bank rates

Big Checking, Savings Deal In Texas

Hand holding check.Everything is bigger in Texas, including checking and savings deals.

Any Texas resident can open an Ultimate Checking and Ultimate Savings account at Independent Bank of Texas and earn oversized interest rates.

The bank, based in Irving, pays 3.04% APY on balances to $25,000 with its Ultimate Checking account.

It’s one of the better rates we’ve seen lately, and many other rewards checking accounts limit their top rates to balances of $10,000 or $15,000.

Any portion of your balance greater than $25,000 will earn a rate of 1.00%, putting it on par with many of the best savings accounts.

Once you have your Ultimate Checking account in place, you can open an Ultimate Savings account, which pays 1.51% APY on balances to $25,000 — well above the best nationally available savings rate. Any portion of your balance above that limit earns a rate of 1.00%.

The Ultimate Checking account is like any rewards checking account in that you need to fulfill certain requirements each month, but even these are less onerous than some accounts now require.

You just have to make 12 debit card transactions, have one direct deposit or automatic payment and receive eStatements.

It takes a $100 minimum deposit to open an Ultimate Checking account, but you don’t need to keep a minimum amount in your account to earn interest. The account carries no fees. If you meet the monthly requirements, the bank will reimburse you for $25 in ATM fees per month.

If you don’t meet the qualifications, you’ll earn just 0.05% APY for that month on both your checking and savings accounts.

The Ultimate Savings account also requires a $100 minimum deposit to open, but you don’t need to keep a certain amount in the account to earn interest with the fee-free account.

You can open your accounts online or at Independent Bank of Texas locations in Irving or Frisco.

For more information, visit or call 972-870-9300.

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Comments (1)
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One Existing Comment
  1. abcd said:
    on December 4th at 04:25 pm

    You’re late to the party!

    Parameters change 12/22/2012.