Round Top State Bank Has Rate Leading 18-Month IRA CD
While the CD rates offered by Round Top State Bank are not particularly noteworthy, the 18-month IRA CD currently offers a competitive 1.51% APY. The minimum opening deposit is $100, with no stated balance cap. The Bank’s Rate Sheet also lists a Jumbo version of the 18-month IRA CD that requires a $100k minimum deposit, but the rate is the same 1.51% APY.
The 18-month IRA CD has the most competitive rate of any CD or IRA CD in the Bank’s product line; the 18-month CD only earns 0.80% APY, which is still pretty competitive.
According to CSR, there is an Early Withdrawal Penalty (EWP) of three months of interest. That EWP would be in addition to any applicable penalties imposed by IRS.
Availability
Headquartered in Round Top, Texas, Round Top State Bank’s market area includes three Central Texas counties: Fayette, Lee, and Williamson.
There is no online application on the website. Established customers can open an IRA CD over the phone, but new customers must open an IRA CD at any of six Texas branches located in Giddings, Jarrell, La Grange, Lexington, Round Rock, and Round Top. (The Jarrell and Round Rock branches operate as Eagle Bank – a branch of Round Top State Bank.)
Bank Overview
Round Top State Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.07% (excellent, and not a typo) based on December 31, 2020 data. In the past year, Round Top State Bank has increased its total non-brokered deposits by $97.14 million, an excellent annual growth rate of 18.20%. Please refer to our financial overview of Round Top State Bank (FDIC Certificate # 19358) for more details.
Established in 1912, Round Top State Bank is currently the 109th largest bank headquartered in Texas, with assets in excess of $710 million and more than 18,000 customer accounts. In the 1980s, the Texas banking industry was in a free-fall due to the recession caused when the price of oil plummeted by almost 80%. According to a ROUNDTop article, while other banks struggled, Round Top State Bank thrived.
“We kept our nose clean and continued to do business the way we had always done,” CEO Ronny Sacks said. “We went from being the smallest bank in the county to the largest.”
The Bank continued to attract customers throughout the region, which led to an expansion and organic growth. Between 1996 and 2004, branches were opened in Giddings, La Grange, and Lexington, and in 2011, Eagle Bank in Jarrell was acquired. In 2015, a branch was opened in Round Rock, a rapidly growing suburb of Austin. As CEO Sacks stated, “Imagine going from serving a town of about 100 to serving a city of 100,000.”
How the IRA CD Compares
When compared to 128 similar length-of-term IRA CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the market area, Round Top State Bank's 18-month IRA CD APY currently ranks first.
The above information and rates are accurate as of 2/26/2021.
To look for the best IRA rates, both nationwide and state specific, please refer to our IRA CD Rates Table page.