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If you’re a Texan looking for a safe place to invest some cash, you may want to consider a certificate of deposit, or CD. But before opening an account, do your research. CD terms can range from seven days to more than 10 years, and interest rates vary widely. Shop around for the best current CD rates in Texas with a matching term that fits your needs. And make sure you understand how early withdrawal penalties work before depositing money into any CD account.
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Best CD Rates in Texas
We’ve compared 270 CD accounts at 134 nationally available banks and credit unions to find some of the best certificates available in Texas. Continue reading to find out why we picked each account, including their pros and cons. Then access individual bank reviews to learn more about each institution.
Capital One Certificates of Deposit
Annual Percentage Yield
3.50% to 4.00%
Rates and details as of 3/12/25.
Minimum Deposit Requirement
$0
Interest Compounding Frequency
Monthly
Learn More
On Bankrate.com's Website
3.50% to 4.00%
Rates and details as of 3/12/25.
$0
Monthly
Editor's Take
Capital One Certificates of Deposit are another great option if you’re looking for the best CD rates in Texas. With APYs ranging from 3.50% to 4.00%, customers can enjoy competitive rates. Capital One 360 CDs lack a minimum deposit requirement, so you can start saving even if you don’t have a lot of money to spare.
Capital One 360 CDs come in terms ranging from six months to five years. Another perk is that you can choose when you receive your interest payouts—monthly, annually or at the end of your CD term—although interest is compounded monthly rather than daily.
Read our full Capital One 360 Review.
Pros & Cons
- No minimum deposit requirement
- Flexible interest payout options
- Backed by a reputable institution
- Other banks offer higher APYs
- Few branches compared to other national banks
- Strict early withdrawal penalty
Details
Interest on Capital One’s 18-month CD compounds daily and gets credited to your account monthly. Upon your CD’s maturity, you have a 10-day grace period during which you can withdraw from your CD before it renews for another term. If you withdraw your principal balance before maturity, you’ll pay a penalty fee equal to six months of interest.
Navy Federal Credit Union EasyStart℠ Certificate
Annual Percentage Yield
3.55% to 3.95%
Minimum Deposit Requirement
$50
Interest Compounding Frequency
Daily
Learn More
Read Our Review
3.55% to 3.95%
$50
Daily
Editor's Take
Navy Federal Credit Union’s EasyStart Certificates offer a competitive APY—up to 3.95%—for terms ranging from six to 24 months. With a low minimum opening deposit of $50, these certificates are perfect for building your savings from scratch. While most CDs only allow a single deposit, you can add money to your EasyStart Certificate at any time. You can even set up recurring automatic deposits.
There’s also the Navy Federal Credit Union Special EasyStart Certificate that earns 4.30% APY, although it has a maximum deposit cap of $3,000 and requires a checking account with direct deposit. Standard certificates have no maximum deposit cap, and the 12, 18 and 24-month certificates earn competitive rates.
You must become a Navy Federal Credit Union member to open an account. To be eligible, you must be a member of the armed forces, a veteran, a family member of a current or retired service member or a Department of Defense employee.
Read our full Navy Federal Credit Union Review.
Pros & Cons
- Low minimum deposit requirement
- Competitive APY
- Deposit additional funds at any time
- Must be affiliated with the military or the Department of Defense to open an account
- Limited number of physical branches
- Longest term is 24 months
Details
Interest compounds daily and is credited monthly. When your CD matures, you have a 21-day grace period, during which you can make changes to your account. Otherwise, it will renew automatically. Withdrawals of your principal deposit before the maturity date are subject to a penalty, which varies by term.
PenFed Credit Union Money Market Certificates
Annual Percentage Yield
2.90% to 3.40%
Rates and details as of 3/4/25
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
Daily
Learn More
On Bankrate.com's Website
2.90% to 3.40%
Rates and details as of 3/4/25
$1,000
Daily
Editor's Take
PenFed Credit Union offers money market certificates in terms ranging from six months to seven years. A “certificate” is essentially a CD offered by a credit union. The credit union’s mid-length certificates offer the highest rates. Customers can change their maturity option at any point prior to maturity, adding some flexibility to this account.
Dividends on certificates are compounded daily for terms greater than six months, while those with terms shorter than six months earn dividends on a simple interest basis. Because this account is offered by a credit union, you must be a member in order to open an account. Fortunately, PenFed membership is open to anyone.
Pros & Cons
- Competitive dividend rates across terms
- Wide range of certificate terms
- Change your maturity option at any time prior to maturity
- Dividends compounded daily on certificate terms greater than six months
- Membership is required to open a certificate
- Early withdrawal penalties can be steep
- Must open a savings account to access certificates
Expert's Take
PenFed certificates have significantly lower rates across the maturity spectrum than others. In addition, their early withdrawal penalties are pretty onerous compared to what is standard. They’re about the most severe I have heard.
—Jill Fopiano, CEO at O’Brien Wealth Partners
PenFed Credit Union CD Rates
| TERM | APY |
|---|---|
| 6 Months | 2.90% |
| 12 Months | 3.40% |
| 15 Months | 3.25% |
| 18 Months | 3.25% |
| 24 Months | 3.20% |
| 36 Months | 3.20% |
| 48 Months | 3.20% |
| 60 Months | 3.20% |
| 84 Months | 3.00% |
Rates & details as of 03/04/2025.
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends on six-month certificates are earned on a simple (not compound) interest basis and are paid when the certificate matures. Dividends on all other CDs are compounded daily and credited monthly.
Early withdrawal penalties
Early withdrawal penalties vary by term.
Maturity options
With PenFed, you choose your maturity option when you open your certificate and can change it anytime prior to maturity. This gives you some flexibility, and extra time, to decide what you’d like to do with the funds in your account when it matures. You can transfer the funds into another PenFed account, roll it into a new certificate, get a mailed check or transfer it via ACH.
Citi Certificates of Deposit
Annual Percentage Yield
0.05% to 4.35%
Minimum Deposit Requirement
$500
Interest Compounding Frequency
Daily
Learn More
Read Our Overview
0.05% to 4.35%
$500
Daily
Editor's Take
CitiBank’s fixed-rate CDs offer rates from 0.05% to 4.35% for terms ranging from three months to five years. Promotional CDs include a seven-month CD (3.25% APY), nine-month CD (3.00% APY) and 12-month CD (3.00% to 4.00%). The minimum deposit requirement starts at $500, although you can earn a higher APY with the nine-month CD if you deposit $100,000 or more.
The bank’s other CD terms don’t earn very competitive rates, especially those below nine months. It’s easy to open a CD online, and you can manage your account on the go with the Citibank mobile app.
Read our full Citibank Review.
Pros & Cons
- APYs from 0.05% to 4.35%
- Terms range from three months to five years
- Easy online application
- Large minimum deposit required to earn the highest APY
- Low rates on shortest-term CDs
Details
Interest is paid either monthly or at maturity, depending on the term length. There is a 90-day simple interest penalty for CD terms of one year or less and a 180-day simple interest penalty for CD terms longer than one year. A seven-day grace period begins the day after the maturity date. If no action is taken on the account within those seven days, the CD automatically renews for the same period of time as the original term.
Summary: Best CD Rates In Texas
Methodology
In analyzing the best CD rates in Texas, Forbes Advisor looked at 356 CD accounts at 134 financial institutions, including traditional brick-and-mortar banks, online banks and credit unions that serve residents of Texas. For the star ratings, we ranked each CD account based on 10 data points covering the categories of APY, minimum deposit requirements, compound interest schedule, customer service, digital experience, available terms and overall availability.
The following is the weighting assigned to each category:
- APY: 50%
- Minimum deposit requirement: 21.5%
- Compound interest schedule: 7.5%
- Digital experience: 6%
- Customer service: 5%
- Availability: 5%
- Available terms: 5%
Using these weights, we ranked certificates in Texas from best to worst. CD accounts with high APYs ranked better than CDs with lower APYs. A minimum deposit requirement of $10,000 or more affected an account’s score negatively. Accounts with daily compounding interest schedules fared better than those with monthly or quarterly schedules. To appear on this list, the account must be available in Texas.
To learn more about our rating and review methodology and our overall editorial process, check out our guide on How Forbes Advisor Reviews Banks.
Current CD Rates in Texas
Current CD rates in Texas vary, but some are above the national average—our best picks in Texas earn rates as high as 4.00% to 5.00% APY.
All the CD rates on our list range widely by term, so remember that some CDs require you to lock your money away for longer to get a higher rate. And keep in mind that some CDs also require a higher minimum deposit to receive a higher APY. Also, some of our picks offer promotional CD rates, which tend to be higher.
How To Find the Highest CD Rates in Texas
To find the highest CD rates in Texas, you can refer to the list above. Before diving in, ensure rates are the same, as they can change frequently. You should compare minimum deposit requirements, term lengths, compounding schedules and early withdrawal fees in addition to APYs.
You can also check with your local banks and credit unions to see if they are offering any promotional CDs, as these tend to have the most competitive rates. You should compare these to CDs at online banks, which tend to boast the highest rates and can be opened online regardless of where you live.
Pro Tip
When looking for the best CD rates, make sure to look at the annual percentage rate (APY) rather than the interest rate for an apples-to-apples comparison across different financial institutions. Interest rates can be compounded daily, monthly, quarterly, annually or not at all—and the more frequently interest is compounded, the more you’ll earn. The APY gives you an idea of how much you’d earn in a year, taking into account the CD’s compounding schedule.
Short-Term CDs in Texas
Short-term CDs are best for those who don’t want to lock up their money for a long period of time. Generally, short-term CDs include those with terms from three months to one year, though some banks offer CDs with even shorter terms—some as short as seven days. Given the shorter commitment, short-term CDs usually offer lower interest rates, but that’s not always the case. Most of the accounts included in our five best CD rates in Texas offer short-term CD options.
Long-Term CDs in Texas
Long-term CDs typically refer to CDs with terms ranging from two to five years, though CDs with longer terms exist. Putting your money into a long-term CD means you agree not to touch your money for several years. These CDs sometimes require a larger deposit, but long-term CDs tend to offer higher interest rates than short-term CDs.
Most of the banks that offer the best CD rates in Texas provide CD terms as long as five years, and one even offers terms as long as seven years.
Find The Best CD Rates Of 2025
Jumbo CDs in Texas
Jumbo CDs are CD accounts that have higher minimum opening deposit requirements—often $100,000 or more. In exchange for keeping more money locked up, you’ll typically earn a higher rate on these CDs.
Most of the top CDs in Texas are regular rather than jumbo CDs. However, some of these institutions offer jumbo CDs as well, or they follow a tiered APY structure that pays higher rates to customers with larger CD balances.
