Best CD Rates in Iowa
Vikram Singh
Best 6-Month CD Rates in Iowa

Bank or Credit Union Name: Capital One
Minimum Amount: $0
APY / Rate: 5.00%
Pros:
- No minimum balance required
- Interest is paid end of the term, monthly,, or annually
- 5-minutes easy account opening process
- FDIC-insured investment options
Rules:
- A CD account can be opened online by accessing the website if you are already a member of Capital One bank.
- Interest is accrued daily but paid and compounded monthly.
- Premature withdrawal from the CD is subject to a penalty.

Bank or Credit Union Name: My Banking Direct
Minimum Amount: $2500.00
APY / Rate: 4.50% APY
Pros:
- The high yield rate of interest
- A decent minimum amount required
- FDIC-insured banking option
- Strong customer support system
- $0 Monthly maintenance fee
Rules:
- To open a CD an investor can approach the bank online or in-branch.
- Less than six months: 30 days’ simple interest on the principal amount withdrawn
- 6 months up to and including 11 months: 90 days’ simple interest on the principal amount withdrawn
- 12 months up to and including 35 months: 180 days’ daily compound interest on the principal amount withdrawn
- The interest on the CD is compounded monthly.
Best 12 Month CD Rates in Iowa

Bank or Credit Union Name: CIT Bank
Minimum Amount: $1000.00
APY / Rate: 4.15% APY
Pros:
- The high yield rate of interest
- A decent minimum amount required
- FDIC-insured banking option
- No monthly fees
- Best savings APY
Rules:
- To open a CD an investor can approach the bank online or in-branch.
- You’ll need to provide your address, phone, email and social security number (or other taxpayer ID).
- Minimum of $1,000 to open your account. You can transfer funds with electronic transfer, mail in check, or wire.
- CIT Bank is a division of First-Citizens Bank & Trust Company, a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category.

Bank or Credit Union Name: Sallie Mae Bank
Minimum Amount: $2500
APY Rate: 3.75
Pros:
- Guaranteed returns
- FDIC insured
- Auto renewal option available
- High APY
- No monthly fee
Rules:
- Interest is calculated only when the minimum balance is maintained
- A penalty will be charged on early withdrawal
- Interest is compounded on a monthly basis
Best 2 Years CD Rates in Iowa

Bank or Credit Union Name: America First Credit Union
Minimum Amount: $500.00
APY / Rate: 4.75% APY
Pros:
- Low minimum deposits and high yields
- Automatic renewals
- NCUA insured up to $250,000
- Terms from three months to five years
Rules:
- To open a CD with AFCU, you must deposit a minimum amount of money, which varies depending on the term length of the CD. For example, as of February 2023, the minimum deposit for a 6-month CD is $500, while the minimum deposit for a 60-month CD is $1,000.
- AFCU offers CDs with terms ranging from 6 months to 60 months. The longer the term, the higher the interest rate you’ll earn on your deposit.
- AFCU offers competitive interest rates on its CDs, with rates varying depending on the term length and the amount of the deposit. Interest is compounded and paid monthly, and the rate is fixed for the term of the CD.
- If you withdraw money from your CD before the maturity date, you’ll be subject to an early withdrawal penalty, which varies depending on the term length of the CD. For example, as of February 2023, the penalty for withdrawing money from a 60-month CD before maturity is 365 days of interest.
- Unless you specify otherwise, your CD will automatically renew at maturity for another term of the same length. You’ll have a 10-day grace period after maturity to withdraw the funds without penalty.
- FDIC insurance: AFCU is a federally insured credit union, which means that your deposits are insured

Bank or Credit Union Name: Synchrony Bank
Minimum Amount: $0
APY / Rate: 4.30%
Pros:
- No minimum balance required
- Higher interest rates
- Accurate saving solution with a CD ladder
- CD calculator available on the bank website
Rules:
- Withdrawing principal prior to the maturity date earns a penalty
1. Term less than one year- 90 days of simple interest
2. The term more than one year and less than 48 months- 180 days of simple interest
3. The term more than 48 months: 365 days of simple interest - Interest can be withdrawn anytime during the CD term without any penalty
- Interest can be transferred to Synchrony bank account or other bank saving accounts
Best 3 Years CD Rates in Iowa

Bank or Credit Union Name: Alaska USA FCU
Minimum Amount: $500
APY / Rate: 4.55% APY
Pros:
- The high yield rate of interest
- A decent minimum amount required
- FDIC-insured banking option
- Strong customer support system
Rules:
- To open a CD an investor can approach the bank online or in-branch.
- The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
- The interest on the CD is compounded monthly.
- Premature withdrawal from the CD is subject to a penalty.

Bank or Credit Union Name: First Internet Bank of Indiana
Minimum Amount: $1000.00
APY / Rate: 4.39% APY
Pros:
- Only $1,000 minimum balance to open
- Interest is compounded daily and credited monthly
- Rates are locked for the term chosen and cannot go down
Rules:
- In order to open a CD, you’ll need to deposit a minimum amount of money, which may vary depending on the term and rate of the CD.
- The term of the CD is the amount of time that you agree to keep your money in the CD. At Greenwood Credit Union, CD terms range from 3 months to 60 months.
- The interest rate on the CD is the rate at which your money will earn interest. Generally, longer-term CDs will offer higher rates than shorter-term CDs. Greenwood Credit Union offers both fixed-rate and variable-rate CDs.
- If you need to withdraw money from your CD before the maturity date, you will typically be charged an early withdrawal penalty. The specific penalty amount will depend on the term and type of CD you have.
- You can open a CD as an individual or joint account holder. You may also be able to open a CD as an IRA account.
Best 5 Years CD Rates in Lowa

Bank or Credit Union Name: GTE Financial Credit Union
Minimum Amount: $500
APY / Rate: 4.54% APY
Pros:
- Open with as little as $500
- Some of the best rates in the nation
- Variety of term options
- Open online in minutes
- Federally Insured by NCUA
Rules:
- No early withdrawals may be made during the first 60 days from opening the Share Certificate.
- Early withdrawals will be penalized anywhere from 90 to 180 days of earned dividends. Please review your Certificate disclosure for more details.
- There are no penalties for monthly dividend withdrawals. Early withdrawal penalties will apply if the certificate is closed before the maturity date.
- You can withdraw up to 10% of the principal plus dividends one time per year (20% of the current balance if over 59 1/2 years old) with no early withdrawal penalty on IRA certificates.
- Any monthly withdrawals or transfers reduce earnings.

Bank or Credit Union Name: CFG Community Bank
Minimum Amount: $500.00
APY / Rate: 5.00% APY
Pros:
- The high yield rate of interest
- A decent minimum amount required
- FDIC-insured banking option
- Strong customer support system
Rules:
- To open a CD an investor can approach the bank online or in-branch.
- The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
- The interest on the CD is compounded monthly.
- Premature withdrawal from the CD is subject to a penalty.