Sept. 11, 2023

This paid piece is sponsored by Central Bank.

Whether you’re considering your personal savings or a business account, if you haven’t made some money moves lately, chances are you’re missing out.

“In some cases, we’re able to offer better rates on savings products than we have in a generation, which means many customers either need to refamiliarize themselves with these options or learn about them for the first time,” said Kathy Thorson, senior vice president at Central Bank in Sioux Falls.

“During a time when market conditions are complex, this is an easy way to provide a return on investment that many can take advantage of, regardless of how much they have saved.”

For individuals

Central Bank has several options to put your savings to work for you.

The bank is offering a high-yield savings account with a 4.15 annual percentage yield, or APY. That’s with a minimum deposit of $1,000.*

“This is a very good holding spot for your cash,” Thorson said. “Maybe you’re saving up for a big purchase, it’s your rainy-day fund, or you’re waiting to see what interest rates will do. This is an easy way to start seeing your balance grow.”

Don’t need to access your money today? You can earn even more with a CD, or certificate of deposit.

With a $10,000 minimum deposit, a seven-month CD will earn you a 5.25 percent APY at Central Bank.**

Or, if it’s a better fit, for just a $500 minimum deposit, you can open an 18-month CD earning 4.85 percent.**

“Rates are continually changing, but these are some truly solid rates whether you lock in at 18 months or go with a shorter duration,” Thorson said. “Long term doesn’t necessarily mean higher rates anymore because of the uncertainty surrounding rates.”

Many people are attracted to the new offerings, she added.

“We’ve seen a lot of new faces, and customers are very pleased when they find out what we’re able to offer them,” she said.

“The other thing we’re seeing is people who historically have done investments are now putting their money into banks – including many who haven’t thought about CDs and savings for years.”

Another thing to know: Starting a savings account or a CD is simple. 

“Stop into any of our branches, and we’ll answer any questions or concerns you may have. When the customer is ready, we can have the account opened the same day. It’s an easier process than most are aware of,” Thorson said. 

For businesses

Business leaders also can enjoy CD savings benefits, Thorson said. 

“Many customers are unaware of their savings rate or the different options that are offered. I would recommend shopping around the market to see what opportunities are out there. Oftentimes, businesses could be putting their balance sheet to work for them with a few easy adjustments.” 

If your business has excess cash, there likely are more appealing options for growing your savings, she added.

“Maybe you’re waiting to make a purchase, holding off on a building project or just increasing your operating reserves – there are places to be saving your money that are going to put it to work for you,” Thorson said.

“Many of these are very short-duration opportunities, or they’re entirely liquid, so you’ll still be able to access your cash as needed.”

Why Central

Let’s be real: You see signs advertising rates on savings products everywhere, including online. So how do you know which to choose?

Thorson suggests you start by looking local.

“Look for a community bank, look for someone investing in Sioux Falls,” she said. “Community banks are appropriately named because they tend to be very committed to the communities they serve. We live that every day at Central, whether it’s contributing to a vast range of causes, encouraging our employees to volunteer or ensuring that our leadership lives and participates in our community.”

Expertise matters too.

“Our team truly has decades of experience in banking, and it shows,” Thorson said. “They’ve been through these market cycles before, and they know our products well. They can work with you to find the one that best fits your needs.”

And finally, security. That’s the whole idea behind going with a guaranteed savings rate, right? And while you’ve maybe heard about some instability in banking, with a bank like Central Bank, you can be assured you – and your savings – are in good hands.

“Our owners purchased the bank in 1990 and have grown it very responsibly ever since, viewing it as a long-term commitment to the communities we serve. Our next-generation leadership is based in Sioux Falls, and we are here and ready to help you build your savings as soon as you walk in the door,” Thorson said.

To learn more about opportunities to grow your savings at Central Bank, stop by any of its three convenient Sioux Falls locations or visit mycentral.bank. 

*Account available at Central Bank in Brookings and Sioux Falls, South Dakota, and in the Des Moines, Iowa, metro area. Annual Percentage Yield (APY) is accurate as of 9/5/2023. Minimum balance to open is $1,000. To avoid fees, $1,000 minimum balance or $2,500 average daily balance. If below, $10/statement cycle service charge. Rate tiers are as follows: 4.15% APY applies to balances up to $9,999.99; 4.15% APY applies to balances between $10,000.00 and $99,999.99; 4.15% APY applies to balances between $100,000.00 and $249,999.99; 4.15% APY applies to balances between $250,000.00 and $499,999.99; 4.15% APY applies to balances between $500,000.00 and $999,999.99; 4.15% APY applies to balances of $1,000,000.00 and above. Minimum balance of $0.01 required to obtain APY. Rates are variable and subject to change at any time without notice. Fees may reduce earnings. Active Central Bank checking account with online statements required. Consumer deposits only.

**Annual Percentage Yield (APY) effective 9/5/2023. Minimum to obtain APY is $0.01. We reserve the right to decline or limit deposits at our discretion. Early withdrawal penalties may apply.