Farmers State Bank (IA) Adds Two New CD Specials

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.80%$2,500-Farmers State Bank29 Month CD Special
1.57%$2,500-Farmers State Bank15 Month CD Special
Accounts mentioned in this post. Rates as of September 30, 2016.

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

Certificate Savings Account

I mentioned this account last December, and I think it deserves a second hearing because of the uniqueness of the account. The Certificate Savings (1.28% APY) account is essentially an "after-care" account for funds from maturing FSB CDs, which earns a higher-than-average savings APY, but with limited withdrawals. This is the first account I've seen that is designed exclusively as an alternative to re-investing maturing funds in another CD.

According to FSB’s Truth In Savings document,

You must deposit $2,000 to open this account. You may not make additional deposits into this account. You may make six (6) transfer from your account each four (4) weeks or similar period.

If your balance falls below $50 on any day in the month, your account will be subject to a $1 avings minimum balance fee for that month. An excess debit fee of $1 will be charged for each debit transaction in excess of six during a monthly statement cycle.

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 (FDIC Certificate #12855) has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 1.10% (excellent), based on December 30, 2015 data. In the past year, Farmers State Bank has increased its total deposits by $80.33 million, an excellent annual growth rate of 17%. Please refer to our financial overview of Farmers State Bank 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 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 25th largest bank in Iowa, with assets in excess of $698 Million.

How the CDs Compare

When compared to the 184 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available to residents of the greater Waterloo metro area, Farmers State Bank’s 29-Month CD Special APY currently ranks first.

When compared to the 148 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available to residents of the greater Waterloo metro area, Farmers State Bank’s 15-Month CD Special currently ranks first.

The above rates are accurate as of 4/29/2016.

To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table, or our new Rates Map page.

Comments
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...

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  • 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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