Farmers & Traders Bank Takes Weekly Spotlight for 3% APY 60-Month CD

Congratulations to Farmers & Traders Bank of Bancroft, IA for having the highest 60-month CD rate according to the BestCashCow rate tables. The bank offers a 5-year CD that pays 3.00% APY with a minimum balance of $5,000. Just a few short months ago, there were many banks paying 3% or over, but the list has whittled down to Farmers & Traders and a handful of credit unions scattered across the country.

Farmers & Traders was established in 1887. According to their website:

"Since 1887, Farmers & Traders Savings Bank has witnessed the peak of the nation's prosperity and it's deepest plunge in the worst depression the world has ever seen. Prior to the depression, there were three banks in Bancroft; however, the First National Bank and The Farmers State Bank did not survive. Farmers & Traders Savings Bank was one of the few banks in the county that did survive."

The bank's financials numbers look strong. The bank has a low Texas Ratio of 4.01% APY versus a national average of 20%. Return on equity is also higher than the national average while capitalization is a bit below. To view these numbers and their explanations, please click here.

The bank operates one branch and has $54 million in assets. Deposits are FDIC insured.

The bank only serves its community so if you don't live near Bancroft, IA you are out of luck. Still, there are thousands of local and online banks across the country offering competitive rates on a host of banking products.

Stay tuned next week for a new spotlight bank.

Today's Highest Online CD Rates

Bank	Product Term	Interest Rate (APY)
Finworth, a division of InsBank	1-Year	5.38% APY with $50,000 minimum
TotalDirect, a division of City National Bank of Florida	1-Year	5.35% APY with $25,000 minimum
First Internet Bank of Indiana	1-Year	5.31% APY with $1,000 minimum
Dollar Savings Direct, a division of Emigrant Bank	3-Year	5.00% APY with $1,000 minimum
First Internet Bank of Indiana	3-Year	4.66% APY with $1,000 minimum
IncredibleBank	3-Year	4.58% APY with $1,000 minimum
First Internet Bank of Indiana	5-Year	4.55% APY with $1,000 minimum
BMO Alto, a division of Bank of Montreal Harris	5-Year	4.50% APY with no minimum
Department of Commerce	5-Year	4.34% APY with $500 minimum

Bank

Product Term

Interest Rate (APY)

Finworth, a division of InsBank

1-Year

5.38% APY with $50,000 minimum

TotalDirect, a division of City National Bank of Florida

1-Year

5.35% APY with $25,000 minimum

First Internet Bank of Indiana

1-Year

5.31% APY with $1,000 minimum