Texas Capital Bank was established in Dallas, Texas, in 1998 and now operates branches in five Texas cities with an executive office in New York. This financial institution won the title of the most trusted bank in Newsweek’s 2022 list of America’s Most Trusted Companies. Texas Capital Bank also owns Bask Bank, a popular online bank known for its high-yield savings accounts and CDs, both of which are insured through the Federal Deposit Insurance Corporation.
While Texas Capital Bank is best suited for Texas residents looking for a local, brick-and-mortar bank, out-of-state consumers can still open an online account and gain access to the bank’s competitive rates and low fees on checking accounts, savings accounts and money market accounts. Here’s what to know about Texas Capital Bank and how to decide if it’s right for you.
What we like
- Checking accounts offer fee-free access to 55,000 Allpoint ATMs, plus out-of-network ATM fee rebates
- Multiple checking, savings, money market and CD options
- Voted most trusted bank by a 2022 Newsweek consumer survey
What we don’t like
- Physical branches primarily located in Texas
- Certain types of accounts must be opened in-branch
- Premier-level accounts offer few benefits for their high monthly fees
Who is Texas Capital Bank suited for?
As the name suggests, Texas Capital Bank is best suited for customers in the state of Texas who are looking for a bank with a wide range of product options. Texas Capital Bank offers consumer deposit products, credit cards and loans.
If there’s a local branch in your area, you’ll get the benefits of in-person banking from a brick-and-mortar bank while still having access to ATM fee reimbursements, competitive interest rates on savings accounts, money market accounts and CDs, as well as no monthly maintenance fees. If you don’t live near a branch, you can still open certain accounts online but won’t benefit from in-person banking. In that case, you may be better off with an online-only bank with better rates or more perks.
Texas Capital Bank products
Texas Capital Bank offers two checking accounts: Capital Interest Checking and Premier Checking. Capital Interest Checking, the basic account, has no monthly service fees and no minimum balance requirements. Premier Checking charges a $25 monthly service fee that can be waived by maintaining a minimum daily balance of $25,000 across all your Premier accounts.
Both accounts have access to standard checking account features like free personal checks, debit card access and Zelle, as well as access to over 55,000 fee-free ATMs through the Allpoint network. The main differences between the Premier and Capital Interest accounts are the absence of stop payment fees for the Premier account, the interest rate you earn on balances, the number of monthly out-of-network ATM fee rebates (4 for Capital Interest, unlimited for Premier) and “concierge service” for the Premier account.
Checking Account Features
| Checking account | Checking APY | Monthly service | Min balance | Overdraft fee | Stop payment fee |
|---|---|---|---|---|---|
| Capital Interest Checking | 0.10% | $0 | None | $15 (no overdraft fee on amounts under $50) | $30 |
| Premier Checking | 0.15% | $25, waived with a minimum daily balance of $25,000 | $25,000 to avoid monthly fee | $15 (no overdraft fee on amounts under $50) | $0 |
Rates as of Mar. 1, 2023
Pros
Checking account has an APY higher than the national average
No monthly fee for the Capital Interest Checking account
No minimum balance requirement for the Capital Interest Checking account
Free personal checks
Out-of-network ATM rebates
High debit card transaction limits ($5,000 for point-of-sale transactions and $1,000 for ATM transactions)
Cons
Overdraft fees on overdrafts over $50
High monthly fee and minimum balance requirement for the Premier Checking account
In-person branches mostly limited to Texas
APY, while higher than the national average, is low compared to other high-yield checking accounts
Texas Capital Bank offers two savings accounts: a standard Consumer Savings Account and a Savings-Minor account for those under 18 with their parent or guardian as a joint account owner.
The standard account and minor account both have the same interest rate, with interest compounded daily and credited quarterly. There are no monthly service fees or minimum balance requirements for either account. The standard savings account requires $100 to open an account, while the minor savings account only requires $25 to get started. However, you can only open a minor savings account in person at a Texas Capital Bank branch with the minor’s parent or guardian present.
One notable feature of Texas Capital Bank’s savings accounts is the option to request a debit card. Debit card access for savings accounts is relatively rare, as savings accounts are typically meant for storing money rather than everyday transactions. A debit card tied to a savings account can save you the hassle of transferring funds to a checking account before using them, but be careful not to exceed six transactions per month. Texas Capital Bank, like most banks, limits how often you can make transactions from its savings and money market accounts.
Savings Account Features
| Savings account | APY | Min balance to open | Monthly maintenance fee |
|---|---|---|---|
| Consumer Savings Account | 2.02% | $100 | $0 |
| Savings-Minor | 2.02% | $25 | $0 |
Rates as of Mar. 1, 2023
Pros
No monthly maintenance fee
No minimum balance requirements
Dedicated savings account for minors, with a smaller minimum opening deposit
Debit card access for savings account
Cons
Savings account for minors must be opened in-branch, and branch locations are limited to Texas and an executive office in New York
While higher than the national average and those of most big banks, savings accounts APYs are considerably lower than those offered by online high-yield savings accounts
Texas Capital Bank offers CDs with terms ranging from 30 days to two years, most of which are competitive with the best CD rates out there. The 90-day and 180-day CDs are the best deal on multiple fronts: They currently have the highest CD APYs Texas Capital offers, and they’re higher than most other 90- and 180-day CDs from competitors. Plus, with an APY higher than many popular high-yield savings accounts and its short term, you can grow your money without locking it up for years.
We don’t recommend this bank’s 30-day CD since the APY is lower than you’d get from most high-yield savings accounts -- Texas Capital Bank’s savings account included. And look elsewhere if you want to grow your money over the long term, since Texas Capital Bank doesn’t have a large selection of long-term CD options.
The minimum deposit required to open a CD is $1,000, and you can only open a CD in-branch. If you withdraw your CD funds prior to the maturity date -- when the CD reaches the end of its term -- you’ll pay a penalty that varies based on your CD term and when you withdraw your funds. CDs will automatically renew on the maturity date unless you notify Texas Capital Bank in writing before the maturity date or within ten days of the maturity date that you want to opt out of renewal.
Note: This bank does offer Premier CD rates when you link a Premier Checking account. But, as of Feb. 23, 2023, there is no difference between the standard and Premier CD rates.
CD Account Features
| CD term | Standard APY | Premier APY |
|---|---|---|
| 30-89 days | 0.90% | 0.90% |
| 90 days | 4.24% | 4.24% |
| 180 days | 4.39% | 4.39% |
| 12 months | 3.46% | 3.46% |
| 18 months | 3.46% | 3.46% |
| 24 months | 3.46% | 3.46% |
Rates as of Mar. 1, 2023
Pros
Competitive rates across all terms except 30 days
Good short-term CD options
Cons
No long-term CDs
Premier CD rates are not substantially different than standard CD rates
Can only open a CD in-branch
Texas Capital Bank offers two money market accounts that combine the higher interest rates of a savings account with some of the conveniences of a checking account. Its standard Money Market account has no monthly fees and requires $100 to open and a $500 minimum balance to earn interest. The Premier Money Market account has the same opening deposit and minimum balance requirements but comes with a $25 monthly service fee unless you maintain a $25,000 minimum daily balance across all your Premier accounts. The Premier Money Market account also requires you to have a Premier checking account. The Premier Money Market account earns slightly higher interest but not enough to offset the monthly fee.
Both money market accounts offer debit cards upon request and fee-free ATM access through the Allpoint system. The accounts also allow unlimited transactions, a noteworthy feature since many other banks may limit MMA and savings accounts to six transactions a month. Like its checking account, both money market accounts offer fee rebates for out-of-network ATM fees -- four per month for the standard account and unlimited rebates for Premier.
MMA Account Features
| Money market account | APY | Min balance | Monthly service fee | Overdraft fee |
|---|---|---|---|---|
| Standard Money Market Account | 2.00% – 2.41%, depending on account balance | $500 to earn interest | $0 | $15 (no overdraft fee on` amounts under $50) |
| Premier Money Market Account | 2.10% – 2.52%, depending on account balance | $500 to earn interest | $25, waived with a minimum daily balance of $25,000 | $15 (no overdraft fee on amounts |
Rates as of Mar. 1, 2023
Pros
Unlimited transactions
ATM fee rebates
No monthly fees on the standard account
Cons
APYs are lower compared to some money market accounts from online banks
$500 minimum balance required to earn interest
Banking experience
With branches in five major Texas cities as well as an executive office in New York, Texas Capital Bank is a good local option for Texas residents. The bank was named Newsweek’s No. 1 most trusted bank in 2022 based on a survey of US consumers. Texas Capital offers an online and mobile banking platform, and most banking activities (with the exception of opening certain types of accounts) can be done entirely digitally. The iOS app has mixed reviews, but most complaints are due to issues and bugs with the app itself, not the bank.
Overdraft fees
Texas Capital Bank charges a standard overdraft fee of $15 (up to three instances per day) for all accounts when the bank, at its discretion, pays for a transaction when there is not enough money in your account. If the charge is under $50, you won’t be charged an overdraft fee. The bank may also choose to decline the transaction. In this case, Texas Capital Bank will not charge you an insufficient-funds fee.
Customer service
The bank operates locations mainly in the state of Texas. However, you can contact a representative any time Monday through Friday, 8 a.m. to 6 p.m. CST, through the following methods:
- Client support phone: 877-839-2265, option 3, then option 2
- Telephone banking: 877-839-2265, option 2
- Fax: 877-839-2738
- Email form: send a message
- Fraud reporting phone line: 800-554-8969
About the bank
Texas Capital Bank offers commercial banking, wealth management, investment banking and personal banking services with branches primarily in the state of Texas. Founded in 1998, the company now holds $ 28.4 billion in assets and around 2,200 employees. The bank operates a nonprofit arm called Texas Capital Bank Foundation to support various initiatives -- including health care, early childhood education and transitional housing -- in the communities it serves.
