Deal Summary: 9-21 Month Pick-A-Term CD; 1.50% APY- 1.60% APY; relationship required for higher APYs; $1k minimum deposit.
Iowa-based Bankers Trust Company has brought the Pick-A-Term CD back, and the current version is the 9-21 Month Pick-A-Term CD (1.50% base APY). There are four different levels of Bonus Interest Rates, based on Relationship Packages: Bronze Tier 0.02% APY, Silver Tier 0.05% APY, Gold Tier 0.07% APY, and Platinum Tier 0.10% APY. The minimum deposit for the Pick-A-Term CD is $1k and there is no stated maximum balance cap.
While qualifying for each Relationship Package level is a bit detailed, the basic concept is rather simple:
1) Open a Pick-A-Term CD,
2) Open an anchor checking account,
3) Qualify for Bonus Interest Rates based on which qualifying requirements are met.
The simplest way to qualify for the Bonus Interest Rates is based on account balance:
$5k combined checking/savings balance
$15k combined deposit account balances
$25k combined deposit account balances OR
$50k outstanding consumer lending balances
$50k combined deposit account balances OR
$100k outstanding consumer lending balances
An alternate way to qualify for the different bonus rates is by fulfilling a series of checking account transactions (debit card, bill payments, eStatements, etc). Listing all the requirements would be a bit daunting, so referring to Bankers Trust Company’s Benefits Banking Packing page is a better option.
According to Bankers Trust Company’s CD Rate Page, the frequency of rate changes is not limited.
We may change the bonus interest rate on your account
every time you qualify for a different benefits tier.
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.
Headquartered in Des Moines, Iowa, 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.
While Bankers Trust Company does have an online application for the Pick-A-Term CD, the fine print on the CD Interest Rates 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 9-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, or the sole Arizona branch in Phoenix.
Bankers Trust Company has an overall health grade of "A" at DepositAccounts.com,with a Texas ratio of 2.05% (excellent) based on December 31, 2016 data. In the past year, Bankers Trust Company has increased its total non-brokered deposits by $521.35 million, an excellent annual growth rate of 20.48%. Please refer to our financial overview of Bankers Trust Company (FDIC Certificate # 953) 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 second largest bank and the 240th largest bank in the nation.
How the Pick-A-Term CD 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 270 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available within the Bank’s market area, Bankers Trust Company's 9-21 Month Special CD Rate Promo APY currently ranks first.
The above rates are accurate as of 3/24/2017.