Share Plus Federal Bank Offering 2% APY 12-Month CD - Available Nationally
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Share Plus Federal Bank Offering 2% APY 12-Month CD - Available Nationally

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Share Plus Federal Bank in Plano, Texas is offering a 2% APY 12-month CD rate good for terms between 1-5 years.

 

Update: May 15, 2013: Share Plus contacted BestCashCow and asked that we let everyone know the promotion is over. Hopefullly, the frenzy that it inspired won't prevent them from offering other great rates in the future.

Update: May 2, 2013 - It looks like Share Plus Federal Bank has decided not to open accounts from out-of area. Despite telling me they would when I called, several members of Depositaccounts.com have tried to open the account and been told they must visit the branch (see comments below article). This is still a great deal if you live near a Share Plus branch but no longer seems to be a nationally available offer. Please let us know if this squares with any of your experiences.

 

Share Plus Federal Bank Offering 2% APY 12-Month CD - Available Nationally

Share Plus Federal Bank in Plano, Texas is offering a 2% APY 12-month CD rate good for terms between 1-5 years. A two percent APY is by far the highest nationally available rate on a twelve month CD when you look at the best CD rates on the BestCashCow tables. In fact, it's the best rate on a two and a three year CD also. There is a minimum deposit of $10,000 and a maximum deposit of $25,000. The bank is limiting it to one CD per customer.

While there is no online application, I spoke to a CSR who told me that the CD can be opened via the phone. A mailing will be then be sent with the necessary paperwork, to be returned to the bank with a check. It's a bit more of a hassle than an online application but for someone looking for some extra yield who has extra time, it might be worth it.

Share Plus Federal Bank is an FDIC insured institution located in Plano, TX. It was founded in 2004 and has approximately $290 million in assets. Customers can open an account via one of its 6 branches. The bank has a Texas Ratio of 28.39% which is higher than the national average of 17.60% but still not close to the 100% that is generally a cause for alarm. Deposits have grown steadily since 2007, from $167 million to $288 million at the end of 2012.

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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Comments

  • Britelite

    May 10, 2013

    People: Need to explain what is going on with Share Plus. Their webpage shows the 5 yr CD as 1.59/1.60% so I called the rep back. It seems she failed to mention that the 1.5% is for 1 - 4 year CDs and 5 yr CDs are as is on the webpage. Maybe they will update their website so we can all see the correct info.

  • Britelite

    May 10, 2013

    I just got off of the phone with my local Share Plus. It's not good news, at least for my interests. She said the new Promo is basically the same as the other one except the rate is now 1.5% for 1 to 5 year CDs.

    Guess I need to check further now.

  • Gerge

    May 10, 2013

    @Britelite - Any update?

  • Britelite

    May 10, 2013

    I called Share Plus today about getting another 2% CD and they said the special ended today. I will call them tomorrow to see what their new rates are.

  • Sol

    May 06, 2013

    I called and spoke to a woman named Michelle at the bank to follow up. She told me that pandemonium hit the bank once we posted the news on BestCashCow and that they could not handle the volume of calls they received. It totally swamped their capability to keep up. I did call beforehand and received information that it was a national offer so I don't think they fully realized the ramifications of opening it up beyond their local area.

    That's a good piece of advice to smaller banks. If you offer a very attractive rate, and open it up nationally, be prepared to be deluged. You will get deposit money.

  • Sol

    May 02, 2013

    Okay. I guess they have changed their tune now that they have received a bunch of calls from out of area. I specifically asked them if they would open out-of-state accounts at the time and they said yes. I had a feeling that would change once the calls started coming in.

  • Shorebreak

    May 01, 2013

    Sol,

    Apparently this promotion is not available nationally.

    Re: paoli2 - #5, Wednesday, May 1, 2013 - 1:12 PM

    Posters: I just got off the phone with the Branch Manager of my local Share Plus who opened our CD today. She said the Special is only good where there are local Share Plus branches. They cannot be done in the mail for people in other states. They also do not have branches in most states at this time.

    http://www.depositaccounts.com/blog/2013/05/cd-special-with-a-top-rate-at-shareplus-federal-bank.html

  • Sol

    May 01, 2013

    Thanks for the extra info Shorebreak!

  • Shorebreak

    April 30, 2013

    Sol,

    According to pearlbrown, a member poster at depositaccounts.com

    It looks like the bank is trying to cope with the unexpected volume while they reallocate other associates to help in this area. At this point they are asking for the caller's name and callback number, so someone can call them back. Since they are not even requesting address information in this initial call, I wouldn't expect the account will be opened anytime soon.

    The bank will indeed mail a signature card to you, although it would be faster if someone visited a local branch. Aside from the branch in Plano, there is one at Frito-Lay HQ in Plano, and one in Dallas. There are also branches at certain locations in Irvine, CA and Louisville KY.

    The account will not be opened until the signature card is received.

    There is indeed a maximum of one CD and $25K for this CD - if you do not have an existing relationship with the bank. If, however, you open a checking account with direct deposit or maintain a minimum of $1K balance at all times in the checking account for the life of the CD, then you can fund the CD up to $50K.

    There are a couple of checking account options: the free checking account pays no interest, the Power+ checking pays minimal interest. With the free checking account option, you must accept E-statements or you will be charged $3/month. You must have activity (deposit or withdrawal) in the checking account at least once every 6 months, or it becomes dormant.

    The bank does a ChexSystems inquiry.

    Thanks to pearlbrown for the above information.

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