MidWestOne Bank Hikes 30-Month Bump CD Special Rate
Iowa-based MidWestOne Bank has recently increased the rates on its 30-month Relationship Bump CD Special: 1.00% APY for deposits of $10k+ and 0.85% APY for deposits of $1k-$9,999.99.
The bump option functions in the typical way for bump CDs:
The rate can be increased one time during the initial term, upon customer request to bank, based on the prevailing 30 Month Investors’ Option applicable rate tier.
According to CSR, the Early Withdrawal Penalty is based on a formula, with the amount being withdrawn and the remaining term length until maturity the determinant variables.
As stated on MidWestOne Bank’s Consumer Deposit Rates page, qualifying for the Relationship Bump APY (0.25% for balances of $10k+ and 0.15% for balances of less than $10k) is quite simple:
To qualify for the Relationship Bump, have or open a personal checking account
It doesn’t get much easier than that, particularly if you open MidWestOne Bank’s Free Checking account, which has no minimum balance requirement, no monthly service fee, and free online and mobile banking.
If you’re interested in an interest-bearing checking account, MidWestOne Bank’s rewards checking account (RCA), Power Checking, offers different rates in the Bank’s different market areas:
- Iowa and Southwestern Wisconsin – 1.75% APY on qualifying balances up to $25k; 0.10% APY on qualifying balances above $25k; 0.05% APY on non-qualifying balances
- Florida – 1.50% APY on qualifying balances up to $25k; 0.10% APY on qualifying balances above $25k; 0.05% APY on non-qualifying balances
- Colorado – 1.00% APY on qualifying balances up to $25k; 0.10% APY on qualifying balances above $25k; 0.05% APY on non-qualifying balances
- Minnesota and Western Wisconsin – 1.00% APY on qualifying balances up to $25k; 0.10% APY on qualifying balances above $25k; 0.05% APY on non-qualifying balances
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.75*†% | $0 | $25k | MidWestOne Bank | Power Checking | |
| OTHER TIERS: 0.10% → $25k+ | |||||
The qualifying cycle requirements include,
- At least 15 debit card transactions.
- At least one direct deposit, automatic debit or bill pay transaction
- Receive electronic statements.
There is no monthly service fee or minimum balance requirement, but there is a $100 minimum opening deposit requirement. While paper statements are available, there is a $3 fee for each paper statement. There is a limit of one Power Checking account per household. Nationwide ATM fees will be reimbursed up to $15 per cycle, if the qualifications are met. ATM fees greater than $4.99 are not automatically reimbursed and a receipt must be presented for reimbursement. As stated on the Power Checking landing page,
If Power Checking qualification requirements are NOT met or if there are more than $15 per month in ATM fees, you will be charged $1 (plus any fees assessed by the ATM) per withdrawal from ATMs not owned by MidWestOne.
Power Savings
As a companion account to the Power Checking account, the Power Savings account also earns different rates in the different market areas:
- Iowa and Southwestern Wisconsin – 0.75% APY on qualifying balances up to $25k; 0.10% APY on qualifying balances above $25k; 0.05% APY on non-qualifying balances
- Florida – 0.75% APY on qualifying balances up to $25k; 0.10% APY on qualifying balances above $25k; 0.05% APY on non-qualifying balances
- Colorado – 0.50% APY on qualifying balances up to $25k; 0.10% APY on qualifying balances above $25k; 0.05% APY on non-qualifying balances
- Minnesota and Western Wisconsin – 0.50% APY on qualifying balances up to $25k; 0.10% APY on qualifying balances above $25k; 0.05% APY on non-qualifying balances
The minimum opening deposit is $100. Power Checking earned interest and reimbursed ATM fees will automatically transfer to the linked Power Savings account. While there is no monthly service fee, there is an ATM $5 set-up fee and $1 monthly fee. If there are more than six monthly Power Savings transactions, a $10 fee per statement cycle will be charged. ATM withdrawals from non-MidWestOne ATMs will incur a $1 fee each.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.75*†% | $0 | $25k | MidWestOne Bank | Power Savings | |
| OTHER TIERS: 0.10% → $25k+ | |||||
Availability
Headquartered in Iowa City, MidWestOne Bank’s market area includes portions of Colorado, Florida, Iowa, Minnesota, and Wisconsin.
The first page of the online application is a bit deceptive, as it gives the impression that the availability is statewide: “I live in Colorado, Florida, Iowa and Southwest Wisconsin, or Minnesota and Western Wisconsin.” The geographic limitations (proximity to branch locations) are detailed only after a specific state is selected.
This application is for individuals living or working in the Denver metro area.
This application is for individuals living or working in Fort Myers and Naples area of Florida.
This application is for individuals living or working in one of our communities in Iowa or Southwest Wisconsin.
This application is for individuals living in the Minneapolis metro area, including locations in western Wisconsin.
While opening personal checking accounts, personal savings accounts, and money market accounts can be done online, opening a CD requires an in-person visit of any of 56 full-service branches located in Florida (2), Colorado (1), Iowa (34), branches, 12 Minnesota, and Wisconsin (7).
Bank Overview
MidWestOne Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.82% (excellent) based on June 30, 2021 data. In the past year, MidWestOne Bank has increased its total non-brokered deposits by $540 million, an excellent annual growth rate of 12.36%. Please refer to our financial overview of MidWestOne Bank (FDIC Certificate # 14843) 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. More recent acquisitions include Central Bank (Golden Valley, MN) in 2016, and American Trust & Savings Bank (Dubuque, IA) and American Bank & Trust Wisconsin (Cuba City, WI) in 2019. MidWestOne Financial Group (3rd largest publicly traded bank holding company headquartered in Iowa) is the Bank’s parent company. MidWestOne Bank is currently the second largest bank headquartered in Iowa, with assets in excess of $5.7 billion and more than 161,000 customer accounts.
As stated on the Bank’s “About Us” page, Newsweek magazine has recently named MidWestOne Bank the 2022 “Best Small Bank in Iowa.”
We're deeply honored and grateful for the amazing support of our customers and community who made it possible for MidWestOne to be recognized as one of America's Best Banks.
How the Bump CD Special Compares
Given the multi-stated availability, a comparison to nationally available CDs is appropriate. When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available nationwide, MidWestOne Bank’s 30-Month Relationship Bump CD Special top APY currently ranks third.
The above information and rates are accurate as of 11/29/2021.
To search for the best CD rates, both nationwide and state specific, please refer to the CD Rates page of DepositAccounts.com.
