You can find two types of certificates of deposit (CD) accounts with Amegy Bank. Personal CDs are the bank’s standard CD accounts. These require a pretty standard minimum deposit and offer low to decent rates.
The other type of CD Amegy Bank offers is its Personal Jumbo CDs. These simply require a much higher minimum deposit.
The bank’s best CD rates reach higher than 0.01%, but are reserved for two different ranges of term lengths. Snagging these rates will result in the best growth the bank’s CDs can offer.
Amegy Bank’s Personal CDs terms range from seven days to 60 months. This allows you to open an account that fits your financial situation, whether you need extra funds in a couple of weeks or a couple of years, for example.
The rates on Personal CDs are relatively mediocre. You’ll do best to open an account of 6 or 12 months since these terms have the best rates.
There are no monthly maintenance fees for an Amegy Bank Personal CD. Just be careful of making early withdrawals since those will trigger a big penalty fee.
|Personal CD||Minimum Deposit||APY|
|1 Month||$1,000||0.05%||Compare CD Rates|
|3 Month||$1,000||0.05%||Compare CD Rates|
|6 Month||$1,000||3.05%||Compare CD Rates|
|9 Month||$1,000||2.43%||Compare CD Rates|
|12 Month||$1,000||3.82%||Compare CD Rates|
|18 Month||$1,000||0.25%||Compare CD Rates|
|24 Month||$1,000||0.30%||Compare CD Rates|
|36 Month||$1,000||0.35%||Compare CD Rates|
|48 Month||$1,000||0.35%||Compare CD Rates|
|60 Month||$1,000||0.40%||Compare CD Rates|
Personal Jumbo CD
Amegy Bank’s Personal Jumbo CDs offer the same range of accounts. As the name suggests, you’ll need a pretty big deposit to open a CD as a Jumbo CD. Jumbo CDs earn at slightly higher rates than the standard deposit accounts.
|Personal CD||Minimum Deposit||APY|
|1 Month||$100,000||0.05%||Compare CD Rates|
|3 Month||$100,000||0.08%||Compare CD Rates|
|6 Month||$100,000||3.08%||Compare CD Rates|
|9 Month||$100,000||2.46%||Compare CD Rates|
|12 Month||$100,000||3.85%||Compare CD Rates|
|18 Month||$100,000||0.35%||Compare CD Rates|
|24 Month||$100,000||0.35%||Compare CD Rates|
|36 Month||$100,000||0.40%||Compare CD Rates|
|48 Month||$100,000||0.40%||Compare CD Rates|
|60 Month||$100,000||0.45%||Compare CD Rates|
1-Month CD Interest Rate Comparison
Overview of Amegy Bank CDs
Amegy’s CD offerings stand out for the great range of terms you can access. Opening a seven-day account can allow you to bump your savings just a little bit for a more immediate upcoming expense. For expenses further down the line, you can open a 24-month-long account, which carries one of the bank’s better rates.
You can even open more than one CD account if you want a steady stream of income. This strategy is known as a CD ladder and hinges on opening multiple CDs at the same time, each with a different maturity date. You’ll have to meet the minimum deposit for each account, however.
It’s important to avoid stretching your finances thin just to make the deposits. This becomes especially important if you think you might need that money for important expenses in the near future. Once you make a deposit into a CD, you can’t touch the account again until it reaches maturity without a penalty.
Should you need to urgently withdraw a part of your principal amount from the account before it matures, you’ll face some big costs. If you make an early withdrawal from an Amegy CD of 31 days or less, the penalty will equal all interest the amount withdrawn would have earned for the entire term of the CD. Early withdrawals from accounts of 32 days to one year cost the equivalent of 90 days’ interest earned on the amount of principal withdrawn. Any early withdrawals from accounts over one year long assess a penalty of 180 days’ interest earned on the amount withdrawn.
Compare Amegy Bank to Other Competitive Offers
How Much You Earn With Amegy Bank Certificate of Deposits Over Time
Amegy Bank CDs don’t necessarily earn at great rates across the board. Its typical rates are relatively low. However, there are a few term ranges that earn at especially high rates. So if you open an account of 6 or 12 months, you’ll be able to grow your money better than with the bank’s other accounts.
Amegy Bank compounds interest daily. This is the most efficient way to grow your money in an interest-earning account. It means that the deposit you make today will earn interest tomorrow, that new amount will all earn interest the next day, that new amount will earn more interest the following day and so on. It grows your money much faster than, say, quarterly compounding.
Below, we’ve given what your final CD balances could look like depending on your initial deposit and account. Note that we may have applied a slightly higher rate to calculate the final amount with a $100,000 deposit. This is because that deposit makes the account a Personal Jumbo CD.
|Initial Deposit||3-Month CD||12-Month CD||60-Month CD|
How Amegy Bank CDs Rates Compare to Other Banks’
With only a couple of competitive rates, Amegy Bank may not be your best choice for great savings. If you don’t mind working with an online bank, you’ll find even better rates there. Banks like Ally and Marcus by Goldman Sachs operate entirely online. So while you don’t have access to physical branches, you can take advantage of some of the highest rates in the industry. Plus, Ally Bank doesn’t require any minimum deposit so you can open an account with however much you want, with higher balances earning higher rates, too. Ally also offers specialty accounts so you can really find the account type that works best with your financial situation.
|CD Account||Amegy Bank||Ally||Marcus by Goldman Sachs|
Should You Get an Amegy Bank CD Account?
You should get an Amegy Bank CD account if you’re keen to put your money into a more local bank. You may also be happier with an Amegy Bank CD if you’re less focused on earning substantial savings. With its rates on the lower end, you’ll do best if you open an account (or accounts) within the ranges that earn better rates.