Deal Summary: 10-Month Promotional CD, 1.60%-1.70% APY, relationship required for higher APYs, $1k minimum deposit.
Iowa-based Bankers Trust Company has had a variety of “Pick-A-Term” CDs (with bonus interest rates) over the past few years. While the latest offering is not a Pick-A-Term CD, the new 10-Month Promotional CD (base 1.60% APY) includes the bonus interest rates option. The 10-month Promotional CD requires a minimum deposit of $1k and there is no stated maximum balance cap.
The four different levels of Bonus Interest Rates are 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.
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:
$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). 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.
According to CSR, the Early Withdrawal Penalty for CDs with terms of less than 1 year is 90 days.
Headquartered in Des Moines, Iowa, Bankers Trust Company has a brick-and-mortar presence in the Cedar Rapids and Des Moines (IA) and the greater Phoenix (AZ) areas, but it’s online application can be used by all Iowa and Arizona residents.
Opening a 10-month Promotional CD can be done 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.
Bankers Trust Company has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.90% (excellent) based on March 31, 2017 data. In the past year, Bankers Trust Company has increased its total non-brokered deposits by $205.01 million, an excellent annual growth rate of 7.31%. 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 $4.14 billion in assets, Bankers Trust Company is Iowa’s largest bank and the 242nd largest bank in the nation.
How the Promotional CD Compares
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 Company's 10-Month Promotional CD APY (base rate) currently shares the top rung with the one-year CDs offered by TIAA Direct, EverBank, and Pacific National Bank.
The above rates are accurate as of 8/23/2017.