Global Innovations Bank Adds Competitive 12-Month CD Special


Update 3/28/2024: The 12-month CD Special is no longer available.

Update 3/21/2024: The 12-month CD Special rate has fallen 10 bps to 5.51% APY.

Deal Summary: 12-month CD Special, 5.51% APY, $10k minimum opening deposit.

Availability: Nationwide through online application.

This is the first time I’ve ever written about Global Innovations Bank (Global Innovations). Based in rural Minnesota with a single branch location, Global Innovations describes itself as a “strong local bank.” The 12-month CD Special (5.51% APY) is Global Innovations’ initial foray into the nationwide marketplace. The minimum opening deposit is $10k, with no stated balance cap.


Headquartered in Keister, Minnesota (near the Iowa border), Global Innovations Bank is offering the 12-month CD Special to all U.S. citizens and resident aliens (18 years or older) with a valid Social Security number through CD Valet. Launched in November 2022, CD Valet is a website and mobile app that highlights the “most relevant and competitive CD rates.” Sounds familiar, doesn't it. One of CD Valet's FAQs describes the motivation behind the website and explains the relationship between CD Valet and Global Innovations Bank:

We do not accept money from financial institutions to list their CD rates on CD Valet. They do pay CD Valet if they utilize our CD market analytics, lead generation, or digital account opening services, which financial institutions can use to better serve consumers and enable them to digitally open their CDs online in one seamless experience.

Account Opening

The 12-month CD Special can only be opened online using CD Valet. The "Open Now" button at CD Valet takes the user to the start of the online application at Global Innovations' website. The Global Innovations website does not list the 12-month CD Special (or any other CD). While there is an “Apply Now” button on the Global Innovations CDs and IRAs page, it leads to a "Contact Me" form that gathers personal information.

Funding and Other Particulars

The following information was obtained a conversation with a very knowledgeable CSR.

  • Funding* – Wire ($20 fee) or cashier’s check.
  • Ownership – Individual, joint, or trust.
  • Early Withdrawal Penalty – 180 days, partial withdrawals allowed, principal is not protected.
  • Interest – Compounded/credited quarterly; earned interest cannot be withdrawn.
  • Maturing Funds* – Wire ($20 fee) or cashier’s check to address on file.
  • Grace Period – None. Will automatically renew if you do not contact Global Innovations before maturity date to submit instructions for distribution (wire or cashier’s check).
  • Beneficiaries – Unlimited, percentages can be assigned, name, DOB, Social Security number, phone number, and email address required for all beneficiaries.
  • Credit Check – ChexSystems.
  • *Surprisingly, there is no ACH (incoming or outgoing) transfer service.

Bank Overview

Global Innovations Bank has an overall health grade of "A" at, with a Texas Ratio of 0.24% (excellent) based on September 30, 2023 data. In the past year, Global Innovations has increased its total non-brokered deposits by $3.75 million, an excellent annual growth rate of 8.62%. Please refer to our financial overview of Global Innovations Bank (FDIC Certificate # 5175) for more details.

Global Innovations Bank is a small bank with assets in excess of $55 million. Thus, CD offers may not last long if they receive a surge of new deposits.

Established in 1889, Global Innovations was originally known as The First National Bank of Kiester. Following chartering agency and bank class changes in 2004, the bank rebranded as First State Bank of Kiester. The Global Innovations rebrand occurred in 2020, highlighting the,

commitment to offer the robust technological capabilities of a global brand, while maintaining the friendly homegrown service offered by our highly skilled local staff.

On a lighter note, the town of Kiester’s claim to fame is a Preparation H television commercial in 2016.

How the 12-Month CD Special Compare

When compared to similar length-of-term CDs tracked by that are available nationally and have minimum deposit requirements of $10k or less, two banks and one credit union have higher rates than currently offered on the Global Innovations Bank 12-month CD Special. The following table compares the 12-month CD to the four highest-rate similar length-of-term CDs from other banks/credit unions that have nationwide market areas.

The above information and rates are accurate as of 1/23/2024.

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

Related Pages: Minneapolis CD rates, 1-year CD rates, nationwide deals

Previous Comments
  |     |   Comment #2
If a bank requires you to wire them money with a $20 fee YOU have to pay, then they are not really giving you 5.61% APY are they?

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.