Bankers Trust Raises 7-23 Month Pick-A-Term CD To 2.75% APY

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Deal Summary: 7-23 Month Pick-a-Term CD (2.75-2.85% APY), 36-Month Anniversary CD Promotion (3.20-3.30% APY) with two rate bump-ups, relationship required for higher APYs, $1k min deposit.

Availability: Online market area includes Iowa and Arizona.

Iowa-based Bankers Trust is continuing to offer its “Pick-A-Term” CDs and Promotional Rates CDs, with bonus interest rate options. Based on Relationship Packages, the bonus interest rates are as follows: Bronze Tier, 0.02% APY; Silver Tier, 0.05% APY; Gold Tier, 0.07% APY; and Platinum Tier, 0.10% APY.

As the name suggest, the 7-23 month Pick-a-Term CD (2.75%-2.85% APY) lets you choose any term length between 7 and 23 months. Previous Pick-a-Term CDs had a term range from 7 to 27 months. The minimum opening deposit is $1k, with no stated balance cap. In the past year, a total of 135 bps have been added to the Pick-a-Term CD's APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.85%$1k-Bankers Trust Company7-23 Month Pick-A-Term CD Promotion - Platinum Tier
2.82%$1k-Bankers Trust Company7-23 Month Pick-A-Term CD Promotion - Gold Tier
2.80%$1k-Bankers Trust Company7-23 Month Pick-A-Term CD Promotion - Silver Tier
2.77%$1k-Bankers Trust Company7-23 Month Pick-A-Term CD Promotion - Bronze Tier
2.75%$1k-Bankers Trust Company7-23 Month Pick-A-Term CD Promotion
Rates as of January 19, 2019.

When I first saw the 36-month Anniversary CD Promotion (3.20%-3.30% APY), I assumed the “Anniversary” part of the name referred to some Bankers Trust anniversary celebration. I was wrong.

On each of the first two anniversary dates, Bankers Trust will automatically choose the APY which is the higher of either the existing APY or the highest like-term promotional APY the Bank offers, and apply it for the term remaining on your CD.

The APY will never drop below the initial base interest rate established at the time of account opening. Like the Pick-A-Term CD, 36-month Anniversary CD Promotion requires a minimum $1k opening deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.30%$1k-Bankers Trust Company36 Month Anniversary CD Promotion - Platinum Tier
3.27%$1k-Bankers Trust Company36 Month Anniversary CD Promotion - Gold Tier
3.25%$1k-Bankers Trust Company36 Month Anniversary CD Promotion - Silver Tier
3.22%$1k-Bankers Trust Company36 Month Anniversary CD Promotion - Bronze Tier
3.20%$1k-Bankers Trust Company36 Month Anniversary CD Promotion
Rates as of January 19, 2019.

Relationship Package

While qualifying for each Relationship Package level is a bit detailed, the basic concept is rather simple:

1) Open an anchor checking account.

2) 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:

Bonus Level

Bronze

Silver

Gold

Gold

Platinum

Platinum

Deposit Requirement

$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

You can also qualify for the different bonus rates by fulfilling a series of checking account transactions (debit card, bill payments, eStatements, etc). Rather than list all the requirements, referring to Bankers Trust Company’s Benefits Banking Packing page is a better option.

According to the fine print on the CD Rate Page, the frequency of rate changes is not limited.

The interest rate on your account is the initial base interest rate stated on your CD Signature Card, plus a bonus interest rate, if applicable. Your interest rate, APY, and the applicable benefits tier may change while enrolled in the Relationship Package. We may change the bonus interest rate on your account every time you qualify for a different benefits tier

As stated in the Certificate of Deposit Agreement, the Early Withdrawal Penalty reads as follows:

Term of less than 12 months – 90-day interest penalty
Term between 12 and 24 months – 180-day interest penalty
Term greater than 24 months – 365-day interest penalty

Availability

Headquartered in Des Moines, Iowa, Bankers Trust has a brick-and-mortar presence in the Cedar Rapids and Des Moines (IA) areas, and the greater Phoenix (AZ) area. A portion of its product line is available to all Iowa and Arizona residents through the Bank's online application, .

Both the 7-23 Month Pick-a-Term CD and 36-month Anniversary CD Promotion can be opened online, or at 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.

Bank Overview

Bankers Trust has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.08% (excellent) based on September 30, 2018 data. In the past year, Bankers Trust has increased its total non-brokered deposits by $115.76 million, an excellent annual growth rate of 3.56%. Please refer to our financial overview of Bankers Trust (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 consolidated 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 $4.47 billion in assets, Bankers Trust Company is currently Iowa’s largest bank and the 227th largest bank in the nation.

How the CDs Compares

When a single APY is offered on a multi-term CD like the 7-23 Month Pick-a-Term CD, the shorter the term, the more competitive the APY. Therefore, when compared to the 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's 7-23 Month Pick-a-Term CD APY (base rate) currently ranks third.

Interest RateCD Length of TermCredit Union/Bank
2.86% APY8-Month CDAndrews Federal Credit Union
2.78% APY7-Month CDMutualOne Bank
2.75% APY7-23-Month Pick-A-Term CD (base rate)Bankers Trust

When compared to the 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's 36-Month Anniversary CD Promo APY (base rate) currently ranks fourth.

Interest RateCD Length of TermCredit Union/Bank
3.35% APY3-Year Term DepositMountain America Credit Union
3.30% APY3-Year CDableBanking
3.20% APY36-Month Anniversary CD Promo (base rate)Bankers Trust

The above rates are accurate as of 12/26/2018.

To look for the best CD rates, both nationwide and in your area, please refer to our CD Rates Table page.

Related Pages: Cedar Rapids CD rates, Des Moines CD rates, Phoenix CD rates, 1-year CD rates, 5-year CD rates

Comments
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