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Midwest Bank of Western Illinois

Business Banking


Certificates of Deposit
*Annual Percentage Yield

  • Earn Interest on your account balance
  • Maturities from 31 days to 48 months
  • Minimum to open: $1,000.00
  • Interest: Fixed interest rate and annual percentage yield accrues daily, on the principal balance and is credited and compounded quarterly on certificates for terms of 6 months through 48 months. Interest is compounded at maturity for certificates of less than 6 months.
  • Withdrawal Penalties: Withdrawals of all or part of the funds from your account prior to maturity may result in an early withdrawal penalty.
  • Balance Method: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. We will use an interest accrual basis of 365 days in the year.
  • Piggy Bank CD: Deposits may be made to the "Piggy Bank CD" at any time in increments of $100.00 or more. Interest will not be compounded and will be credited at maturity.

* See a Midwest Bank Personal banker regarding rates, special Certificate of Deposit Promotions and Jumbo CD Rates. Terms and conditions will be disclosed on the Certificate of Deposit Agreement at the time the account is opened.


“Certificate of Deposit Account Registry Service"

Midwest Bank signed with a company called “CDARS®” to cover deposits from individuals and public entities so they may receive full FDIC insurance on deposits over $100,000.00. CDARS® pronounced “cedars”, was created to provide FDIC coverage to large deposits.

The CDARS® system takes deposits of more than $100,000.00, and then divides the money up into smaller amounts, placing the funds into certificates of deposit with different banks within the CDARS® network.

CDARS® offers the customer….

  • A high competitive rate of interest (we set our own interest rates)
  • Multi terms
  • 4 weeks
  • 13 weeks
  • 26 weeks
  • 52 weeks
  • 104 weeks
  • 156 weeks
  • 260 weeks

All funds are on deposit with one bank receiving one statement

Safe and secure because it is fully FDIC insured.  It eliminates the tracking of collateralized funds and the market value of the funds pledged for security.  Money stays locally in our community.

See a Midwest Bank Personal Banker regarding rates.

Funds may be submitted for placement through CDARS® only after a depositor enters into the CDARS® Deposit Placement agreement with us.  The agreement contains important information and conditions regarding the placement of funds by us using CDARS®.  CDARS® is a registered service mark of Promontory Interfinancial Network, LLC.

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