Farm Bureau Bank serves customers entirely through its online banking platform. There are no physical branches. Some of its certificates of deposit (CDs) offer competitive rates (particularly the short terms), but some don’t stack up well with the best CD rates available on the market. The minimum deposit of $1,000 is also a bit high, even though it isn’t out of line with some of the biggest banks in the country.
Customers saving for retirement may like that the bank also has a wide range of CD terms available just for individual retirement accounts (IRAs). However, you may still be able to find higher rates from other banks and brokers.
To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.
Read on to learn more about how CDs work with Farm Bureau Bank and whether or not you should open an account.
CD Specials
| CD Term | Minimum Deposit | APY | |
| 14 Month | $1,000 | 3.56% | Compare CD Rates |
| 26 Month | $1,000 | 4.08% | Compare CD Rates |
| 37 Month | $1,000 | 4.18% | Compare CD Rates |
| 62 Month | $1,000 | 4.39% | Compare CD Rates |
Standard CDs
| CD Term | Minimum Deposit | APY | |
| 3 Month | $1,000 | 1.30% | Compare CD Rates |
| 3 Month Jumbo | $50,000 | 1.40% | Compare CD Rates |
| 6 Month | $1,000 | 4.50% | Compare CD Rates |
| 6 Month Jumbo | $50,000 | 4.60% | Compare CD Rates |
| 1 Year | $1,000 | 5.00% | Compare CD Rates |
| 1 Year Jumbo | $50,000 | 5.10% | Compare CD Rates |
| 18 Month | $1,000 | 4.15% | Compare CD Rates |
| 18 Month Jumbo | $50,000 | 4.25% | Compare CD Rates |
| 2 Year | $1,000 | 4.00% | Compare CD Rates |
| 2 Year Jumbo | $50,000 | 4.10% | Compare CD Rates |
| 3 Year | $1,000 | 3.90% | Compare CD Rates |
| 3 Year Jumbo | $50,000 | 4.00% | Compare CD Rates |
| 4 Year | $1,000 | 3.70% | Compare CD Rates |
| 4 Year Jumbo | $50,000 | 3.80% | Compare CD Rates |
| 5 Year | $1,000 | 3.75% | Compare CD Rates |
| 5 Year Jumbo | $50,000 | 3.85% | Compare CD Rates |
Step Up CDs
| CD Term | Minimum Deposit | APY | |
| 1 Year | $1,000 | 4.75% | Compare CD Rates |
| 1 Year Jumbo | $50,000 | 4.85% | Compare CD Rates |
| 18 Month | $1,000 | 3.90% | Compare CD Rates |
| 18 Month Jumbo | $50,000 | 4.00% | Compare CD Rates |
| 2 Year | $1,000 | 3.75% | Compare CD Rates |
| 2 Year Jumbo | $50,000 | 3.85% | Compare CD Rates |
| 3 Year | $1,000 | 3.65% | Compare CD Rates |
| 3 Year Jumbo | $50,000 | 3.75% | Compare CD Rates |
| 4 Year | $1,000 | 3.45% | Compare CD Rates |
| 4 Year Jumbo | $50,000 | 3.55% | Compare CD Rates |
| 5 Year | $1,000 | 3.50% | Compare CD Rates |
| 5 Year Jumbo | $50,000 | 3.60% | Compare CD Rates |
3-Month CD Interest Rate Comparison
Compare Farm Bureau Bank to Other Competitive Offers
Overview of Farm Bureau Bank CDs
Farm Bureau Bank is an online bank (it refers to itself as a direct bank). That means it does not have physical branch locations. You can open accounts and manage them via the bank’s website and online banking platform. Residents of all but seven states have access to Farm Bureau Bank’s online CDs. The seven states where services aren’t available are Illinois, Kansas, Mississippi, Missouri, New York, Ohio and Wyoming.
Standard CDs range in term lengths of three months up to five years. Special CDs offers may extend longer than five years. Some types of CDs have fewer term options. For example, step-up CDs only range from one to five years in length. A step-up CD allows you to increase your interest rate once during your term, at a time of your choosing.
The minimum deposit for opening a CD account with Farm Bureau Bank is $1,000. That applies to standard CDs, special CDs and step-up CDs. Additionally, you can get a higher interest rate by depositing at least $50,000. CDs with at least that deposit minimum are called jumbo CDs. All standard CDs and step-up CDs are available as Jumbos.
Interest in CD accounts credits monthly to your account. You have the option to keep interest earnings in your CD or move it to another account. That includes transferring it to an account with another bank, but you may need to pay a fee for such transfers.
You cannot withdraw any of the principal before your maturity date without paying an early withdrawal penalty. The amount of the penalty depends on your term length and how much you withdraw. Terms of less than one year have a penalty equal to three months’ interest. Terms of at least one year long but less than two years have a penalty of six months’ interest. The penalty is equal to nine months’ interest for terms of at least two years but less than four years. All terms greater than four years long have a penalty equal to one year’s interest.
You can avoid a penalty by waiting until the end of your term to withdraw principal from your account. After your maturity date, Farm Bureau Bank will provide you a grace period. You can make any withdrawals, deposits or other changes during this period. At the end of that period, your account will automatically renew for another CD of the same length.
How Much You Earn With Farm Bureau Bank CDs Over Time
How much you earn with a Farm Bureau Bank CD will depend on your specific term. The rates for the standard CDs (with some exceptions) are not the highest and so you won’t earn huge amounts of interest. And while the rates on Jumbo CDs are better, they still aren’t the highest.
You can generally increase your earnings by choosing a longer term. Special CDs also offer higher rates, which will increase your interest.
The table below shows what your approximate total balance will be based on different initial deposits and term lengths.
| Initial Deposit | 6-Month CD | 12-Month CD | 36-Month CD | 60-Month CD |
| $1,000 | $1,022.25 | $1,050 | $1,121.62 | $1,202.10 |
| $2,500 | $2,555.63 | $2,625 | $2,804.06 | $3,005.25 |
| $5,000 | $5,111.26 | $5,250 | $5,608.11 | $6,010.50 |
| $10,000 | $10,222.52 | $10,500 | $11,216.22 | $12,021 |
How Farm Bureau Bank CD Rates Compare to Other Banks’
The most competitive rates from Farm Bureau Bank come with short-term CDs. For example, the rates for terms of less than one year are on par with the best short-term rates available. Rates for longer terms are not as competitive. Regardless of what term length you want, it’s a good idea to compare CD rates from a few banks before you open any accounts.
A bank like Ally has competitive short-term rates. As with Farm Bureau Bank, Ally is an online bank and doesn’t have any physical branch locations. Ally also has no minimum deposit, which means you can open a CD even if you don’t have a lot of savings.
Capital One is another bank to consider. Its one-year term usually has a high rate and so do its longer terms (three to five years). There is no minimum deposit necessary to open an account.
If you’re looking to save as part of an IRA, you can find higher rates elsewhere. The best possible rates usually come with brokered CDs from a broker such as Edward Jones. The minimum deposit for a CD with Edward Jones is $1,000 but the rates are higher than with Farm Bureau Bank. Terms also extend up to 10 years.
| CD Account | Farm Bureau Bank | Ally Bank | Capital One |
| 6 Month | 4.50% | 4.50% | 4.25% APY (as of 4/11/24) |
| 1 Year | 5.00% | 4.75% | 4.80% APY (as of 4/11/24) |
| 3 Year | 3.90% | 4.00% | 4.00% APY (as of 4/11/24) |
| 5 Year | 3.75% | 3.90% | 3.90% APY (as of 4/11/24) |
Should You Get a Farm Bureau Bank CD Account?
All of the banking for Farm Bureau Bank happens online. If you prefer a bank where you can visit a local branch, look elsewhere. You should also consider your specific goals when deciding whether or not to open an account. The short-term rates (less than one year) are competitive. Look elsewhere if you have more long-term goals like saving for retirement. Longer terms typically don’t have very high rates and that includes special long-term CDs.
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