While not widely known outside of Iowa, Farmers State Bank (FSB) has been consistently offering competitive CD Specials for the past few years. The latest offerings are the 17- and 34-month CD Specials, but this go-around each CD Special has three APYs based on deposit levels ($5k, $100k, $250k).
As stated on FSB’s Deposit Rates page, the Early Withdrawal Penalty reads as follows:
CDs with terms of 1 year and greater - 12 months interest penalty
I last wrote about FSB’s CD Specials some 20 months ago. At that time, there was only one rate tier with a minimum deposit of only $2.5k. The previous term lengths were 15- and 29-months (fairly comparable to the current terms), but the current rates are much improved. Here’s what the numbers look like.
Headquartered in Waterloo, Iowa, Farmers State Bank’s market area includes the northeast Iowa counties of Blackhawk, Bremer, and Buchanan.
While the process of opening a CD (or any other account) with FSB can be initiated online, an in-person visit is required to complete the transaction.
Farmers State Bank has ten Iowa branches located in Cedar Falls (2), Dunkerton, Gilbertville, Jesup, La Porte City, Raymond, Waterloo (2), and Waverly.
Farmers State Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 4.71% (excellent), based on September 30, 2017 data. In the past year, Farmers State Bank has increased its total deposits by $93.53 million, an excellent annual growth rate of 15.88%. Please refer to our financial overview of Farmers State Bank (FDIC Certificate #12855) for more details.
Farmers State Bank has been locally owned and operated with since 1879. It was originally organized as Farmers Bank of Jesup (a private bank) and in 1882 re-organized under a National Charter. The name was changed in 1903 to "Farmers State Bank, Jesup, Iowa," operating as a corporation under State of Iowa law with $25k in capital. Farmers State Bank has grown to become the 19th largest bank in Iowa, with assets in excess of $912 million.
How the CD Specials Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require similar minimum deposits and are available to residents of the Bank’s market area, Farmers State Bank’s 17-Month CD Special APYs currently rank in the top three.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require similar minimum deposits and are available to residents of the Bank’s market area, Farmers State Bank’s 34-Month CD Special APYs currently rank in the top four.
The above rates are accurate as of 12/6/2017.
To find the highest CD rates that are available in your local area or nationwide, please refer to our CD rates table.