Bank Iowa offers account options that earns you cashback rewards! To find out if Bank Iowa is right for you, continue reading the review below.
The greatest thing Bank Iowa has to offer is that most of their checking accounts are free to open and they still earn interest as long as you maintain their balance requirements!
They also have a youth savings account that requires no opening deposit nor balance requirements as well.
Checking Account Options
Bank Iowa has a goof variety of checking accounts that comes with various benefits and most of them requires absolute no opening deposit amounts!
You can open this free checking account with $100.
There are no monthly fees nor minimum balance requirements afterwards.
An interest bearing checking account that actually doesn’t require an opening deposit nor monthly fees!
This is actually a cashback reward account, and you only need a minimum balance of $100 to earn cashback.
For every purchase made with your Bank Iowa debit card, you will earn $0.10.
Another interest bearing account that has no opening deposit, but there is a monthly fee of $7.
Of course, you can waive the monthly fee if you keep a daily balance of $500.
This account is eligible for cashback rewards too.
A premium interest bearing account with no monthly fees!
You will, however, need at least $500 to start earning interest.
The rewards program only applies to this account if you reach the minimum balance.
Compare Checking Accounts
Savings Account Options
Bank Iowa has two savings accounts that all earn competitive interest rates and vary in opening deposits and balance requirements.
If you are 19 and older, you are eligible to open this standard savings account.
There is actually no minimum opening deposit required so you can earn interest on all balances!
There is a small fee of $2, but you can easily waive it by keeping a daily balance of $100.
This savings account is designed for those 18 and younger and requires nothing to open it.
Kids can earn interest and enjoy the benefits of not needing to worry about any monthly fees nor minimum balance requirements!
They also will receive identify theft services.
Those under 18 will need a guardian as a co-signer though.
Compare Savings Accounts
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
With the American Express® High Yield Savings Account:
• Earn 4.00% APY as of 5/31/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB223 by 06/15/2023
• Earn high interest rate of 4.00% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
• Earn up to 0.61% APY with interest compounded daily and no monthly fees with the Axos Bank High Yield Savings account
• No minimum balance requirements
• Free ATM card upon request
• $250 minimum opening deposit
• Free Incoming Wires
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard.
Bank Iowa has two money market accounts that earns competitive, tiered interest rates.
This general money market account earns a fixed rate of interest. If you manage to maintain a daily balance of $1,000, you can waive the monthly $7 fee.
This account also comes with a identify theft protection services.
There doesn’t seem to be an opening deposit stated on their site, so call Bank Iowa to make sure.
A higher interest bearing money market that will require a minimum balance of at least $25,000 to earn interest.
Keeping that much also avoids the $15 monthly fee.
Compare Money Market Accounts
• Earn 0.25% APY with the Axos Bank High Yield Money Market
• FDIC Insured
• Check writing privileges
• No monthly maintenance fees
• No minimum balance requirements
• Debit card transactions
• Minimum Balance Required to Open the Account: $ 1000.00
• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 3.95% APY balances $100,000 and over
• Earn 3.90% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 1.55% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
CD Account Options
Bank Iowa offers CDs that earn competitive interest rates. You can open each CD with $500.
The CD terms range from 3 months to 60 months.
The CDs will also automatically renew upon maturity.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 2.00% APY up to 4.75% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn up to 5.00% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
Reasons to Bank with Bank Iowa
- Almost all their checking and savings account require no opening deposit to open!
- Has free accounts that still earn decent interest rates.
- Earn cashback rewards when you sign up for a checking account and use your Bank Iowa debit card.
- Has two money market accounts that that comes with exclusive benefits.
- All their savings and money market accounts earn competitive interest rates.
- Provides a free youth savings account.
- Some of their accounts has identify protection theft services in case your card or account information gets stolen.
- Offers a holiday savings account with low minimum balance requirements.
- Conduct all your banking online or with the Bank Iowa mobile app.
Reasons Not to Bank with Bank Iowa
- They are only located in Iowa with 25 branches in total.
- Their Freebird checking account has an opening deposit of $100 while the others don’t.
- Some of their checking accounts have unavoidable monthly fees to compensate for all the other benefits offered.
- Lacking a senior, health, holiday etc. checking and savings account.
Bank Iowa Routing Number
The routing number for Bank Iowa varies based on regions or locations. To find your routing number, check the lower left hand corner of your Bank Iowa check.
Contact Customer Service
You can reach Bank Iowa at 844-226-5421.
Additionally, you can also fill out a request form if you have any questions or concerns.
How Bank Iowa Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
Want to earn interest without needing to deposit anything to get started? If you happen to live in Iowa, then Bank Iowa has a pretty good variety of checking and savings accounts that will satisfy you.
Even their premium interest bearing checking accounts don’t need an opening deposit, all you have to do is meet the balance requirements and you can earn interest at ease.
Not only can you earn interest, but you can also earn cashback every time you make a transaction with your Bank Iowa card!
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If Bank Iowa has the variety and options you’re looking for, apply today! For more options from a variety of banks, see our list of the best bank promotions!