 months to 5 years

CIT Bank CDs provide several options, including an 11-month no-penalty CD, allowing you to withdraw the principal and interest earned after seven days of opening the CD. The APYs vary significantly and pay the best on 6-month, 13-month, and 18-month terms.

All rates remain fixed for the CD’s term, and interest compounds daily. There is a penalty for early withdrawal, but with the option of the 11-month no-penalty CD, you can avoid fees and have peace of mind knowing your funds are available if needed.


  • No fees
  • Competitive APYs on certain terms
  • Low minimum deposit requirements


  • Low APYs on certain terms
  • Penalty on early withdrawals on all CDs, except 11-month


7. First Tech

  • Minimum Deposit: $500
  • APY: 2.25% to 4.91%
  • Terms: 6 months to 60 months

First Tech CDs are available as traditional CDs with a fixed term or bump-up CDs that allow the option to bump up the rate or your investment throughout the term. Both options offer flexible choices to invest your funds and earn high APYs without risking money in the stock market.

First Tech is FDIC-insured, so your deposits up to $250,000 are insured against a loss. With many options to invest your money, it’s easy to reach your financial goals using First Tech CDs. If you want to bump up your rate, you have options of 13, 24, and 36-month terms.


  • No maximum balance
  • Many term options
  • No fees


  • Must be a First Tech Credit Union member
  • Low APY on certain terms


Summary of the Best CD Rates in Texas

Company APY Min. Deposit Requirement Compounding Frequency
Valley Direct 4.60% to 5.60% $500 Daily
Sallie Mae 4.70% to 5.40% $1 Daily
Blue Federal Credit Union 5.00% to 5.25% $1 Daily
Quontic 4.30% to 5.05% $500 Daily
Discover 2.00% to 5.00% $2,500 Daily
CIT Bank 0.30% to 5.00% $1,000 Daily
First Tech 2.25% to 4.91% $500 Daily

Types of CDs Available in Texas

There are many CD options for savers in Texas. Comparing your options to your financial goals can help you choose the right option.

Short-Term CDs in Texas

Short-term CDS usually has a term of a few days to one year. Some banks pay lower APYs for the shorter term, but some offer promotional rates to encourage savers to invest in them. Short-term CDs are good for immediate goals or those who aren’t sure when they’ll need their funds.

If you’re investing in a short-term CD, look for those with promotional rates, as shorter terms typically have lower APYs. Even short-term CDs have penalties for early withdrawal, so only choose the term you know you can leave the funds untouched for the entire term.

Long-Term CDs in Texas

Long-term CDs, as the name suggests, require you to tie up your funds for a longer period, usually two to five years. Most long-term CDs pay higher APYs than short-term CDs, but exceptions exist, so always compare your options among different Texas banks.

The longest term most banks offer is five years, but you may find CDs with 10-year durations. Again, because of the penalties for early withdrawal, only choose the CD you know you can satisfy the term so you receive the full amount of interest intended.

Liquid CDs in Texas

Liquid CDs are those that allow early withdrawal without a penalty. They still have a term or the length of time you’ll earn the stated interest rate, but you can generally withdraw funds early if necessary.

There’s usually a tradeoff with liquid CDs because you have the option to withdraw funds early. Many banks pay lower APYs for the early withdrawal option.

If you are still determining when you need the funds, the lower APY may be good for your peace of mind.

Step Up/Bump Up CDs in Texas

Bump-up CDs allow you to ‘bump up’ your rate, usually once during the term. This is a good option during high inflationary rates or when you predict rates might increase.

Bump-up CDs usually have longer terms, meaning you tie up your funds longer but have higher APY options should rates increase.

Bump-up CDs in Texas often have higher minimum deposit requirements. Pay close attention to the terms to ensure you can satisfy the terms and earn the full amount of interest.

Add-on CDs in Texas

Most CDs allow a one-time deposit, but add-on CDs allow you to continue contributing to the CD, increasing the interest earned. Not all banks in Texas offer this option, and it must be explicitly stated in the terms to be an option.

When choosing this option, consider the big picture, including the minimum deposit and term. Also, note if there are any limitations on the number of times you can contribute funds.

Our Methodology

The BankBonus team has reviewed dozens of brick-and-mortar banks, online banks, credit unions, and fintech companies offering CD accounts in Texas.

To provide you with accurate recommendations for the best CD rates in Texas, we used the metrics below to assess each account:

  • APY: First and foremost, we evaluate CD offers based on how competitive their APY is
  • Compounding schedule: Another major factor we consider is the account’s compounding schedule, prioritizing banks that compound interest daily rather than monthly or quarterly
  • CD terms: We also consider the variety of CD term lengths each financial institution offers
  • Account minimum: Additionally, we look at each CD’s minimum opening deposit requirements and any ongoing account minimums
  • User experience: We carefully consider the ease of applying and managing CD accounts on each bank’s website and factor in reviews of the mobile app from the App Store and Google Play Store
  • Customer service: In our review process, we also explore each institution’s customer service channels, hours of availability, and third-party reviews

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