Iowa Banking Rates and News

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...

University of Iowa Community Credit Union has changed its CD and IRA CD special. Its 16-month CD special has changed to a 4-year CD special. Like the old one, this new special is very competitive with a 3.15% APY for a 4-year term. Minimum deposit is $1,000. The yield goes up to 3.30% APY for a $100,000 minimum deposit. These rates are listed at the credit union's rates page as of 5/5/2011.

The credit union continues to offer one of the highest rates in the nation on its reward checking account. As I reported...

Veridian Credit Union is offering some competitive CD specials. The most competitive ones include a 1.50% APY 15-month CD, 2.00% APY 25-month CD and a 2.50% APY 39-month CD. There are also a 1.00% APY 7-month and 1.10% APY 9-month CD special. These are actually competitive, but it's hard for be to consider CD rates around 1.00% noteworthy. Minimum deposit is $1,000. These rates are listed in the credit union's account rates page as of 4/20/2011.

Membership is open to those who live or work in one of many counties in Iowa. Please...

One thing that has helped improve reward checking is the reward savings account. Some banks and credit unions now offer a reward savings account that's linked to their reward checking. The benefit is if you have savings that are above the reward checking balance cap. The savings account allows you to earn more interest on that money.

Many of these reward checking and savings accounts are under the Kasasa brand that was created by BancVue. The reward checking is called Kasasa Cash and the savings is called Kasasa Cash.

Here's an example of how the reward savings accounts...

Liberty Bank is offering two CD specials with very competitive rates. The first is a 3.00% APY 5-year CD and the second is a 2.13% APY 23-month CD. Minimum deposit is $10,000. Rates are 10 basis points lower for a $5K minimum and 20 basis points lower for a $1K minimum. These specials are not listed on the bank's website. A reader mentioned these in an email, and I just called the bank for more details. These special CDs are available today (4/7/2011), but they're subject to change at anytime. According to the CSR, the 5-year CD has an...

Every now and then Doral Bank Direct offers competitive CD rates. Its latest deal is a 1-year CD with a 1.40% APY. Minimum deposit is $1,000. This is the only rate that's competitive. All the other CD rates are low. These rates are listed in the bank's CD page as of 3/29/2011.

My last report on this bank was about a year ago when they were offering a 1-year CD special. One odd thing is their requirement to close out a CD. You have to send them the original Certificate that was sent...