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: 2.00% (Rate), 2.01% (APY)
    • $250,000.00 and up: 2.10% (Rate), 2.11% (APY)

Considerations

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

Pros & Cons

ProsCons
Short-term commitmentLower interest rates compared to longer-term CDs
Quick access to funds after 182 daysLimited potential for significant returns

9-Month CD Rate

Features

  • The CD has a fixed term of 9 months.
  • The stated interest rate for this CD is 5.15%.
  • The APY is 5.25%, which is slightly higher than the stated interest rate.
  • Need a minimum deposit of $10,000. This is the amount required to start the investment.
  • There is no mention of monthly fees for this CD.

Considerations

  • Ensure you have at least $10,000 to meet the minimum deposit requirement. If you withdraw funds early or let the balance fall below this threshold, you might face penalties or affect the overall terms of the CD. 

Pros & Cons

ProsCons
Guaranteed return on investmentOpportunity cost apply
Relief of monthly feesHigher minimum deposit
APY reflects compounding in one horizon

12-Month Certificate of Deposit

Key Features

  • Term Length: 12 months
  • Minimum Opening Deposit: $500
  • Interest Rates:
    • $0.00 – $249,999.99: 5.15% (Rate), 5.25% (APY)
    • $250,000.00 and up: 5.25% (Rate), 5.36% (APY)

Considerations

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

Pros & Cons

ProsCons
Higher interest rates than short-term CDsLess liquidity compared to shorter-term options
One-year commitmentPotential 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

ProsCons
Competitive interest rates for mid-termModerate liquidity
Balances risk with a slightly longer termLimited 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

ProsCons
Two-year investment horizonModerate liquidity
Balanced interest rates for moderate riskPotential 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

ProsCons
Slightly longer-term with competitive ratesModerate liquidity
Appeals to those seeking a medium-term commitmentPotential 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

ProsCons
Three-year investment with balanced risk-rewardModerate liquidity
Attractive interest rates for the termPotential 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

ProsCons
Four-year investment with higher interest ratesModerate liquidity
Appeals to investors comfortable with longer-term commitmentsPotential 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

ProsCons
Long-term investment with the highest interest ratesLeast liquidity
Suitable for investors with a longer horizonPotential opportunity cost if rates rise significantly

Are Bank Midwest CD Rates Competitive? 

Bank Midwest’s 9-Month CD with an APY of 5.25% demonstrates a highly competitive interest rate when compared to other institutions, such as Wings Financial Credit Union and Fort Knox Federal Credit Union offering 2.73% and 3.05% APYs, respectively, for 5-year CDs.

In contrast, Umpqua Bank and Incredible Bank provide lower rates of 1.06% and 1.10% APYs for 8-month and 9-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

What are the key advantages of choosing Bank Midwest?

It offers a noteworthy Local presence to the people in the Midwestern U.S. Along with the range of banking products and services, it ensures a strong commitment to customer service.

Where is the headquarters of Midwest Bank? 

The Midwest Bank is headquartered on Lemay Ferry Road in St. Louis

What is the ideal period for CD rates?

Well, it is a subjective matter that varies from Depends on the current interest rate environment; consider economic conditions and rate trends.

Do interest rates matter to people when choosing CD rates?

Yes, higher interest rates result in greater returns on CD investments.

How can we seek help from the Bank Midwest?

You can mail customer support at customersupport@bankmidwest.com. Also, seek other contact details on the official website for easy approachability.