|1.40%||$1k||-||Bankers Trust Company||7-27 Moth Pick-A-Term CD Promo-Iowa Residents|
In September, I wrote about Bankers Trust Company’s 7-27 Month Pick-A-Term CD (1.30% Base APY) that had four different levels of Bonus Interest Rates (0.02%-0.10% APY). Qualifying for a Bonus Interest Rate included a lengthy list of transactional activities and/or checking/savings/loan balance requirements.
Bankers Trust Company has just simplified the process with a limited-time 7-27 Month Special CD Rate Promo (1.40% APY) that has no hoops to jump through to qualify for the competitive APY. The minimum deposit for the 7-27 Month Special CD Rate Promo is $1k, with no stated maximum balance cap.
According to CSR, the Early Withdrawal Penalty for CDs with terms of less than 1 year is 90 days, and 6 months for terms of 1 year or more.
While Bankers Trust Company offers it services and products to the residents in the Cedar Rapids and Des Moines, Iowa areas, and to the residents in the greater Phoenix, Arizona area, the 7-27 Month Special CD Rate Promo is only available to Iowa residents.
While Bankers Trust Company does have an online application for the Special CD, the fine print on the Special CD page states,
Limited terms available with opening online.
Full terms available when opening at a branch.
The two terms that can be opened online are the 7-month and the 17-month. Opening any other term length requires an in-person visit to any of 15 Iowa branches, located in Altoona, Ames, Ankeny, Cedar Rapids (2), Clive, Des Moines (6), Grimes, Urbandale, and West Des Moines.
Bankers Trust Company (FDIC Certificate # 953) has an overall health grade of "A" at DepositAccounts.com,with a Texas ratio of 2.48% (excellent) based on September 30, 2016 data. In the past year, Bankers Trust Company has increased its total non-brokered deposits by $440.61 million, an excellent annual growth rate of 16.81%. Please refer to our financial overview of Bankers Trust Company for more details.
Bankers Trust Company opened its doors in June 1917, and after the first day of business, deposits exceeded $485k and loans nearly reached $500k. The bank’s growth accelerated when it consolidate with, or purchased the assets of four Des Moines banks: The Northern Trust (1924), Security Trust and Savings Bank (1926), Peoples Savings Bank (1928), and Des Moines Bank and Trust Company (1953). With $4.12 billion in assets, Bankers Trust Company is Iowa’s largest bank and the 232nd largest bank in the nation.
How the Special CD Rate Promo Compares
Based on the fine print on the promo page ("APY stated assumes a 12-month term"), I’ve chosen to use the 12-month term to make an easy comparison. When compared to the 380 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to Iowa residents, Bankers Trust Company's 7-27 Month Special CD Rate Promo APY currently ranks second.
The above rates are accurate as of 1/11/2017.