Grant County Bank Offers Competitive CDs in CO, KS, OK, and TX

Kansas-based Grand County Bank (GCB) recently raised the rates on all its CDs, with increases between 14 and 35 bps. Following the addition of 35 bps, the 18-month CD now earns 1.17% APY ($100k minimum) and 1.14% APY ($100 minimum). The 3-year CD gained 31 bps and currently earns 1.63% APY ($100k minimum) and 1.60% APY ($100 minimum). I find it surprising there's only a 3 bps difference between the $100 and $100k deposit level rates.

GCB's CDs of other terms from six months to five years also have competitive rates.

GCB’s CDs with terms from one to five years 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:

• Partial withdrawals are allowed. The Early Withdrawal Penalty for the 18-month, 2-year, and 3-year CDs is 182 days interest, with the 4-year and 5-year CDs losing 547 days interest on the amount being withdrawn.
• 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.

Availability

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.)

Opening a CD can be done online, or in-person at either of two Kansas branches, located in Garden City and Ulysses.

Bank Overview

Grant County Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 13.81% (above average) based on December 31, 2021 data. In the past year, GCB has increased its total non-brokered deposits by $25.18 million, an excellent annual growth rate of 13.38%. 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. The story of the town of Ulysses, on the other hand, 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 18-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, four other credit unions offer higher rates than available on the Grant County Bank 18-month CD, regardless of minimum deposit requirements. The following table compares the GCB 18-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

How the 3-Year CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, only one credit unions offers a higher rate than available on the Grant County Bank 3-year CD, regardless of minimum deposit requirements. The following table compares the GCB 3-year CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 3/8/2022.

Looking for the best CD rates, both nationwide and in your state? Please refer to our CD Rates Table page.