KS StateBank Ups Nationally Available CD Rates Again
Ten days ago, I was happy to see that KS StateBank had increased it CD rates, after two months of static APYs. Right now, I’m having a moment of DA Déjà Vu: the Bank has again raised the rates on all its CDs yesterday, adding between 5 and 20 bps. These latest increases put the majority of the APYs at the top of their respective term length categories. The CDs can be opened in-branch or online with a $500 minimum deposit.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.37% | $500 | - | KS StateBank | 5 Year CD | |
| 3.29% | $500 | - | KS StateBank | 4 Year CD | |
| 3.10% | $500 | - | KS StateBank | 3 Year CD | |
| 2.85% | $500 | - | KS StateBank | 2 Year CD |
The CDs are also available as IRAs (Traditional, Roth), earning the same APYs and with the same funding requirements, but must be opened in-branch.
KS StateBank also offers Jumbo CD Specials, which earn the same APYs as the CDs, but require a $100k minimum deposit. These Jumbo CDs can only be opened online. 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.
As stated in the Deposit Account Disclosure, the Early Withdrawal Penalty reads as follows:
Two Year CD - If you withdraw any of the principal before the maturity date, we
may impose a penalty of Nine Months interest earned on the amount withdrawn.Three Year CD - If you withdraw any of the principal before the maturity date, we
may impose a penalty of Twelve Months interest earned on the amount withdrawn.Four Year CD - If you withdraw any of the principal before the maturity date, we
may impose a penalty of Fifteen Months interest earned on the amount withdrawn.Five Year CD - If you withdraw any of the principal before the maturity date, we
may impose a penalty of Eighteen Months interest earned on the amount withdrawn.
Accessing Funds Following Maturity
KS StateBank has a relatively easy procedure to gain access to maturing funds. According to CSR, prior to the CD maturing, you can “send a secured message through the online banking platform with instructions to have your funds transmitted by ACH transfer or certified check.” When your CD is opened, an online banking account will automatically be opened for your convenience in contacting the Bank.
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.
Availability
Headquartered in Manhattan, Kansas, KS StateBank has been offering a portion of its product line on a nationwide basis through online application for nearly three years. More accounts have been added to the online application and 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, Arizona, procured as part of its 2012 acquisition of Sonoran Bank.
Bank Overview
KS StateBank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.93% (excellent) based on March 31, 2018 data. In the past year, KS StateBank has increased its total non-brokered deposits by $48.03 million, an excellent annual growth rate of 3.94%. 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 $1.7 billion. In 2012, the Bank acquired Sonoran Bank, N.A., located in Phoenix, Arizona. The KS StateBank re-brand occurred in January 2015, in an effort to better reflect the Bank’s increasing presence as an internet bank.
How the CDs Compare
When compared to the 205 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, KS StateBank’s 2-year CD APY currently ranks second.
When compared to the 206 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, KS StateBank’s 3-year CD APY currently claims the top spot.
When compared to the 177 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, KS StateBank’s 4-year CD APY currently ranks first.
When compared to the 186 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, KS StateBank’s 5-year CD APY currently ranks first.
The above rates are accurate as of 7/20/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
