Kansas-based KS StateBank raised the rates on most of its CDs yesterday, with the 1-year (1.70% APY) being the most competitive. The 1-year CD can be opened in-branch or online with a $500 minimum deposit. The Internet Only Jumbo CD Special requires a $100k minimum deposit and must be opened online.
|1.70%||$500||$100k||KS StateBank||1 Year CD|
|1.70%||$100k||-||KS StateBank||1 Year Jumbo CD - Internet Only Special|
|1.70%||$500||$100k||KS StateBank||1 Year IRA - In Branch Only (Traditional, Roth)|
The “Notes” section for the Jumbo CD Specials on the Deposit Rates page states,
Must be opened online. Not available as an IRA. Cannot be opened in the name of a trust. Consumer accounts only.
The 1-year CD is offered as an IRA (Traditional, Roth), earning the same APY and with the same funding requirements, but must be opened in-branch.
As stated in the Deposit Account Disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
If you withdraw any of the principal before the maturity date, we may
impose a penalty of Six Months interest earned on the amount withdrawn.
The Deposit Account Disclosure also states that,
On CDs that are opened online, the only interest option
available is to have the interest credited to the CD quarterly.
Accessing Funds Following Maturity
Some banks that offer CDs online make the funding process quite easy by utilizing an ACH transfer, only to make gaining access to matured funds difficult. According to CSR, upon CD maturity, you can “send a secured message through the online banking platform with instructions to have your funds transmitted by ACH transfer or certified check.” Easy.
Headquartered in Manhattan, Kansas, KS StateBank has been offering a portion of its product line on a nationwide basis through online application for more than a year. More accounts have been added to the online application and the list now includes Checking Plus, Simple Savings, Advantage Money Market, auto loans, personal credit card, as well as Choose Your Term (Regular) CDs and Jumbo CDs.
As previously stated, the Internet Jumbo CD Specials are only available online. All Regular CDs can be opened available online, or at any of six full-service Kansas branches located in Junction City, Manhattan (4), and Wichita.
KS StateBank also has a branch in Phoenix (AZ), following the 2012 acquisition of Sonoran Bank.
KS StateBank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.55% (excellent) based on June 30, 2017 data. In the past year, KS StateBank has increased its total non-brokered deposits by $23.41 million, an above average annual growth rate of 1.99%. Please refer to our financial overview of KS StateBank (FDIC Certificate # 19899) for more details.
Established in 1969 as Kansas State Bank of Manhattan, KS StateBank has grown to become the eighth largest bank in Kansas, with assets in excess of $1.6 billion. In 2012, the Bank acquired Sonoran Bank, N.A., which was located in Phoenix, Arizona. In January 2015, the Bank re-branded and became KS StateBank, in an effort to better reflect the Bank’s increasing presence as an internet bank.
How the CDs Compare
When compared to the 204 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, KS StateBank’s 1-year CD APY currently ranks second.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that include CDs with larger minimum deposit requirements and are available nationally, KS StateBank’s 1-year Jumbo CD APY currently ranks fourth.
The above rates are accurate as of 10/5/2017.