Highest yielding money market account rates in Iowa

Below are the highest yielding money market account rates serving citizens of the state of Iowa.

If you are strictly after the best interest rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Iowa, we have found that in some instances you will lock in more competitive rates with local institutions rather than national ones (if you are eligible). Before committing to one of the banks/credit unions listed below, you may want to browse through our archive of money market accounts.

Keep in mind, money market rates are time-sensitive in nature, therefor you may want to refer to the date of this article for accuracy. As with all money market accounts, the interest rates are variable and are subject to change without notice.

Top 2 money market rates in Iowa:

• First Trust Savings Bank: Wheatland, Dixon, Lost Nation, Calamus, Grand Mound, Donahue, Des Moines, Iowa. Money market account yielding up to 1.97% APY depending on your minimum balance. This money market account is set up in 3 tiers. The first yields 0.55% APY and requires a balance of between $2500 and $24,999. The second yields 1.47% APY and requires a balance of between $25,000 and $49,999. The third tier yields a 1.67% APY and requires a balance of between $50k and $74,999. If you can keep a balance of $75k or above you will receive the 1.97% APY. There is a $600 minimum deposit, however if your account is below $2,500 you will not only receive no interest, you will also incur a $5 fee. Contact: (563) 374-1247
• New Albin Savings Bank: New Albin, Iowa. Money market account yielding an outstanding 2.02% APY with a minimum balance of only $2,500. If your balance falls below this $2,500 mark, you will recieve a yield of 0.50% APY. They also have two checking accounts which are providing an interest rate of 0.50% APY.  New Albin Savings Bank has just one location, located in New Albin, Iowa. Contact: (563) 544-4214

Both of the above institutions are federally insured by the FDIC. If you live in Iowa and know of a better money market rate offered through your local institution, please share by leaving a comment.

Best CD (certificate of deposit) rates in Iowa: Top 3

Below are the highest yielding CD rates available to the residents in the state of Iowa. The financial institutions offering these rates are local to this state but may also cover a larger regional area. If you reside in one of Iowa’s bordering states you may also be eligible to take advantage of the savings products below, but you will need to contact a representative.

Also, some of the products listed below may be promotional and therefor only available for a limited time. These promotional deposit rates generally come with odd maturities (outside of the standard 6 month increments).

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

CD rates are time sensitive in nature, so please refer to the date of this article for accuracy. For updated rates visit our CD rate comparison tables.

Top 3 CD rates in Iowa:

(clicking on the institution will bring you to their rates page)

Iowa Bank Online: Maquoketa, IA. 9 month CD yielding an APY of 2.26% with a minimum deposit amount of $1,000. This is a promotional offer by Iowa Bank’s online division. They also offer a promotional 27 month “CD special” which comes with an APY of 2.52%. Iowa Bank has 3 physical branches in Bellevue, LaMotte, and Moquoketa. They are a local community bank with roughly 15 employees. They offer credit cards, loan products (auto, mortgage, personal) as well as many different forms of savings accounts.

Linn Area Credit Union: Marion, IA. 15 month CD yielding an APY of 2.45% with a minimum deposit amount of $1,000. Like Iowa Bank’s 9 month CD, this is a promotional product as well. Along with this lucrative account, Linn Area CU also has a money market account for balances above $250k that yields a very impressive 2.50% APY. And as with most credit unions, this one is a not-for-profit member owned institution whom passes it’s profits back to the members in the form of higher savings rates and lower loan rates. Membership is open to anyone who lives or works in Linn, Buchanan, Delaware, Jones, Cedar, Johnson, Iowa and Benton Counties.

Peoples Savings Bank: Milo, IA. 36 month CD yielding an APY of 3.25% with a minimum deposit amount of $1,000. This is not a promotional offer, however the rate is subject to change at any time (fixed rate once you’ve opened the account). Peoples Savings Bank is relatively new (first opened in 1998) and now serves 4 locations in Indianola, Carlisle, Lacona, and Milo, Iowa. In the beginning, several local businessmen helped organize the bank, and a core group of long term local bankers became the original employees of Peoples Bank.

All of the institutions listed above are federally insured by either the FDIC or NCUA. If you live in Iowa and know of a better CD or savings rate offered by your local bank or credit union, please share by leaving a comment.