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With average local savings rates at 0.22% APY and average online savings rates at 0.80%, Texas has gone big with some banks offering savings account rates significantly above both of these averages. In fact, Texas has quite a few banks still offering rates above 1% APY. So, where are the best rates? East Texas. The top four rates are clustered in Dallas and Houston. New banks founded after 2007 also have three of the top four spots on the savings rate tables. As we've discovered, new banks, formed after the worst of the lending excesses last decade, are healthy, growing, and hungry for deposits.
So, without further introduction, the best savings rates in Texas are:
- Providence Bank Of Texas has the highest savings account rate in the state, paying 1.11% APY with a $1 minimum balance. Providence is located in Southlake, just outside Dallas. The bank was founded in 2007 and has seen its assets grow quickly from $12 million to $100 million in 2011. Providence has a Texas Ratio of 3.75%, which is below the national average of 21.06%.
- Gilmer National Bank, Gilmer, Texas is paying 1.06% APY with a $50 minimum balance. The bank was founded in 1901 and has one branch in Gilmer, which is north of Longview. The bank's assets have remained fairly constant over the last five years, growing slightly from $186 million in 2006 to $188 million in 2011. Gilmer National Bank has a Texas Ratio of 9.86%, lower than the national average.
- Icon Bank Of Texas, National Association is paying 1.01% APY with a minimum balance of $300. Icon was founded in 2007 and has seen its assets grow from $59 million in 2006 to $318 million in 2011. The bank has four branches (view branch locations) located around Houston. Icon's Texas Ratio of 6.53% is lower than the national average of 21.06%.
- Bank Of Las Colinas rounds out the top 4 with a 1.00% APY savings account with a minimum balance of $1. Bank of Las Colinas was also founded in 2007. Its assets have grown from $11 million at its founding to $48 million in 2011. The bank's Texas Ratio of 15.36% is lower than the national average. The bank has one branch located in Irving, TX, outside of Dallas.
See the full list of Texas Savings Rates by clicking on the "Savings" tab above.
Don't Live Near These Banks?
If you don't live near any of these banks, find savings rates for banks in your local area.
Another option is to consider opening a savings account online. Online savings account offer attractive rates, low minimum balances, and the convenience of banking from home. Some featured accounts are:
- Discover Bank is offering 1.00% APY with a $1 minimum balance.
- CNB Bank Direct is offering a 1.00% APY with a $1 minimum balance.
- Personal Savings by American Express is offering a 0.90% APY rate with a $1 minimum balance.
Getting the best rate makes a difference. To understand how earning half a percentage point can put a lot more money in your wallet over time, please visit our financial knowledge section. It pays to get the best rate.