If you live in one of the Gulf states — Texas, Louisiana, Mississippi, Alabama or Florida — a Hanco*ck Whitney certificates of deposit (CD) could be for you. The regional bank offers maturities from seven days to seven years, but only three terms are worth your attention. The special three-, five- and eight-month options have competitive returns up to 5.00% annual percentage yield (APY).
Account details and rates are accurate as of June 14, 2024.
About Hanco*ck Whitney Certificates of Deposit
All Hanco*ck Whitney CDs have a relatively low minimum investment of $1,000 and have no maintenance or ongoing fees. You can find fixed-rate CDs with terms as short as one week and as long as seven years here, but most pay an abysmal yield, with rates between 0.01% to 0.05% APY. For comparison, in January, 2024, the lowest national average yield on a CD according to the Federal Deposit Insurance Corporation (FDIC) was 0.23% APY on a one-month term.
In contrast, the special three-, five- and eight-month options pay competitive yields of 5.00%, 5.00% and 4.75% APY, respectively.
But you will incur a fee for early withdrawals. For CDs with terms of one year or less, the fee is 1% of the amount withdrawn. CDs with terms of more than one year are charged 2% of the amount withdrawn.
An early withdrawal may also result in an APY that differs from the stated rate because withdrawals reduce earnings.
| OVERVIEW | |
|---|---|
Minimum opening deposit | $1,000 |
Term lengths | Seven days to seven years |
Early withdrawal penalty |
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How to get a Hanco*ck Whitney CD
You can open a Hanco*ck Whitney CD account online if you live in Texas, Louisiana, Mississippi, Alabama or Florida. But for the fastest service, visit a local branch. The bank has locations in the aforementioned states.
If you choose to open an online account, you can complete the process from home. The application has a DocuSign feature that lets you enter your information and sign digitally.
Once you complete the application, expect to be contacted by a Hanco*ck Whitney banker to gather additional information. If you don’t hear from a banker within one business day, you can call 1-877-844-4948, option one, between 8 a.m. and 5 p.m. CT Monday through Friday to speak with an associate.
How Hanco*ck Whitney CD rates compare
Hanco*ck Whitney offers competitive rates on its three special short-term CDs for residents in the five states it serves. Other banks in the region can fail to offer such high rates or require significantly larger deposits.
Regions Bank, which serves customers across the South, requires a minimum deposit of $500 for CDs with terms of 90 days or longer or $2,500 for CDs with terms of seven to 89 days for the Regions Bank certificates of deposit, and its rates top out at N/A APY for a 10-month promotional CD (higher rate is with relationship rates).
| CD TERMS | HANco*ck WHITNEY CD RATES (APY) | REGIONS BANK CD RATES (APY) |
|---|---|---|
Three months | 5.00% | 0.01% |
Five months | 5.00% | 0.01% |
Eight months | 4.75% | N/A (10 month promotional CD) |
Keep in mind, however, that the best CD rates we found are available nationally.
How much can you earn with a Hanco*ck Whitney CD?
The details of a CD, including its yield, minimum deposit requirements, interest payment schedule, and fees, depend on the issuer and whether you purchase it new. The available yields are listed in the table below.
| CD TERMS | APY |
|---|---|
Three months | 5.00% |
Five months | 5.00% |
Eight months | 4.75% |
With our CD calculator below, you can run the numbers to see how much you’d earn.
Other products Hanco*ck Whitney offers
Hanco*ck Whitney offers several consumer banking products, including personal loans, credit cards, home loans and other deposit accounts. Note that all the checking and savings accounts include online and mobile banking.
- Hanco*ck Whitney Assure Checking: Assure Checking is a full-service checking account with no overdraft or non-sufficient funds fees. It charges a monthly service fee of $7 for account holders 18 or older. You’ll need at least $25 to open an account.
- Hanco*ck Whitney Freestyle Checking: The Freestyle Checking account has a $10 monthly service fee (waived by making one debit or credit transaction each cycle). Account holders younger than 18 or 64 or older pay no service charge. While there is no minimum daily balance requirement, you need $25 to open an account.
- Hanco*ck Whitney Priority Checking: The Priority Checking account is an interest-bearing account that helps you grow your money while providing the benefits of a traditional checking account. Rates vary based on location but can be as low as 0.01%. You get free withdrawals at all U.S. ATMs.
- Hanco*ck Whitney Savings Builder: As the name suggests, the Savings Builder account is designed to help you build your savings. Interest accrues on every cent, but rates vary by location and may be as low as 0.01%. You need $25 to open an account and there’s a $5 monthly service charge for account holders between the ages of 18 and 64 (waived by maintaining a balance of at least $200 or linking your account to a qualifying Hanco*ck Whitney checking account). Account holders are limited to three free withdrawals each month. After that, each withdrawal incurs a $3 charge.
- Hanco*ck Whitney Personal Money Market Account: Money market accounts may offer higher interest rates than traditional savings accounts by investing in very short-term debt securities. You need at least $2,500 to open an account. There’s a $10 monthly service fee (waived if you maintain a minimum balance of $2,500). The account provides six free withdrawals per month. After that, there’s a $15 charge for each withdrawal.
Here are the best free checking and savings accounts.
Hanco*ck Whitney review
If you live in a Gulf state and value in-person banking, Hanco*ck Whitney should be a contender for your business. It’s a full-service bank, offering everything from checking accounts to mortgages. Its savings rates, however, leave a lot to be desired.
You won’t find competitive yields on savings or money market accounts, and the only strong return rates on CDs are offered on fluctuating special deals. So be sure to shop around and place your savings pot in a competitive, high-yield account, whether that’s at Hanco*ck Whitney or another institution.
Regarding consumer reviews, the Consumer Financial Protection Bureau has collected 136 complaints against Hanco*ck Whitney in the past 10 years, which is on the lower end. For comparison, Regions Bank received 1,377 and Renasant Bank received 37.
Hanco*ck Whitney has received only four reviews on Trustpilot, earning an average score of 3.3 out of five stars. Complaints center on poor customer service.
Frequently asked questions (FAQs)
The best CD rate available at Hanco*ck Whitney is on its special three-and five-month CDs, which both pay 5.00% APY.
Hanco*ck Whitney has bank branches in Alabama, Florida, Louisiana, Mississippi and Texas.
Hanco*ck Whitney CDs are good for Gulf state savers who are comfortable locking up their money for at least three to eight months to get the best rates. They’re also good for those with a smaller amount of money to save, as the minimum deposit to open a Hanco*ck Whitney CD is $1,000.
