Iowa Banking Rates and News

University of Iowa Community Credit Union has come out with a new 5-year CD special. This is in addition to two other CD specials that have been available for some time. All have very competitive rates. The following are the 3 special CD rates for a $1,000 minimum deposit as listed at the credit union's rates page as of 5/21/2012:

• 2.35% APY 5-year CD special
• 2.00% APY 35-month CD special
1.50% APY 22-month CD special

You can get an additional 20 basis points on these rates for a $250K minimum deposit or an additional 10 basis points for a $100K...

Update 5/25/2012: The 5-year Premium Money Market CD rate has fallen. According to the CSR, it's now 1.65% APY (down from 1.80% APY on 5/11). This is for California. Rates may vary for other states.

It's not common to find competitive CD rates at large brick-and-mortar banks, but I found one at Bank of the West. It's offering a 2.00% APY 5-year CD. This is the bank's Premium Money Market CD which requires a $2,500 minimum deposit. The rate isn't listed online, and it may vary by state. I called the bank yesterday (3/27/2012) and verified it for the bank's...

Bank of the West has just started a new checking account promotion with a bonus of up to $100. In addition, the bank will donate $25 to local schools. You can also earn another $25 by opening a credit card with the checking account. I didn't include this in the total bonus since there are many credit card bonuses that are over $25.

Bonus Details are listed in this Bank of the West promotions page. The checking account must be opened by 4/27/2012.

If you decide to give this promotion a try, don't forget Bank of the West...

Update 3/30/2012: According to First Security Bank & Trust, they are longer offering the Reward Checking product online.

Update 3/20/2012: For those considering this bank's reward checking account, please note this bank's history as reported by this reader.

As I mentioned yesterday, reward checking is still going strong. This CNNMoney article was published today showing how reward checking and other Kasasa products are helping community banks work together to compete against the megabanks.

For savers, the two main concerns are rates and the balance caps. Both have fallen in the last few years, but reward checking...

Dupaco Community Credit Union is offering two CD specials with very competitive rates: 1.91% APY for 35 months and 1.30% APY for 15 months. Minimum deposit is $5,000. The credit union also has competitive rates on its standard long-term CDs. The two best are a 2.41% APY 5-year CD and a 2.01% APY 4-year CD. These rates are listed in the credit union's certificate rates page as of 2/9/2012.

Dupaco used to have a good deal on its High-Yield Savings Account. It's still a good deal for those who already have this...

AnchorBank is offering up to $150 for opening any new personal checking account and performing certain activities. This is a nice upgrade from last year's promotion which had just a $100 bonus. This offer is listed in the bank's promotion page. It's scheduled to end on 4/15/2012.

The required activities include:

• $50 for opening a checking account
• $50 for setting up direct deposit
• $50 for making three debit card purchases

The direct deposit and debit card purchases must be completed within 60 days of account opening. Existing checking account customers are not eligible for the bonus. Another important note...

Savers in Iowa should consider themselves lucky. Several Iowa banks and credit unions offer CD rates far above the best rates that are nationally available. One example is Veridian Credit Union which is offering four very competitive CD specials. The Jumbo specials have yields of 2.20% APY for 39 months, 1.90% APY for 25 months, 1.50% APY for 15 months and 1.20% APY for 7 months. The Jumbo CDs require a $100K minimum deposit. The standard CD specials require a $1,000 minimum deposit. Those rates are 20 basis points lower than the Jumbo rates. These rates are listed in...

On Friday US Bank did something that's rare these days. It raised the rate of its competitive long-term CD. The rate of the 59-month CD special increased from 2.00% to 2.25% APY. The two other special CDs with shorter terms are not nearly as competitive. One is a 1.25% APY 37-month CD and the other is a 1.01% APY 19-month CD. Minimum deposit is $1,000, and the maximum is $249,999. These rates are listed in US Bank's CD page as of 10/31/2011. Rates could change at any time, but they typically change on Friday mornings.

If you're a saver in Iowa, you are fortunate. Banks and credit unions in Iowa offer some of the best deposit rates in the country. One credit union that's on this list is Collins Community Credit Union. It's offering special CDs with some very competitive rates. The best one is the 1-year CD which has a top rate of 1.51% APY for a $250K minimum deposit. The rates are still competitive for smaller balances. Some of these include 1.36% APY for a $10K minimum and 1.46% APY for a $100K minimum. The other CD specials include a 1.66% APY...

Bank of the West has just started a new checking account promotion with a $100 bonus that's scheduled to last until 9/16/2011. Here's the link to the offer. Unlike previous Bank of the West promotions, this one requires direct deposit. There doesn't seem to be online bill pay option. Like previous promotions, only those who reside in their market area are eligible (see below for the eligible states). The bank is still advertising a free checking account with no monthly service charges or monthly fees. This is becoming rare for large banks.

Below is the...

Dupaco Community Credit Union is offering two CD specials with very competitive rates: 2.11% APY for 35 months and 1.51% APY for 15 months. Minimum deposit is $5,000. These rates are listed in the credit union's deposit rates page as of 6/15/2011.

Dupaco used to have a good deal on its High-Yield Savings Account. It's still a good deal for those who already have this account. The top yield is 1.76% APY for a $200K balance. However, Dupaco is no longer allowing members to open new accounts. The Investors Choice Money Market...

DHCU Community Credit Union is listing some competitive mid-term CD rates. The two best are a 2.38% APY 3-year CD and a 2.12% APY 30-month CD. These require a relationship amount of $100K. A relationship amount is defined as the total deposits held (excluding checking account balances) within a household address. Rates are a little lower for smaller amounts. For $10K the rates are 2.02% APY for 30 months and 2.27% APY for 3 years. An extra 0.20% can be added to these CD rates with an active checking and direct deposit. These rates and details are listed in...