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This page was printed from:
https://farmbureaubank.com/Deposits/CD
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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.
Certificates of Deposit Highlights
Overview
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- 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
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Minimum Initial Deposit
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Standard - $1,000
Jumbo - $50,000
CDARS - $250,000
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Free Internet Banking
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Free 24-hour phone and Internet access
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Monthly Service Fees
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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.
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Certificates of Deposit
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Terms
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Interest Rate
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Annual Percentage Yield*
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3 Months
Jumbo CD
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1.29%
1.39%
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1.30%
1.40%
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6 Months
Jumbo CD
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4.40%
4.50%
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4.50%
4.60%
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1 Year
Jumbo CD
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4.64%
4.74%
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4.75%
4.85%
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18 Months
Jumbo CD
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4.07%
4.16%
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4.15%
4.25%
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2 Years
Jumbo CD
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3.92%
4.02%
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4.00%
4.10%
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3 Years
Jumbo CD
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3.83%
3.92%
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3.90%
4.00%
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4 Years
Jumbo CD
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3.63%
3.73%
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3.70%
3.80%
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5 Years
Jumbo CD
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3.68%
3.78%
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3.75%
3.85%
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Minimum Initial Deposit $1,000, Minimum for Jumbo CDs ≥ $50,000. CD Rates and Annual
Percentage Yields valid for IRAs.
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Certificates of Deposit with Step Up Option
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Terms
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Interest Rate
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Annual Percentage Yield*
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1 Year
Jumbo CD
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4.40%
4.50%
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4.50%
4.60%
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18 Months
Jumbo CD
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3.83%
3.92%
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3.90%
4.00%
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2 Years
Jumbo CD
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3.68%
3.78%
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3.75%
3.85%
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3 Years
Jumbo CD
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3.59%
3.68%
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3.65%
3.75%
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4 Years
Jumbo CD
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3.39%
3.49%
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3.45%
3.55%
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5 Years
Jumbo CD
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3.44%
3.54%
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3.50%
3.60%
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Minimum Initial Deposit $1,000
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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
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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.
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Deposit/Withdrawal Limitations
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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.
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CD Specials (Automatically Renewable)
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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.
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Step-Up Option
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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.
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Certificates of Deposit - Fees
The following fees may be assessed against your account:
Outgoing wire transfer
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$20.00
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Account research
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$15.00 per hour, ½ hour minimum
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Copy of check (per check)
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$1.00
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Cashier's Check
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$5.00 each
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Early Withdrawal Penalties
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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.
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*Annual Percentage Yield. Interest Rates and Yields shown are effective as of
06/30/2023. 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.
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