Deal Summary: 40-Month Promotional CD (2.30-2.40% APY) and 7-27 Month Pick-a-Term CD (1.70-1.80% APY), relationship required for higher APYs, $1k minimum deposit.
In the past few years, Iowa-based Bankers Trust has had a variety of “Pick-A-Term” CDs and Promotional CDs. Bankers Trust is currently offering one of each, 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 7-27 month Pick-a-Term CD (1.70%-1.80% APY) lets you choose any term length between 7 and 27 months.
On the other hand, the 40-month Promotional CD (2.30%-2.40% APY) is a straightforward 40 month term. The minimum deposit for either CDis $1k, with no stated balance cap.
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
Another 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 and 180 days for CDs with terms greater than 1 year.
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, but its online application provides access to a portion of the product line to all Iowa and Arizona residents.
Both the 40-month Promotional CD and 7-27 Month Pick-a-Term CD 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 single Arizona branch in Phoenix.
Bankers Trust has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.70% (excellent) based on September 30, 2017 data. In the past year, Bankers Trust has increased its total non-brokered deposits by $216.91 million, an excellent annual growth rate of 7.15%. Please refer to our financial overview of Bankers Trusts (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 $4.34 billion in assets, Bankers Trust Company is Iowa’s largest bank and the 222nd largest bank in the nation.
How the CDs Compares
Obviously, the shorter the term, the more competitive the APY. Therefore, when compared to the 255 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 7-27 Month Pick-a-Term CD APY (base rate) currently ranks first.
When compared to the 267 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 40-Month Promotional CD APY (base rate) currently ranks second.
The above rates are accurate as of 12/27/2017.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.