The SuperSuite CD is actually 4 separate CDs that are simply
sold together with enhanced benefits provided up front. After the initial purchase, each of the 4 CDs (in the suite) operates as a separate, stand alone CD but with three of the four CDs receiving a one-time future renewal rate guarantee.
The SuperSuite CD is offered in either of two maturity ranges, a one year suite or a two year suite. For each given suite, the total desired deposit is divided into four separate CDs of equal size. The term or maturity date for each of the four CDs are staggered or laddered at the quarter points along the way. For example: the one year SuperSuite CD will contain a 3 month, 6 month, 9 month and 1 year CD; the two year SuperSuite CD will contain a 6 month, 12 month, 18 month and 2 year CD. The interest rate for each CD in the suite will equal the higher one year (or two year) CD rate. The one year and two year SuperSuite CD rates are set at 20 basis points higher than the Allegiance Bank Texas one year (or two year) CD rate.
The total for all four CDs in the suite must be a minimum of $20,000.00 and a maximum of $380,000.00.
We will also guarantee that for each of the first three CDs in the suite, if at their first maturity, they are renewed for a one year (or two year) term, the renewal rate will be the higher of the original interest rate or the prevailing, current market rate.
Not available for retirement accounts, public funds, brokered deposits or financial institutions.