Farmers State Bank Loyalty Checking Available In 23 Iowa Counties

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.05%-$15kFarmers State BankFSB Loyalty Checking
Rates as of January 20, 2021.

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 2010. The next rate change occurred in September 2011, when the APY plummeted to 2.00%; the rate popped up to the current 3.05% APY more than four years ago. I don't know when the balance cap was lowered to $15k and CSR wasn’t sure when the cap was lowered either.

Since my November 2009 blog post, the monthly qualifying requirements have not changed.

  • At least 15 debit card purchases ($10 minimum).
  • At least two automatic transfers (ACH direct deposit or payment).
  • Login to FSB I-Banking at least once per statement cycle.
  • Sign up for eStatements with a valid email address.

The Loyalty Checking account has no monthly maintenance fees or minimum balance requirements, but does require a $100 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $10 per statement, if the qualifying requirements are met. Unlimited check writing is available and a free debit card will be issued. The Loyalty Checking account is only available as a personal account and there is a limit of one account per household.

There’s one other requirement which isn’t listed on the Loyalty Checking landing page, but is mentioned in the Truth-in-Savings disclosure.

Account holder must have, or open, one additional primary or secondary account relationship other than the FSB Loyalty Checking, debit card & I-Banking.

The FSB account that requires the least investment is the Savings Account: minimum $300 opening deposit and $300 minimum balance requirement. If the balance falls below $300, there is a $3 monthly service fee.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.05%$300-Farmers State BankSavings Account
Rates as of January 20, 2021.

Availability

Headquartered in Waterloo, Iowa, Farmers State Bank offers its Loyalty Checking account to the residents of 23 Iowa counties. In a Live Chat, CSR stated that FBS’s market area,

includes all counties in which we have a branch located and all
contiguous counties to the counties where there is a Farmers State Bank.

Those Iowa counties are Benton, Blackhawk, Boone, Bremer, Buchanan, Butler, Chickasaw, Clarke, Dallas, Delaware, Fayette, Green, Grundy, Guthrie, Jasper, Linn, Lucas, Madison, Marion, Polk, Story, Tama, and Warren.

Opening a Loyalty Checking account can be done online, or at any of the eight Iowa branches located in Cedar Falls, Dunkerton, Gilbertville, Jesup, Waterloo (2), Waverly, and West Des Moines. According to the COVID FAQ page, some FSB branch hours have been temporarily changed due to the pandemic, but no branch lobbies are closed.

Bank Overview

Farmers State Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.41% (excellent), based on June 30, 2020 data. In the past year, FSB has increased its total non-brokered deposits by $126.95 million, an excellent annual growth rate of 16.56%. 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 to "Farmers State Bank, Jesup, Iowa" in 1903, operating as a corporation under State of Iowa law with $25k in capital. Farmers State Bank has grown to become the 17th largest bank in Iowa, with assets in excess of $1.2 billion and nearly 154,000 customer accounts.

How Loyalty Checking Compares

When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, that have maximum qualifying balances of at least $15k and are available with the market area, Farmers State Bank’s Loyalty Checking APY currently ranks fourth.

The above rates are accurate as of 11/11/2020.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Cedar Rapids checking accounts, Des Moines checking accounts, reward checking accounts

Comments
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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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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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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:

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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
  • 1.50% APY on portion of balance over $25,000
  • 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:

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It appears a branch visit is required to open an account. Branches are located in the Iowa cities of Cedar Falls, Waterloo, Jesup, Raymond, Dunkerton and Gilbertville.

The bank has decent ratings for...



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