CDs / IRAs / HSAs / Annuities

Certificate of Deposit (CD)

If you’re looking to earn a higher interest and don’t need immediate access to your funds, consider opening a CD. Since CDs are FDIC-insured, you’ll enjoy the security of a savings account with the higher interest associated with an investment.

With a CD, your savings are invested at a set rate for a specified period of time. You’ll typically receive a higher interest rate on CDs with longer terms and higher balances. Early withdrawal penalties may reduce earnings.

Features

  • Choose from maturity term options ranging from 3 to 60 months
  • Receive a fixed interest rate on your daily balance until maturity
  • Open with as little as $500
  • Pay no service fees
  • Eliminate the uncertainty of investing
  • Enjoy the security of FDIC insurance

Click here to see our current CD SPECIALS.


Product
Minimum Opening Deposit
Interest Rate
APY*
Certificate of Deposits


3 Month $500 0.50 % 0.50 %
6 Month $500
0.75 % 0.75 %
12 Month $500
1.20 % 1.20 %
18 Month $500
1.25 % 1.25 %
24 Month $500
1.50 % 1.51 %
30 Month $500
1.50 % 1.51 %
36 Month $500
1.70 % 1.71 %
36 Month Step-up $500
1.25 % 1.25 %
48 Month $500
1.80 % 1.81 %
60 Month $500
2.05 % 2.06 %
60 Month Step-up $500
1.50% 1.51%

Interest rates and APY are accurate as of September 7, 2018, and are subject to change without prior notice. Fees could reduce earnings on the account. Penalties may be applied for early withdrawal.

*APY = Annual Percentage Yield


Certificate of Deposit Account Registry Service® (CDARS®)

CDARS provides one-stop shopping for your multi-million dollar CD investments. Access FDIC insurance protection on deposits up to $50 million, all through one monthly statement and one account relationship with Bank Iowa.

When you place a large amount with us, we place your funds into CDs issued by other banks in the CDARS network – in increments of less than the standard FDIC insurance maximum – so both principal and interest are eligible for complete FDIC protection. As a result, you receive coverage from multiple banks while working with just Bank Iowa.

Features

  • Enjoy full FDIC insurance on deposits up to $50 million
  • Manage all CD investments through a single relationship
  • Receive a single monthly statement with detailed listing
  • Choose from flexible maturity periods
  • Have interest paid directly to you or an account you designate

CDARS is a registered service mark of Promontory Interfinancial Network, LLC.


Individual Retirement Account (IRA)

IRAs offer special advantages for the savings you've earmarked for your retirement. With FDIC insurance up to $250,000 and free and flexible distribution options, IRAs are a great way to fund your personal retirement savings plan. Whether you want a Traditional or Roth IRA, Bank Iowa will help you plan successfully while maximizing your tax-free savings.

Traditional IRA

  • Contributions are tax-deferred until withdrawal
  • May be eligible to deduct contributions on current tax returns
  • Penalty-free early withdrawal for certain expenses (buying a first home, college, uninsured medical coverage, etc.)

Roth IRA 
  • Unlike Traditional IRAs, incurs the tax now
  • “Qualified distributions” will be tax free
  • Income is taxed now, when you are working, instead of when on fixed income
  • Penalty-free early withdrawal for certain expenses (buying a first home, college, uninsured medical coverage, etc.)

Scroll left and right to view the entire table.
Product
Minimum Opening Deposit
Interest Rate
APY*
IRA


12 Month CD Variable $500 1.00 % 1.00 %
12 Month CD Fixed $500 1.25 % 1.25 %

Interest rates and APY are accurate as of September 7, 2018, and are subject to change without prior notice. Fees could reduce earnings on the account. Penalties may be applied for early withdrawal.

*APY = Annual Percentage Yield


Coverdell Education Savings Accounts (CESA)

Allows you to plan for your child's education by making annual non-tax-deductible contributions while the earnings grow tax-free. Unlike a Traditional or Roth IRA, CESAs can be used to fund more than just college – even elementary and secondary school expenses qualify without any penalty.

Features

  • Maximum annual contribution of $2,000 per child
  • Individuals and non-individuals may contribute, including relatives, friends, corporations and tax-exempt organizations
  • Distributions are tax-free provided they do not exceed "qualified education expenses" incurred at an eligible education institution (qualified elementary, secondary and higher education expenses)
  • Funds can be transferred to another CESA for a member of the same family provided the new beneficiary is younger than age 30 (with the exception of a special needs individual)


Health Savings Account (HSA)

A Bank Iowa HSA provides a convenient, tax-advantaged way to make health care more affordable for those with a high deductible health plan. Tax-exempt contributions can be used to pay for qualified health care expenses for you and your family at any time without tax liability. You choose your contribution level and then use your HSA like a regular checking account to pay for qualified medical expenses. 

Features

  • Make tax-deductible contributions that are FDIC-insured
  • Save money for future medical costs while earning tax-free interest
  • Pay expenses just as you would from a regular checking account
  • Carry-over your balance from year to year (there’s no “use it or lose it” policy)
  • Keep your HSA, regardless of a change in coverage or employment
  • Use your HSA funds to supplement income without penalty if you are 65 or older
  • No initial set up fee
  • No opening deposit required
  • No minimum balance to maintain your HSA account
  • Free online, mobile and text banking and bill pay
  • Free ATM/debit card
  • Free eStatements (printed statements available for a $2 monthly service charge)

Requirements

  • Must be under age 65 and have coverage under an HSA-qualified, high deductible health plan
  • Cannot be covered under another type of health plan or be enrolled in Medicare
  • Must not be claimed as a dependent on another person's tax return
  • For contribution limits, a complete list of qualified medical expenses and maximum out-of-pocket expenses, visit www.irs.gov
  • Low $20 annual fee
Account
Minimum Opening Deposit
Interest Rate
APY*
Health Savings Account (HSA)


$0 - $999.99 $0 0.05 % 0.05 %
$1,000 - $9,999.99 $0 0.10 % 0.10 %
$10,000 and above $0 0.15 % 0.15 %

Interest rates and APY are accurate as of September 7, 2018, and are subject to change without prior notice. Fees could reduce earnings on the account. Penalties may be applied for early withdrawal.

*APY = Annual Percentage Yield

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