United Texas Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

United Texas Bank checking account options

United Texas Bank Classic Checking account

This checking account comes with the basics and refunds up to $100 per month in out-of-network ATM fees. The bad news? It doesn’t earn interest.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: None
  • ATM fee refunds: Up to $100 per month
  • Overdraft fees: $30 each

The Classic Checking account just offers the basics. It comes with online banking, a debit card and the ability to write checks. That’s pretty much it as this account does not earn interest or offer cash back when you use the debit card.

You only need to deposit $100 to open this account. However, anytime your minimum daily balance falls below $750, you owe a $10 monthly fee. The account is free so long as your balance stays at least $750.

If you make withdrawals from out-of-network ATMs, United Texas Bank will refund up to $100 per month in fees charged by the ATM owners.

You can open the Classic Checking account online or at one of their Dallas branches. The application asks for your name, address, work history, Social Security Number and a form of government ID, like your passport or driver’s license. You will also need to make your opening deposit to complete the application.

SEE DETAILS Secured

on United Texas Bank’s secure website

United Texas Bank NOW Personal Checking account

This checking account earns interest but the rate isn’t the best. Watch out for the steep monthly fee when your balance falls below $1,000.
APYMinimum Balance Amount to Earn APY
0.05%$0.01
0.05%$1,000
0.05%$5,000
0.05%$10,000
0.10%$15,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: None
  • ATM fee refunds: Up to $100 per month
  • Overdraft fees: $30 each

The NOW Personal Checking account requires slightly larger balances than Classic Checking. You need to deposit at least $500 to open this account. If your minimum daily balance falls below $1,000, you will owe a $15 monthly fee. The account’s free so long as you stay above the balance requirement.

In exchange, this account does pay interest and the rate increases for larger balances. The rates are just OK, better than the large national banks but lower than many online lenders.

If you make withdrawals from an out-of-network ATMs, United Texas Bank will refund up to $100 per month in fees charged by the ATM owners.

You can open the NOW Personal Checking account online or at one of their Dallas branches. The application asks for your name, address, work history, Social Security Number and a form of government ID, either your passport or driver’s license. You will also need to make your opening deposit to complete the application.

SEE DETAILS Secured

on United Texas Bank’s secure website

Member FDIC

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How United Texas Bank’s checking accounts compare

You could do worse than signing up for the United Texas Bank checking accounts but you could also do a lot better. Our favorite feature was that both their accounts offer up to $100 in ATM fee refunds per month so you can get free access to your money even if you aren’t close to one of the Dallas bank branches.

The downside is that the United Texas Bank checking accounts both have high balance requirements or else they charge a costly monthly fee. Even their basic checking account requires a minimum daily balance of $750, which is way too high for an account that doesn’t earn interest.

If we had to recommend one, we’d go with NOW Personal Checking because it earns interest while having nearly the same balance requirements as Classic. Still, there are other online checking accounts which combine convenient ATM access with much higher interest rates. They are a better choice than what’s available at United Texas Bank.

United Texas Bank savings account options

United Texas Bank Personal Savings account

The United Texas Bank Savings account has average interest rate and there’s no minimum balance to start earning interest. But if you don’t keep at least $500 in your account, there’s a monthly fee.
APYMinimum Balance Amount
0.45%$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $3 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 each

The Personal Savings account does not have a minimum opening deposit requirement. You can open an account for any amount. However, if your minimum daily balance ever falls below $500, you’ll owe a $3 monthly fee. This account is free so long as you stay at least at the $500 daily balance minimum.

This account earns interest on all balances. The rate is average for a savings account. It also stays the same for all balances so you can’t earn more by depositing more.

United Texas Bank limits how often you can take money out of the Personal Savings account because of a government rule, Regulation D. Each month, you can make up to six certain withdrawals/transfers per month. This includes account transfers, bill payments, checks and debit card purchases. If you go over the monthly limit, United Texas Bank will charge a $25 fee for each excess transaction. However, there is no limit on ATM or bank withdrawals so you can make as many of these as you want without owing a fee.

You can open the NOW Personal Savings account online or at one of their Dallas branches. The application asks for your name, address, work history, Social Security Number and a form of government ID, either your passport or driver’s license. You can also choose to make your initial deposit, though this is not required to open the Personal Savings account.

SEE DETAILS Secured

on United Texas Bank’s secure website

Member FDIC

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How United Texas Bank’s savings accounts compare

We would not go out of our way to open the United Texas Bank savings account because the interest rate is simply not good enough. Though they beat the large national banks, they don’t beat them by much and there are online lenders that pay much more than United Texas Bank.

We also don’t like that the United Texas Bank savings account charges a fee if your balance ever falls below $500. True, it’s just $3 but there are plenty of free savings accounts to choose from. Finally, we noticed that their excess withdrawal fee is quite high. If you accidentally make more than six certain transactions, the $25 fee will wipe out a good chunk of your interest earnings.

Because of these issues, we believe you could find a better place for your savings. Any option on this list of best online savings accounts will earn a higher rate than what you will get at United Texas Bank.

United Texas Bank CD rates

United Texas Bank CDs

United Texas Bank offers some of the best CD rates on the market. Be careful when you sign up because some of their short-term CDs pay more than long-term offers.
TermAPY
1 month0.10%
3 months0.20%
6 months0.50%
12 months0.75%
24 months0.85%
36 months1.05%
48 months1.15%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For CDs with maturities of one year or less, the penalty is three months of interest on the amount withdrawn. For CDs over one year, the penalty is six months interest on the amount withdrawn.

At United Texas Bank, they offer CDs which range from one month all the way up to 48 months. All their CDs require a minimum opening deposit of at least $1,000 and you need to keep this much in the account to earn the APY.

The best deals at United Texas Bank are their 12 month and 36 month CDs. The rest of their CD rates are acceptable but not quite as high as these two offers.

If you take money out of a CD before the maturity date, United Texas Bank will charge an early withdrawal penalty. The penalty depends on the CD term:

  • For CDs with maturities of one year or less, the penalty is three months of interest on the amount withdrawn.
  • For CDs with maturities over one year, the penalty is six months interest on the amount withdrawn.

You can open the United Texas Bank CDs online or at one of their Dallas branches. The application asks for your name, address, work history, Social Security Number and a form of government ID, either your passport or driver’s license. You will also need to make your opening deposit to complete the application.

SEE DETAILS Secured

on United Texas Bank’s secure website

Member FDIC

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How United Texas Bank’s CD rates compare

The United Texas Bank CD rates are fantastic. Their 12 month CD earns one of the best rates in the country for this amount of time. Their 36 month CD is also extremely competitive. The rest of the United Texas Bank CD rates are decent, but if you do your research you can find better options. Your best bet is to stick with either the 12 month or 36 month CD.

Typically, banks pay more as you increase the length of your CD but we noticed this isn’t always the case with the United Texas Bank’s CD rates. You earn more on the 12 month CD than you do even on the 48 month CD. Pay attention when you apply and don’t assume that just because a CD term is longer, it will pay more.

The longest CD at United Texas Bank is also 48 months so if you want to invest for a greater amount of time, you’ll need to go with another bank. In the end, if you sign up for either the 12 month or 36 month CD at United Texas Bank, you’ll be making a wise choice but if you want some other excellent options to compare, we’ve listed the very best CDs here.

United Texas Bank money market account options

United Texas Bank Personal Lone Star Money Market account

Pays a respectable interest rate on all deposits and is free so long as your balance stays above $2,500. An account that lives up to the Lone Star state reputation.
APYMinimum Balance Amount
0.45%$0.01
0.75%$250,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 each

You need to deposit at least $2,500 to open a United Bank Personal Lone Star Money Market account. After that, if your minimum daily balance ever falls below $2,500, the account charges a $15 fee. It’s free so long as you stay above the balance requirement.

This account earns interest on all deposits and the rate is quite good for a money market account. You get a sizable rate increase if your balance is $250,000 or higher.

United Texas Bank limits how often you can take money out of the Personal Lone Star Money Market account because of a government rule, Regulation D. Each month, you can make up to six certain withdrawals/transfers per month. This includes account transfers, bill payments, checks and debit card purchases. If you go over the monthly limit, you’ll a $25 fee for each excess transaction.

You can open the Lone Star Money Market account online or at one of their Dallas branches. The application asks for your name, address, work history, Social Security Number and a form of government ID, either your passport or driver’s license. You will need to make your initial deposit as part of the application.

SEE DETAILS Secured

on United Texas Bank’s secure website

Member FDIC

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How United Texas Bank’s money market accounts compare

The United Texas Bank Money Market account is a great choice thanks to its solid interest rates. For deposits over $250,000, their rate is one of the highest in the entire country but even if you keep a smaller balance, you’ll still earn a decent return on your savings.

The $2,500 minimum balance requirement and $15 monthly maintenance fee are typical for a money market account. These accounts typically aren’t meant for small deposits. But if you want to open a money market account for less money, we may be able to help you out.

These are some of the other top money market accounts available today and some do not have have a minimum balance requirement, so you can earn a decent return without keeping thousands in your account. While the United Texas Bank Money Market account is good, you may be able to do even better with these other options.

United Texas Bank IRA account options

United Texas Bank IRA CD rates

The United Texas Bank IRA CD rates are only average. It’s a shame their excellent regular CDs are not available for an IRA.
TermAPY
1 year0.75%
2 years0.85%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For IRA CDs with maturities of one year or less, the penalty is three months of interest on the amount withdrawn. For IRA CDs over one year, the penalty is six months interest on the amount withdrawn.

The IRA CDs require a minimum opening deposit of $500 and you need to keep at least this much in your account to earn the APY. They only offer two options for IRA CDs: one year and two years.

The IRA CD rates are significantly lower than what United Texas Bank pays on their regular CD They aren’t the same products.

If you take money out of the IRA CD before the maturity date, United Texas Bank will charge an early withdrawal penalty. The penalty depends on the IRA CD term:

  • For CDs with maturities of one year or less, the penalty is three months of interest on the amount withdrawn.
  • For CDs with maturities over one year, the penalty is six months interest on the amount withdrawn.

You can open these IRA CDs online or at one of their Dallas branches. When you apply online, the application asks for you to list your name, address, Social Security Number and contact information. A representative from United Texas Bank will then contact you to finish the application.

SEE DETAILS Secured

on United Texas Bank’s secure website

Member FDIC

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How United Texas Bank’s IRA CD rates compare

Most banks offer some if not all of their regular CDs for their IRAs but United Texas Bank has created completely different rates for their IRAs.

The is a major disappointment because their IRA CD rates are so much lower. Their 1 year IRA CD earns less than half of what you earn on a 12 month CD at United Texas Bank.

It’s a puzzling move and because of this decision, we do not recommend these IRA CDs. Either stick with their normal CDs or if you want to open a retirement plan, consider this list of high-paying IRA CDs instead.

Overall review of United Texas Bank’s banking products

If a small organization like United Texas Bank is going to compete on the national online market, they need some impressive offers. Good news for them, they do just that. A couple of their CDs are as good as nearly any in the country. They also provide a solid money market account with excellent rates.

Their checking accounts are only average because they don’t earn enough interest, though they do come with a generous refund for out-of-network ATM transactions each month. They might be worth using to move money in and out of one of the higher-paying accounts at United Texas Bank. Finally, we would stay away from their IRA CDs and savings account because of their mediocre interest rates.

Overall, we got a good feeling from the United Texas Bank website and marketing materials. Everything is clearly explained and they use a simple, online application for all their products. Even if you aren’t a Dallas resident, keep United Texas Bank in mind for a quality CD or money market account.

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