State Treasurer Michael Fitzgerald announces the results of the October Invest in Iowa auction. “This month’s Invest in Iowa auction was one of the most successful auctions we have seen in recent years,” said Fitzgerald. “My office will deposit more than $85 million across nineteen financial institutions in Iowa. With a 4% minimum bid rate, the highest we’ve seen since October 2007, we will net over $1.7 million in interest earned for the State.”
Invest in Iowa is an online auction used to deposit State dollars into Iowa financial institutions. Prior to the auction, the Treasurer establishes a minimum bid rate and participating institutions then bid on available funds. The State earns a competitive return through the auction.
“Invest in Iowa is a win-win for Iowa’s financial institutions, our citizens and our state,” Fitzgerald said. “Over the last ten years, we have invested over $3.2 billion in Iowa’s financial institutions and earned over $28 million in interest through the Invest in Iowa program,” Fitzgerald said. “As we gain participation from financial institutions across the state, more funds are available for lending in local communities, ultimately stimulating the economy.”
Fitzgerald hosts Invest in Iowa auctions for six-month certificates of deposit (CDs) on the second Tuesday of January, April, July and October. Additional auctions offering one-year CDs are held in February and August. For more information on the auction or to register as a participating financial institution, visit BidIowa.com.