Kansas-based KS StateBank has raised the rates on several of its CDs yesterday, with the 1-year (1.65% APY) and 2-year (1.83% APY) being the most competitive. The Internet Only Jumbo CD Specials require a $100k minimum deposit, with no stated balance cap.
|1.78%||$100k||-||KS StateBank||2 Year Jumbo CD - Internet Only Special|
|1.55%||$100k||-||KS StateBank||1 Year Jumbo CD - Internet Only Special|
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.
There are also "regular" versions of the Jumbo CD Specials that earn the same APYs, but only require a minimum deposit of $500.
|1.78%||$500||-||KS StateBank||2 Year CD|
|1.55%||$500||$100k||KS StateBank||1 Year CD|
The Deposit Account Disclosure describes the Early Withdrawal Penalty (EWP) as follows:
If you withdraw any of the principal before the maturity date, we may impose
a penalty of _____ Months interest earned on the amount withdrawn.
The individual EWPs for each term length are,
- 1 year – six months EWP
- 2 year – nine months EWP
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’s market area is now nationwide through its online application. The complete product line is not available nationally, but does include checking, savings, and money market accounts, as well as several CDs.
As stated previously, all the Internet Jumbo CD Specials are only available online. The corresponding Regular CDs can be opened at any of six 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 1.49% (excellent) based on March 31, 2017 data. In the past year, KS StateBank has increased its total deposits by $79.96 million, an excellent annual growth rate of 7.02%. 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. The acquisition of Sonoran Bank, N.A. (Phoenix, AZ) occurred in 2012. 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 201 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, KS StateBank’s 1-year Regular CD APYs currently rank first.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, KS StateBank’s 1-year Jumbo CD APY currently ranks second.
When compared to the 193 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, KS StateBank’s 2-year Regular CD APY currently ranks first.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, KS StateBank’s 2-year Internet Jumbo CD Special APYs currently ranks fourth.
The above rates are accurate as of 7/27/2017.