Last week, I wrote about Cornhusker Bank’s new Power Checking account, which earns 3.50% APY on qualifying balances up to $25k, and I’m starting this week with Cornhusker Bank’s new 27-month CD Special (1.68% blended APY). The minimum deposit is $1k, with no stated balance cap.
The 27-month CD Special’s blended APY is broken as follows:
- 1.25% - First 18 months
- 2.50% - Last 9 months
- 1.68% - Total term (27 months)
The CD Special is also offered as an IRA (Traditional and Roth) earning the same blended APY, with the same funding requirements.
I couldn’t find the Early Withdrawal Penalty listed anywhere on the Bank’s website. A very helpful CSR emailed me a copy of the disclosure, which reads in part,
If the early withdrawal is after the first six calendar days but before maturity,
the early withdrawal penalty will be equal to 180 days simple interest at the
contract rate for certificates with an original maturity greater than one year
Headquartered in Lincoln, Nebraska, Cornhusker Bank’s primary market area is Lancaster County, home of the State Capital (Lincoln) and the second-most populous county in Nebraska (more than 306,000 residents). According to CSR, the Bank’s market area also extends into “nearby areas.”
Opening a CD must done in person at any of nine Nebraska branches, all located in Lincoln. The Bank’s online platform is currently dedicated to account management and bill payment services.
Cornhusker Bank is also part of the MoneyPass network, which provides surcharge-free access at more than 23,000 ATMs across the United States, including more than 2,000 Walmart stores.
Cornhusker Bank (FDIC Certificate # 14264) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.70% (excellent) based on September 30, 2016 data. In the past year, Cornhusker Bank increased its total deposits by $31.76 million, an excellent growth rate of 8.27%. Please refer to our financial overview of Cornhusker Bank for more details.
The Bank was originally established in 1903, as one of the many Farmers State Banks located throughout the Midwest. (At one point, there were more than 90 “Farmers State Banks” in operation.) As the name suggests, the Bank’s customer base were the farmers of Lancaster County - the vast majority of its residents. The Cornhusker name came into play in 1960, when the Bank’s headquarters were moved from Davey to Lincoln. Cornhusker Bank is currently Nebraska’s 20th largest bank, with assets in excess of $492 million.
How the CD Special Compares
When compared to the 250 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Cornhusker Bank's 27-month CD Special blended APY currently ranks first.
The above rates are accurate as of 12/5/2016.