KS StateBank Pushes All CD and Jumbo CD Rates Upward

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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 time frame.

This week’s increases of 15-30 bps have once again placed the KS StateBank CDs near the top of every term-length category in the current CD Rates Summary.

The non-Jumbo CDs are also available as IRA CDs (Traditional, Roth), earning the same APYs and with the same funding requirements, but can only be opened in-branch.

The Jumbo CD Specials (earning the same APYs as the CDs) require a $100k minimum deposit and 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.

The Deposit Account Disclosure states that,

On CDs that are opened online, the only interest option
available is to have the interest credited to the CD quarterly.

The following is a summary of the Early Withdrawal Penalties, as stated in the Deposit Account Disclosure.

  • 1-year CD – 6 months interest earned on the amount withdrawn
  • 18-month CD – 9 months interest earned on the amount withdrawn
  • 2-year CD – 9 months interest earned on the amount withdrawn
  • 3-year CD – 12 months interest earned on the amount withdrawn
  • 4-year CD – 15 months interest earned on the amount withdrawn
  • 5-year CD – 18 months interest earned on the amount withdrawn

The following sentence from page 15 of the Deposit Account Disclosure gives KS StateBank the right to deny an early withdrawal.

We will consider requests for early withdrawal and, if
granted, the penalty provided in the Schedule will apply.

Funding

Funding can be done through ACH, wire transfer, or by check. A CD must be funded within ten business days of the online application being approved. The APY is not guaranteed until the CD is fully funded.

According to CSR, up to ten beneficiaries can be designated on the online application. Social Security numbers are required for all beneficiaries.

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.

Availability

Headquartered in Manhattan, Kansas, KS StateBank began offering a portion of its product line on a nationwide basis about six 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.”

As previously stated, the Internet Jumbo CD Specials are only available online and can only have individual or joint ownership. The non-Jumbo CDs 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.

Bank Overview

KS StateBank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.85% (excellent) based on December 31, 2021 data. In the past year, KS StateBank has increased its total non-brokered deposits by $87.73 million, an excellent annual growth rate of 4.93%. 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 seventh largest bank headquartered in Kansas, with assets in excess of $2.3 billion and more than 27,000 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 CDs Compare

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, only one bank and one credit union have higher rates than currently offered on most of KS StateBank CDs. The following table compares the KS StateBank CDs 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 5/13/2022.

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, 5-year CD rates, IRA CD rates, nationwide deals

Comments


#1 - This comment has been removed for violating our comment policy.
larryhouston
  |     |   Comment #2
Applied 18 month CD and Checking on 5/18. Did not receive any emails or phone call for the application. Today called and was told that checking account was denied due to not state resident. 18 month CD is OK for nationwide. However, I have to submit a new application since the previous one was denied together with the checking account. Now the 18 month CD APY is 2%.
Stay away with this bank. Normal process is notifying the client the application is received by e-mail and keep update no matter the application was denied or need more information. Instead, they just keep silence.
KS StateBank Boosts All CD and Jumbo CD Rates Again
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

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KS StateBank Ups Long-Term CD and Jumbo CD Rates Again
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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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Availability: Nationwide

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The last time I wrote about KS StateBank’s reward checking account (RCA), Checking PLUS, was in early 2016. At that time, KS StateBank had just started offering Checking PLUS on a nationwide basis. The Checking PLUS online market area was recently changed to Arizona, Kansas, and Missouri.

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Availability: Nationwide

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