There are a couple of checking account options: the free checking account pays no interest, the Power+ checking pays minimal interest. If, however, you open a checking account with direct deposit or maintain a minimum of $1K balance at all times in the checking account for the life of the CD, then you can fund the CD up to $50K. There is indeed a maximum of one CD and $25K for this CD - if you do not have an existing relationship with the bank. The account will not be opened until the signature card is received. There are also branches at certain locations in Irvine, CA and Louisville KY. Aside from the branch in Plano, there is one at Frito-Lay HQ in Plano, and one in Dallas. The bank will indeed mail a signature card to you, although it would be faster if someone visited a local branch. Since they are not even requesting address information in this initial call, I wouldn't expect the account will be opened anytime soon. At this point they are asking for the caller's name and callback number, so someone can call them back. It looks like the bank is trying to cope with the unexpected volume while they reallocate other associates to help in this area. Deposits have grown steadily since 2007, from $167 million to $288 million at the end of 2012.Īccording to pearlbrown, a member poster at The bank has a Texas Ratio of 28.39% which is higher than the national average of 17.60% but still not close to the 100% that is generally a cause for alarm. Customers can open an account via one of its 6 branches. It was founded in 2004 and has approximately $290 million in assets. Share Plus Federal Bank is an FDIC insured institution located in Plano, TX. It's a bit more of a hassle than an online application but for someone looking for some extra yield who has extra time, it might be worth it. A mailing will be then be sent with the necessary paperwork, to be returned to the bank with a check. While there is no online application, I spoke to a CSR who told me that the CD can be opened via the phone. The bank is limiting it to one CD per customer. There is a minimum deposit of $10,000 and a maximum deposit of $25,000. In fact, it's the best rate on a two and a three year CD also. A two percent APY is by far the highest nationally available rate on a twelve month CD when you look at the best CD rates on the BestCashCow tables. Share Plus Federal Bank in Plano, Texas is offering a 2% APY 12-month CD rate good for terms between 1-5 years. Share Plus Federal Bank Offering 2% APY 12-Month CD - Available Nationally Please let us know if this squares with any of your experiences. This is still a great deal if you live near a Share Plus branch but no longer seems to be a nationally available offer. Despite telling me they would when I called, several members of have tried to open the account and been told they must visit the branch (see comments below article). Update: It looks like Share Plus Federal Bank has decided not to open accounts from out-of area.
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