Midland States Bank (IL/MO) Offers 30-month CD Special, 3.00% APY

Illinois-based Midland States Bank (Midland) has added a trio of Special Rate CDs, with the 30-month (3.00% APY) being the most competitive of the three. The minimum opening deposit is $2.5k, with no stated balance cap.

While the fine print on the landing page reads, “Available at participating Midland locations,” CSR stated that the Special Rate CDs can be opened at any Midland branch. The wording was left over from an earlier promotion only available the Rockford (IL) branches, following the acquisition of the Alpine Bank and Trust Company.

According to CSR, the Early Withdrawal Penalty for the 30-month CD is one year’s interest, but only early closures are permitted – no partial withdrawals.

Availability

Headquartered in Effingham, Illinois, Midland States Bank has a market area that covers 23 Illinois counties, three Missouri counties (St. Louis metro area), and the city of St. Louis.

The Illinois counties include Bond, Boone, Bureau, Champaign, Clinton, DeKalb, Effingham, Fayette, Grundy, Jefferson, Kankakee, Kendall, LaSalle, Lee, Livingston, Marion, Monroe, St. Clair, Stephenson, Washington, Whiteside, Will, and Winnebago.

Opening a Special Rate CD can be done at any of the 59 Illinois branches or the eleven Missouri branches, which are located in Arnold, Jennings, O’Fallon, St. Charles, St. Louis (6), and St. Clair.

Bank Overview

Mid States Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.82% (excellent), based on December 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $886.89 million, an excellent annual growth rate of 29.84%. Please refer to our financial overview of Midland States Bank (FDIC Certificate # 1040) for more details.

Established in 1881 as the one-branch Effingham State Bank, Midland States Bank is currently the ninth largest bank headquartered in Illinois, with assets in excess of $5.6 billion and more than 190,000 customer accounts. Between 1999 and 2018, the Bank acquired seven Illinois and three Missouri banks, greatly expanding its market area.

How the Special Rate CD Compares

When compared to 274 similar length-of-term CDs which are available within the Bank’s market area and require a minimum deposit between $500 and $10k, Midland States Bank’s 30-month Special Rate CD APY currently ranks fourth.

The above rates are accurate as of 4/29/2019.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.