Farmers State Bank 17-Month CD Special Available In All Iowa Counties

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Deal Summary: 17-month CD Special, 2.02%, $5k minimum opening deposit.

Availability: Market area now includes all of Iowa.

For the past six years, Farmers State Bank (FSB) has consistently offered competitive CD Specials. FSB currently has two CD Specials: 17-month with a great 2.02% APY) and 10-month earning a mediocre 1.67% APY. (FYI – DA compares 10-month CD APYs to APYs for 1-year CDs, hence my use of “mediocre.”)

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.75%$5k-Farmers State Bank17 Month CD Special
2.25%$5k-Farmers State Bank10 Month CD Special
Rates as of July 2, 2022.

As stated in Truth-in-Savings document, the Early Withdrawal Penalty reads as follows:

Your account will mature in 17 months. If you withdraw any of the principal before the maturity date, we may impose a penalty of 12 months interest penalty on the amount withdrawn.

Funding a CD Special can be done by ACH, wire, check, or through an internal transfer.

There is a 10-grace period before the CD Special will automatically renew. When a CD Special is opened, you must opt for either automatic renewal or non-renewal. If you chose not to renew, the maturing “funds will be placed into a non-interest bearing account.”

Availability

Headquartered in Waterloo, Iowa, Farmers State Bank’s market area has expanded since my last blog post in 2020. While FSB has a brick-and-mortar presence in only seven Iowa counties, all residents of Iowa who are 18 years or older and have a valid Social Security number are now eligible to open a FSB account through an online application.

Opening a CD Special can be done online or at any of eight Iowa branches located in Cedar Falls, Dunkerton, Gilbertville, Jesup, Waterloo (2), Waverly, and West Des Moines.

Bank Overview

Farmers State Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 2.58% (excellent), based on March 31, 2022 data. In the past year, Farmers State Bank has increased its total deposits by $28.85 million, an above average annual growth rate of 2.87%. 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 $1.4 billion and more than 80,000 customer accounts.

How the 17-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Farmers State Bank 17-month CD Special. The following table compares the 17-month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 5/31/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Cedar Rapids CD rates, Des Moines CD rates, 1-year CD rates

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Deal Summary: Loyalty Checking, 3.05% APY on qualifying balances up to $15k.

Availability: Market area includes 23 Iowa counties.

Farmers State Bank’s (FSB) reward checking account, Loyalty Checking, is currently earning 3.05% APY on qualifying balances up to $15k. Qualifying balances above $15k earn 0.15% APY, with non-qualifying balances earning 0.01% APY.

The Loyalty Checking has been part of FSB’s product line for about 11 years. The initial 5.01% APY on qualifying balances up to $25k lasted almost one year, dropping to 3.25% APY in October...

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Deal Summary: 17-month CD Special, 2.05% APY ($250k), 1.95% APY ($100k), and 1.85% APY ($5k). 34-month CD Special, 2.35% APY ($250k), 2.25% APY ($100k), and 2.15% APY ($5k).

Availability: Market area includes Blackhawk, Bremer, and Buchanan Counties, Iowa.

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).

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Farmers State Bank (IA) Adds Two New CD Specials
Availability: Market area includes Blackhawk, Bremer, and Buchanan Counties, Iowa.

At the end of December, Farmers State Bank (FSB) was offering three CD Specials. Four months later, those have expired, but FSB has two new CD Specials: 15-month (1.57% APY), and 29-month (2.00% APY).

The minimum opening deposit for either of the CD Specials is $2.5K, with no balance cap. Interest is compounded every six months for CDs with terms of 1 year and greater.

As stated on FSB’s Deposit Rates page, the Early Withdrawal...

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Availability: Market area includes Blackhawk, Bremer, and Buchanan Counties, Iowa.

Farmers State Bank (FSB) is currently offering three CD Specials: 15-month (1.36% APY), 25-month (1.75% APY), and 60-67 month (2.27% APY).

The minimum opening deposit of all of the CD Specials is $2.5K, with no balance cap.

As stated on FSB’s Deposit Rates page, the Early Withdrawal Penalty reads as follows:

Certificate Savings Account

Farmers State Bank has introduced a new account to its product line: the Certificate Savings (1.28% APY). The Certificate Savings is essentially...

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5.01% Reward Checking Account at Farmers State Bank in Iowa - Local Only

Farmers State Bank is offering a reward checking account called Loyalty Checking. It has the following rates and features if certain monthly requirements are met:

  • 5.01% APY on balances up to $25,000
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  • 0.10% on all balances if requirements are not met
  • Refunds ATM fees nationwide up to $10 per month

The monthly requirements include:

  • 12 debit card purchases (signature or PIN - excludes ATMs)
  • two direct deposit or electronic ACH withdrawals
  • Access online banking
  • Receive e-statements (with a valid email)

Additional features of the account regardless of the monthly requirements include:

  • $100 minimum...
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