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Certificate of Deposit (CDs)

Farm Bureau Bank CDs offer competitive rates and guaranteed returns for the length of the term you choose. Plus, Farm Bureau Bank CDs are now FDIC-insured up to $250,000 per depositor.

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FEATURES
RATES
ACCOUNT TYPES
TERMS & CONDITIONS
ACCOUNT FEES

Certificates of Deposit Highlights

Overview	Competitive Rates Flexible terms from 3 months to 5 years Monthly interest can be added back to CD balance or credited to another Farm Bureau Bank deposit account Jumbo CD option – earns higher interest for deposits at $50,000 or greater Step-Up CD option – allows a one-time rate increase Certificate of Deposit Account Registry Service^® (CDARS) – Full FDIC insurance for deposits up to $50 million. Learn more
Minimum Initial Deposit	Standard - $1,000 Jumbo - $50,000 CDARS - $250,000
Free Internet Banking	Free 24-hour phone and Internet access
Monthly Service Fees	None. There are no fees to open or maintain the account. See Deposit Account Terms and Conditions tab for details and penalties for early CD withdrawals.

Certificates of Deposit
Terms	Interest Rate	Annual Percentage Yield*
3 Months Jumbo CD	1.29% 1.39%	1.30% 1.40%
6 Months Jumbo CD	2.86% 2.96%	2.90% 3.00%
1 Year Jumbo CD	4.02% 4.11%	4.10% 4.20%
18 Months Jumbo CD	4.07% 4.16%	4.15% 4.25%
2 Years Jumbo CD	4.16% 4.26%	4.25% 4.35%
3 Years Jumbo CD	3.83% 3.92%	3.90% 4.00%
4 Years Jumbo CD	3.63% 3.73%	3.70% 3.80%
5 Years Jumbo CD	3.68% 3.78%	3.75% 3.85%
Minimum Initial Deposit $1,000, Minimum for Jumbo CDs ≥ $50,000. CD Rates and Annual Percentage Yields valid for IRAs.

Certificates of Deposit with Step Up Option
Terms	Interest Rate	Annual Percentage Yield*
1 Year Jumbo CD	3.78% 3.87%	3.85% 3.95%
18 Months Jumbo CD	3.83% 3.92%	3.90% 4.00%
2 Years Jumbo CD	3.92% 4.02%	4.00% 4.10%
3 Years Jumbo CD	3.59% 3.68%	3.65% 3.75%
4 Years Jumbo CD	3.39% 3.49%	3.45% 3.55%
5 Years Jumbo CD	3.44% 3.54%	3.50% 3.60%
Minimum Initial Deposit $1,000

Certificates of Deposit - Product Types

Jumbo CD
Jumbo CDs are perfect for those looking to earn a higher yield on larger sums of money. Open your Farm Bureau Bank Jumbo CD with as little as $50,000.

Step-Up CD
Farm Bureau Bank's Step-Up option allows a one-time rate increase during the term of your CD. You have the flexibility to choose when to step-up and earn more interest.

CDARS
Because Farm Bureau Bank participates in a nationwide network of FDIC-insured financial institutions, we can provide full FDIC coverage for deposits up to $50 million. After you choose the maturity, your funds are placed into certificates of deposit issued within the CDARS bank network in increments of less than $100,000. This way both principal and interest are completely protected under FDIC regulations and managed solely by Farm Bureau Bank. For more information about CDARS, or to apply, call a Farm Bureau Bank Personal Banker at 800.492.3276 or contact us by email.

IMPORTANT INFORMATION ABOUT YOUR CERTIFICATE OF DEPOSIT

Early Withdrawal Penalties	Your time deposit may not be withdrawn prior to maturity, in whole or in part, except with our consent. If we permit early withdrawal, the fee we impose will equal at least 7 days simple interest and will vary based on the simple interest projected to be earned over the term of the deposit as follows: < 12 months = 3 months interest, 12 months to < 24 months = 6 months interest, 24 months to < 48 months = 9 months interest, 48 months and greater = 12 months interest. The penalty may result in the loss of principal. In certain circumstances, such as death or incompetence of an account owner, the law permits the waiver of the penalty.
Deposit/Withdrawal Limitations	After the account is open, you may not make deposits into the account until the maturity date stated on the account. You may make withdrawals of interest credited to your account prior to maturity. The annual percentage yield quoted by the bank assumes interest remains on deposit until maturity. Withdrawals prior to maturity will reduce earnings.
CD Specials (Automatically Renewable)	Renewal terms for CD Specials will automatically renew beginning on the maturity date based on the promotional term. Terms less than 12 months will renew for 6 months. Terms greater than 12 months and less than 24 months will renew for 12 months. Terms greater than 24 months and less than 48 months will renew for 36 months. Terms greater than 48 months will renew for 60 months. You may prevent renewal if you withdraw the funds in the account at maturity or within the grace period or we receive written/telephone/electronic notice from you before maturity of your intention not to renew.
Step-Up Option	If you have selected the Step–Up Option for a certificate of deposit with a term of 1 year or greater, the owner(s) is (are) given the option by the Bank to adjust the interest rate once during the term of the deposit prior to the maturity date. The rate adjustment will apply for the remainder of the term. If the time deposit is renewed, your option to adjust the rate is also renewed. To exercise the option, contact a Personal Banker at 1-800-492-3276. Executing the rate adjustment option will not affect any other condition of the time deposit. The rate available for adjustment will be the current rate, as of the date of adjustment, offered by the Bank for time deposits with matching terms and balances.

Certificates of Deposit - Fees

The following fees may be assessed against your account:

Outgoing wire transfer	$20.00
Account research	$15.00 per hour, ½ hour minimum
Copy of check (per check)	$1.00
Cashier's Check	$5.00 each
Early Withdrawal Penalties	Your time deposit may not be withdrawn prior to maturity, in whole or in part, except with our consent. If we permit early withdrawal, the fee we impose will equal at least 7 days simple interest and will vary based on the simple interest projected to be earned over the term of the deposit as follows: < 12 months = 3 months interest, 12 months to < 24 months = 6 months interest, 24 months to < 48 months = 9 months interest, 48 months and greater = 12 months interest. The penalty may result in the loss of principal. In certain circumstances, such as death or incompetence of an account owner, the law permits the waiver of the penalty.

*Annual Percentage Yield. Interest Rates and Yields shown are effective as of 03/31/2023. For deposit accounts, interest is compounded daily and paid monthly. Farm Bureau Bank deposit accounts are FDIC-insured up to $250,000 per depositor. Fees could reduce earnings on the account. Interest rates and corresponding APYs may change at the bank’s discretion.

Minimum initial deposit for CDs is $1,000. There is a substantial penalty for early withdrawals from CDs. The interest rate paid on new CD accounts will be equal to the greater of (1) the interest rate that is in effect on the date a mailed application is postmarked or, (2) the interest rate that is in effect on the date the funds are received by the bank.

Funds may be submitted for placement only after a depositor enters into a CDARS agreement with us. The agreement contains important information and conditions regarding the placement of funds by us. CDARS (CD Account Registry Service) is a service mark of Promontory Interfinancial Network, LLC.