Farmers State Bank Adds 17-Month CD Special

POSTED ON BY

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).

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.35*%$250k-Farmers State Bank34 Month CD Special
OTHER TIERS: 2.15% $5k - $100k | 2.25% $100k - $250k
2.05*%$250k-Farmers State Bank17 Month CD Special
OTHER TIERS: 1.85% $5k - $100k | 1.95% $100k - $250k
Accounts mentioned in this post. Rates as of January 18, 2018.

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.

Availability

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.

Bank Overview

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.

Related Pages: Cedar Rapids CD rates, 1-year CD rates, 5-year CD rates

Comments
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...

Continue Reading
Farmers State Bank (IA) Ends 2015 With 3 CD Specials
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...

Continue Reading
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:

  • $100 minimum...
Continue Reading
2.02% 8-Month CD & 3.57% 55-Month CD at Farmers State Bank in Iowa - Local Only
Farmers State Bank is offering some competitive CD specials. These include a 2.02% APY 8-month CD, a 2.37% APY 17-month CD and a 3.57% APY 55-month CD. The 8-month CD has a $2,000 minimum deposit and the longer terms have a $1,000 minimum. These rates are listed in the bank's rates page as of the morning of 8/03/09.

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...



Continue Reading