One American Bank Has Nationally Available Short-Term CD Specials

South Dakota-based One American Bank has added four nationally available CD Specials to its product line. Of the four, the 170-Day CD Special offers the most competitive rate – 5.85% APY. This limited-time offer required a $100k minimum deposit, with no stated balance cap. (Note: the $5k minimum deposit for the three other CD Specials is correct.)

The APYs on the CD Specials far outpace the rates of One American Bank’s regular CDs, which ranging from 0.50% APY to 3.80% APY.

Thanks to DA reader, Rickny, for the Forum post about the 170-day CD Special.

Availability and Account Opening

Headquartered in Centerville, South Dakota, One American Bank is primarily a community-oriented bank with a brick-and-mortar presence in southeast South Dakota, but on occasion, One American Bank offers nationally available products to all U.S. citizens and resident aliens possessing a valid Social Security number.

Opening a 170-day CD Special can be done online or at any of three South Dakota branches, located in Centerville and Sioux Falls (2).

Funding and Other Details

The following information is from a conversation with CSR.

• Funding – ACH.
• Ownership – Individual, joint, or trusts.
• Early Withdrawal Penalty – 90 days interest, whether earned or not. Partial withdrawals are not allowed: a CD Special can only be closed early.
• Interest – Compounded/credited quarterly; can be withdrawn penalty-free, with automatic monthly transfers to another account possible.
• Maturing Funds – ACH or cashier’s check to the address on file.
• Beneficiaries – Unlimited, with equal shares; Social Security numbers are not required.
• Grace Period – 10 calendar days.
• Credit Check – ChexSystems.

Credit Union Overview

One American Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.15% (excellent) based on March 31, 2023 data. In the past year, the Bank has increased its total non-brokered deposits by $743k, an above average annual growth rate of 0.29%. Please refer to our financial overview of One American Bank (FDIC Certificate # 6078) for more details.

One American Bank was established in 1883 as The Bank of Centerville, six years before South Dakota became a state. The Bank was started and operated as a community-oriented institution by the Thomson family for more than 100 years. The only major change during that time was the 1988 name change: First Midwest Bank. One American Bank came into being when Mert Lund (a community bank owner of 40 years in his own right) purchased First Midwest Bank in 2011. One American Bank continues to serve the local community, as it expands its virtual footprint across the nation.

How the 170-Day CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that nationally available, no bank or credit union has a higher rate than currently offered on the One American Bank 170-Day CD Special, regardless of minimum deposit requirements. The following table compares the 170-Day CD Special 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 8/28/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.