Bank Midwest CD Rates

Bank Midwest CD Rates has built a well-reputed recognition both on national and global horizons. Along with the versatility of CD rate offerings it has authorized the system to an even greater extent. 

This extent is noteworthy from the point of fact that there are available mobile as well as web applications to support its activity.

Bank Midwest CD Rates offers

Bank Midwest prides itself on providing rates to suit just about everyone. Below you will find the rate that might fit your bill.

182-Day Certificate of Deposit

Key Features

• Term Length: 182 days
• Minimum Opening Deposit: $500
• Interest Rates:
  • $0.00 – $249,999.99: 5.00% (Rate), 5.06% (APY)
  • $250,000.00 and up: 5.10% (Rate), 5.16% (APY)

Considerations

• Consider the minimum amount required to open a CD, ensuring it aligns with your available funds.

Pros & Cons

Pros	Cons
Short-term commitment	Lower interest rates compared to longer-term CDs
Quick access to funds after 182 days	Limited potential for significant returns

12-Month Certificate of Deposit

Key Features

• Term Length: 12 months
• Minimum Opening Deposit: $500
• Interest Rates:
  • $0.00 – $249,999.99: 4.50% (Rate), 4.57% (APY)
  • $250,000.00 and up: 4.60% (Rate), 4.68% (APY)

Considerations

• Compare the offered interest rates for different CD terms to maximize your earnings.

Pros & Cons

Pros	Cons
Higher interest rates than short-term CDs	Less liquidity compared to shorter-term options
One-year commitment	Potential for missed opportunities if rates rise after one year

18-Month Certificate of Deposit

Key Features

• Term Length: 18 months
• Minimum Opening Deposit: $500
• Interest Rates:
  • $0.00 – $249,999.99: 2.40% (Rate), 2.42% (APY)
  • $250,000.00 and up: 2.50% (Rate), 2.52% (APY)

Considerations

• Consider the APY, which reflects the total interest earned, including compounding, to get an accurate picture of your potential returns.

Pros & Cons

Pros	Cons
Competitive interest rates for mid-term	Moderate liquidity
Balances risk with a slightly longer term	Limited flexibility for changing financial goals

24-Month Certificate of Deposit

Key Features

• Term Length: 24 months
• Minimum Opening Deposit: $500
• Interest Rates:
  • $0.00 – $249,999.99: 2.50% (Rate), 2.52% (APY)
  • $250,000.00 and up: 2.60% (Rate), 2.62% (APY)

Considerations

• Assess your need for liquidity and choose it if it balances your desire for returns with the ability to access funds if necessary.

Pros & Cons

Pros	Cons
Two-year investment horizon	Moderate liquidity
Balanced interest rates for moderate risk	Potential opportunity cost if rates rise significantly

30-Month Certificate of Deposit

Key Features

• Term Length: 30 months
• Minimum Opening Deposit: $500
• Interest Rates:
  • $0.00 – $249,999.99: 2.75% (Rate), 2.78% (APY)
  • $250,000.00 and up: 2.85% (Rate), 2.88% (APY)

Considerations

• Be aware of any penalties or fees for withdrawing funds before the CD maturity date to avoid unexpected costs.

Pros & Cons

Pros	Cons
Slightly longer-term with competitive rates	Moderate liquidity
Appeals to those seeking a medium-term commitment	Potential opportunity cost if rates rise significantly

36-Month Certificate of Deposit

Key Features

• Term Length: 36 months
• Minimum Opening Deposit: $500
• Interest Rates:
  • $0.00 – $249,999.99: 3.00% (Rate), 3.03% (APY)
  • $250,000.00 and up: 3.10% (Rate), 3.14% (APY)

Considerations

• Make it clear that the added term matches your financial objectives and risk tolerance.

Pros & Cons

Pros	Cons
Three-year investment with balanced risk-reward	Moderate liquidity
Attractive interest rates for the term	Potential opportunity cost if rates rise significantly

48-Month Certificate of Deposit

Key Features

• Term Length: 48 months
• Minimum Opening Deposit: $500
• Interest Rates:
  • $0.00 – $249,999.99: 3.20% (Rate), 3.24% (APY)
  • $250,000.00 and up: 3.30% (Rate), 3.34% (APY)

Considerations

• Before choosing, one should consider how long you can commit funds without needing access to them.

Pros & Cons

Pros	Cons
Four-year investment with higher interest rates	Moderate liquidity
Appeals to investors comfortable with longer-term commitments	Potential opportunity cost if rates rise significantly

60-Month Certificate of Deposit

Key Features

• Term Length: 60 months
• Minimum Opening Deposit: $500
• Interest Rates:
  • $0.00 – $249,999.99: 3.40% (Rate), 3.45% (APY)
  • $250,000.00 and up: 3.50% (Rate), 3.55% (APY)

Considerations

• Make sure to determine if interest is paid out periodically or at maturity.

Pros & Cons

Pros	Cons
Long-term investment with the highest interest rates	Least liquidity
Suitable for investors with a longer horizon	Potential opportunity cost if rates rise significantly

Are Bank Midwest CD Rates Competitive? 

Bank Midwest’s 182-day CD with an APY of 5.06% demonstrates a highly competitive interest rate when compared to other institutions, such as Wings Financial Credit Union and Abound Federal Credit Union offering 2.58% and 3.25% APYs, respectively, for 5-year and 4-year CDs.

In contrast, Umpqua Bank and Incredible Bank provide higher rates of 3.25% and 4.58% APYs for 12-month and 13-month CDs, respectively. Bank Midwest’s offering stands out as notably favorable for investors seeking a shorter-term commitment with a competitive return on their investment, making it an appealing choice in the current comparison of CD rates.

How do Bank Midwest CD Rates Compare?

• Bank Midwest may stand out due to its regional focus, serving specific communities and offering personalized services that cater to the needs of its target market.
• Outstanding customer service can be a significant factor in standing out. Bank Midwest prioritizes customer satisfaction and offers efficient and responsive support, so it may distinguish itself from larger, national institutions.
• Offering competitive interest rates, favorable terms on loans, and attractive features on various financial products, including CDs, can make Bank Midwest more appealing to customers seeking strong financial incentives.

Overview of Bank Midwest 

Here at Bank Midwest, we want you to know that even though we have the term “bank” in our name, we can offer you so much more than that. At Bank Midwest, we believe in the motto, “Dream big, plan wisely, and live well.” We want to help you accomplish all of that and more.

You must be a member of the Bank Midwest Credit Union to open a CD. The bank offers three different certificates of deposit. Please let us know whether you fall under the business category, the personal category, or the farm category. For the farm category, please ask about our Farmer Management Service.

We want you to have the means to follow your life’s passion and for you to do so in confidence. You are calling the shots and we will interact on your terms.  

Availability

You must be a member of the Bank Midwest Credit Union to open a CD. Please note we offer three different certificates of deposits.

Please let us know whether you fall under the business category, the personal category, or the farm category. For the farm category, please ask about our Farmer Management Service.

Locations Bank Midwest 

13 Branches in 3-States

• South Dakota: Sioux Falls, SD
• Minnesota: JACKSON, MN | FAIRMONT, MN | NEW ULM, MN | SHERBURN, MN | WESTBROOK, MN | WINDOM, MN
• Iowa: ARMSTRONG, IA | OKOBOJI, IA | SPIRIT LAKE, IA | WALL LAKE, IA

FAQs