Iowa-based Bankers Trust Company is offering a 7-27 Month Pick-A-Term CD (1.30% Base APY), with 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, and
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
The alternate way to qualify for the different bonus rate is by fulfilling a series of checking account transactions (debit card, bill payments, eStatements, etc). Rather than try to list the requirements (which reads like a menu in a Chinese restaurant), please refer to Bankers Trust Company’s Benefits Banking Packing page.
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, Banks 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 some of its products, opening a 7-27 Month Pick-A-Term CD 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 three Arizona branches, all located in Phoenix.
Bankers Trust Company (FDIC Certificate # 953) has an overall health grade of "A" at DepositAccounts.com,with a Texas ratio of 3.20% (excellent) based on June 30, 2016 data. In the past year, Bankers Trust Company has increased its total deposits by $362.16 million, an excellent growth rate of 14.3%. 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 $3.94 billion in assets, Bankers Trust Company is Iowa’s largest bank and the 234th 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 342 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to residents of Iowa and Arizona, Bankers Trust Company's 7-27 Month Pick-A-Term CD Promo APY currently ranks first.
The above rates are accurate as of 9/2/2016.