MidWestOne Bank Offers Relationship Bump CDs

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Availability: Market area includes 34 Iowa Counties and ten Illinois Counties.

Iowa-based MidWestOne Bank has introduced a 15-month Relationship Bump CD Special, with two different interest rates: 1.50% APY for balances of $10k+ and 1.15% APY for balances below $10k.

The minimum opening deposit is $1k, with no maximum balance cap.

As stated on MidWestOne Bank’s Deposit Rates page, qualifying for the Relationship Bump APY (0.35% for balances of $10k+ and 0.25% for balances of <$10k) is quite simple:

To Qualify for the Relationship Bump: Have, or Open, a Personal Checking Account

That's it - no minimum number of debit transactions, no direct deposit requirements, and no bill payments requirements. It doesn’t get much easier than that.

43-Month Relationship Bump CD Special

MidWestOne Bank also raised the rate on its 43-Month Relationship Bump CD Special at the beginning of the year. Like the 15-month Relationship Bump CD Special, there are two interest rates based on balances of $10k+ (2.00% APY) and <$10k (1.55% APY).

According to CSR, the Early Withdrawal Penalty is based on a formula, with the amount being withdrawn and the remaining term length until maturity the determinant variables.

Availability

Headquartered in Iowa City, MidWestOne Bank has a presence in eastern and central Iowa, and currently offers its services and products to all residents who "live or work within MidWestOne Bank’s footprint." The "footprint" includes 34 Iowa Counties and 10 Illinois Counties. For a list of these Iowa and Illinois counties, please refer to the bank's Open An Account page.

Opening a CD requires an in-person visit of any of the 23 Iowa branches located in Belle Plaine, Burlington, Cedar Rapids, Conrad, Coralville, Davenport, Fairfield (2), Fort Madison, Iowa City (3), Melbourne, North English, North Liberty, Oskaloosa, Ottumwa, Parkersburg, Pella (2), Sigourney, Waterloo, and West Liberty.

MidWestOne Bank’s online application can be used for only opening personal checking accounts, personal savings accounts, and money market accounts.

Bank Overview

MidWestOne Bank (FDIC Certificate # 14843) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.01% (excellent) as of December 31, 2016. MidWestOne Bank has an excellent capitalization level of 10.36%, holding $1.72 Billion in assets with $1.78 Million in equity. Please refer to our financial overview of MidWestOne Bank for more details.

MidWestOne Bank has its roots in the 1934 merger between the Iowa State Savings Bank and the Iowa Loan and Trust Company, which resulted in the Iowa State Bank & Trust Company. Following two mergers with The First State Bank (Conrad, IA) and MidWestOne Bank (Okaloosa, IA) in 2008, Iowa State Bank & Trust Company re-branded under the MidWestOne Bank name. MidWestOne Financial Group (3rd largest publicly traded bank holding company headquartered in Iowa) is the Bank’s parent company. MidWestOne Bank is currently the sixth largest bank in the state of Iowa, with assets in excess of $1.7 Billion.

How the CDs Compare

When compared to the 230 similar length-of-term CDs tracked by DepositAccounts.com that are available to Iowa residents, MidWestOne Bank’s 15-Month Relationship Bump CD Special currently ranks third, regardless of minimum deposit.

When compared to the 244 similar length-of-term CDs tracked by DepositAccounts.com that are available to Iowa residents, MidWestOne Bank’s 43-Month Relationship Bump CD Special currently ranks fourth, regardless of minimum deposit.

The above rates are accurate as of 3/21/2016.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com or our new Rates Map page.

Comments
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At the end of August, MidWestOne Bank (IA) introduced a 33-month Relationship Bump CD Special, with two different interest rates: 1.75% APY for balances $10K+ and 1.25% APY for balances below $10K. There is no maximum balance cap, and according to CSR, the Early Withdrawal Penalty is 9 months interest.

As stated on MidWestOne Bank’s Deposit Rates page, qualifying for the Relationship Bump APY is quite simple:

That's it - no minimum number of debit transactions, no direct deposit requirements, and no bill payments requirements. It doesn’t...

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