KS StateBank Adds Near Rate-Leading 11-Month CD Special

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Update 1/3/2024: Rates have fallen. The 11-month CD Special rate has fallen to 5.00% APY, the 7-month and 5-month CD Special rates have fallen to 5.20% APY.

Deal Summary: 11-month CD Special, 5.65% APY, $25k minimum opening deposit.

Availability: Nationwide through online application.

KS StateBank is probably best known to DA readers for its Online Jumbo CDs (100k min) that were near-rate or rate leaders throughout 2022. KS StateBank has restructured its product line and while the Online Jumbo CDs have disappeared, there are three new CD Specials – 11-month (5.65% APY), 7-month (5.55% APY), and 5-month (5.50% APY). The minimum opening deposit for the CD Specials is $25k, with no stated balance cap. The 11-month CD Special offers the highest rate in the KS StateBank CD product line and is also the most competitive rate.

The CD Specials are not available as IRA CD Specials.

Early Withdrawal Penalty

As stated in the Deposit Account Disclosure (page 12),

We may impose a penalty if you withdraw any or all of the principal before the maturity date. The fee imposed will equal 6 month of interest.

Partial withdrawals are allowed, but any early withdrawal made within six months of account opening will reduce the principal.

Availability and Account Opening

Headquartered in Manhattan, Kansas, KS StateBank began offering a portion of its product line on a nationwide basis more than seven years ago. Currently, all U.S. residents, 18 years or older, “are welcome to apply for our Simple Savings, Advantage Money Market and Certificates of Deposit.”

The 11-month CD Special can be opened 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, obtained through its 2012 acquisition of Sonoran Bank.

Funding and Other Particulars

The following information was obtained from the Deposit Account Disclosure and a conversation with CSR.

  • Funding – ACH, wire transfer, check; CD must be funded within ten business days of application approval; APY is not guaranteed until fully funded.
  • Ownership – Individual or joint.
  • Interest* – Compounded and credited quarterly; earned interest can be withdrawn without penalty only if opened in-branch.
  • Maturing Funds – ACH or cashier’s check to address on file.
  • Grace Period – 10 calendar days before automatic renewal as a 12-month CD.
  • Beneficiaries – up to ten with equal shares; Social Security numbers required for all beneficiaries.

*Page 12 of Deposit Account Disclosure reads,

Compounding and Crediting: […] If the account was opened in-branch you can deposit the interest into an account that you designate.[…]

CSR confirmed the credited interest of a CD Special opened online cannot be withdrawn.

Bank Overview

KS StateBank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.06% (excellent) based on September 30, 2023 data. In the past year, the KS StateBank has increased its total non-brokered deposits by $186.13 million, an excellent annual growth rate of 9.06%. 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 headquartered in Kansas, with assets in excess of $2.4 billion and nearly 30,000 customer accounts. 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 11-Month CD Special Compare

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $25k or less, one bank and one credit union have higher rates than currently offered on the KS StateBank 11-month CD Special. The following table compares the 11-month 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 1/2/2024.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Topeka CD rates, Wichita CD rates, Phoenix CD rates, 1-year CD rates, nationwide deals

Comments
KS StateBank CDs Are New Rate Leaders
UPDATE: Earned interest can only be withdrawn if a CD is opened in-branch. See “Funding and Other Particulars” below.

Deal Summary: CDs ($500 min) and Online Jumbo CD Specials ($100k min) – 1-year (4.84% APY), 18-month (4.89% APY), 2-year (4.99% APY), 3-year (4.99% APY), 4-year (4.99% APY), 5-year (4.99% APY), 7-year (4.99% APY).

Availability: Nationwide

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KS StateBank Pushes All CD and Jumbo CD Rates Upward
Deal Summary: CDs ($500 min) and Online Jumbo CD Specials ($100k min) – 1-year (2.00% APY), 18-month (2.30% APY), 2-year (2.60% APY), 3-year (2.85% APY), 4-year (2.90% APY), and 5-year (3.00% APY).

Availability: Nationwide

This is the fourth blog post about the KS StateBank CDs since mid-February. While all of the KS StateBank nationally available CDs have experienced significant rate increases in the past three months, the longer-term CDs have had dramatic increases of between 110-125 bps during the same...

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Deal Summary: CDs ($500 min) and Online Jumbo CD Specials ($100k min) – 1-year (1.80% APY), 18-month (2.00% APY), 2-year (2.35% APY), 3-year (2.70% APY), 4-year (2.70% APY), and 5-year (2.70% APY)

Availability: Nationwide

In February, KS StateBank dramatically increased its nationally available long-term CDs ($500 minimum) and Online Jumbo CD Specials ($100k minimum) rates. With increases of 105-110 bps, the 3-year, 4-year, and 5-year CDs became overnight rate leaders.

KS StateBank began the month of May by raising all its CD...

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KS StateBank Ups Long-Term CD and Jumbo CD Rates Again
Deal Summary: CDs ($500 min) and Online Jumbo CD Specials ($100k min) – 3-year (1.75% APY), 4-year (1.90% APY), and 5-year (2.10% APY)

Availability: Nationwide

In February, KS StateBank substantially increased the rates on its nationally available long-term CDs ($500 minimum) and Online Jumbo CD Specials ($100k minimum). With increases of 105-110 bps, the 3-year, 4-year, and 5-year CDs became overnight rate leaders. (Somewhat surprisingly, the CDs and the Online Jumbo CD Specials earn the same APYs.)

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Large Rate Hikes On Long-Term CDs at KS StateBank
Deal Summary: CDs ($500 min) and Online Jumbo CD Specials ($100k min) – 3-year (1.60% APY), 4-year (1.75% APY), and 5-year (1.90% APY)

Availability: Nationwide

KS StateBank is again offering nationally available, competitive long-term CDs ($500 minimum) and Online Jumbo CD Specials ($100k minimum). The entire CD product line had substantial rate hikes this week, with the 3-year, 4-year, and 5-year CDs having increases of 110, 110, and 105 bps, respectively. Somewhat surprisingly, the CDs and the Online...

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