At the beginning of the week, VisionBank of Iowa introduced a new 14-month CD Special (1.31% APY). The minimum opening deposit is $1K and there is no maximum balance cap.
The 14-month CD Special is also available as an IRA (Traditional), earning the same APY and with the same funding requirements.
According to CSR, the Early Withdrawal Penalty is 6 months of interest.
Headquartered in Ames, Iowa, VisionBank of Iowa’s market area is primarily the central Iowa counties of Ames and Boone. I say "primarily" because of the following statement, located at the bottom of the Bank’s CD Rates page.
Rates not applicable to Public Funds, Institutional and Out of State depositors without a primary checking relationship.
When I called for clarification on that statement, CSR told me that VisionBank of Iowa, "gladly opened out-of-state accounts, but the account must be opened in-person."
Opening the 14-month CD Special can be done at any of eight Iowa branches located in Ames (3), Boone (2), Grimes, Huxley, and Ogden.
VisionBank of Iowa has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 21.07% (above average) based on March 31, 2015 data. VisionBank of Iowa has an excellent capitalization level of 13.33%, a result of holding $388.92 Million in assets, with $51.86 Million in equity. Please refer to our financial overview of VisionBank of Iowa for more details.
VisionBank of Iowa (FDIC Certificate # 11763) has a 131-year history of serving central Iowa, having been established in 1884 as the City State Bank. In the three years between 2009 and 2012, the Bank acquired three Iowa banks and changed its name twice. Owned by the locally-owned VisionBankshares, Inc., VisionBank of Iowa actively participates in the community by donating time and money to the local Habit for Humanity organization.
How the CD Compares
When compared to the 322 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Iowa residents, VisionBank of Iowa’s 14-month CD Special currently ranks second.
The above rates are accurate as of 8/21/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.