Kansas-based Grand County Bank (GCB) recently raised the rates on two of its long-term CDs. Following the addition of 13 bps, the 5-year CD now earn 1.53% APY ($100k minimum) and 1.50% APY ($1k minimum). The 4-year CD gained a very modest 3 bps and currently earns 1.13% APY ($100k minimum) and 1.10% APY ($1k minimum). It’s surprising there's only a 3 bps difference between the $1k and $100k deposit level rates.
GCB’s CDs are also available as IRA CDs (Traditional and Roth), earning the same APYs based on the same tiered deposit levels.
Although GSB’s website contains a lot of information on a variety of subjects, there is no Truth-in-Savings disclosure or FAQs for CDs available. A conversation with CSR provided the following facts:
- The Early Withdrawal Penalty for the 4-year and 5-year CDs is 180 days interest on the amount being withdrawn, with partial withdrawals allowed.
- Funding a CD can be done by ACH, wire, or check. There are no limits on the amount that can be deposited through ACH or wire.
- Maturing funds can be distributed by cashier’s check to the address on file or deposited into a GCB checking or savings account.
- There is a 10-day grace period before a CD automatically renews.
Headquartered in Ulysses, Kansas, Grant County Bank has a brick-and-mortar presence in Finney and Grant Counties, but offers its CDs to U.S. citizens who live in Colorado, Kansas, Oklahoma, or Texas through an online application. (Non-citizens must apply in-branch in order to open a CD.)
There is no mention of any COVID-related branch restrictions (appointments, limited hours, temporary closures, etc.) on GCB’s website.
Grant County Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 7.86% (excellent) based on December 31, 2020 data. In the past year, GCB has increased its total non-brokered deposits by $19.74 million, an excellent annual growth rate of 11.72%. Please refer to our financial overview of Grant County Bank (FDIC Certificate # 10918) for more details.
Grant County Bank has been a locally own and operated bank since it was established in 1907. In fact, two of the current directors can trace their roots back to Dan C. Sullivan, Grant County’s second settler. GCB’s history is fairly standard for a small rural bank, and frankly, not that interesting. But the story of the town of Ulysses is fascinating.
Founded in 1885, the old Ulysses was located about two miles east of present-day Ulysses. Located next to north/south and east/west rail lines, old Ulysses was described in 1887 as the “booming town of Grant County.” Unfortunately, things went bust.
The early town of Ulysses had been bonded heavily for improvements that were never made. The bonds were issued and sold, and the money pocketed by grifters. "Old" Ulysses dwindled from a flourishing town of approximately 1,500 in the late 1880s to a hamlet of 100 residents in 1908. Facing a staggering debt of $84,000 ($2,390,000 in 2021), for which there was absolutely nothing to show, the situation was desperate.
Some of the bond holders brought suit and took judgments for several thousand dollars against the city for delinquent interest. The citizens of Ulysses were forced to pay a high levy to meet payment on the judgment. This levy included a 600% increase in the realty taxes, and a 362% increase on personal property taxes.
After paying a year of exorbitant taxes, came the decision which few towns make: the citizens decided to take their belongings and move off the old town site, and out of the school district.
The city fathers went two miles westward, and purchased a quarter of land that was deeded to the New Ulysses Town Company. The town began the move on February 1, 1909, and continued for approximately three months. Skids were used to move the larger buildings, and the smaller ones were loaded onto wagons. Horse power was used to move the loads.
The move that began in February was completed in June 1909, when every resident with their homes, business houses, and belongings moved from the old town site. The inhabitants moved to the new location, 2.5 miles west, and built a new town called New Ulysses. Later in 1909, with the move complete, the former citizens left the old town site just as they had found it, a rolling tract of prairie.
How the CD Compares
Given the multi-state availability, comparing the GSB CDs to nationally available CDs is appropriate. When compared to 180 similar length-of-term CDs tracked by DepositAccounts.com that are nationally available, Grant County Bank’s 5-year CD top-tier APY currently ranks first, regardless of minimum deposit requirements.
When compared to 173 similar length-of-term CDs tracked by DepositAccounts.com that are nationally available, Grant County Bank’s 4-year CD top-tier APY currently ranks third, regardless of minimum deposit requirements.
The above information and rates are accurate as of 5/3/2021.
Looking for the best CD rates, both nationwide and in your state? Please refer to our CD Rates Table page.