Invest in Iowa is a program offering deposits of State dollars to financial institutions to get low-cost funds into Iowa’s communities. Using an online auction process, approved Iowa financial institutions can place electronic bids on available funds. Auctions for six-month certificates of deposit (CDs) occur on the second Tuesday of January, April, July and October. Two additional auctions offering one-year term CDs occur in February and August.
Prior to the auctions, participants from financial institutions must register by visiting BidIowa.com. Participants only need to register once. On the day of the auction, they will log into BidIowa.com to begin the bidding process. Prior to each auction, minimum bid rates along with specific bid limits per financial institution are established by the State Treasurer.
Funds are credited by Automated Clearing House (ACH) into the financial institution’s designated account on the following Thursday. At maturity, the principal and interest are debited from the same account. The CDs are considered public funds for reporting purposes. For questions about the program, contact InvestInIowa@tos.iowa.gov.
Total amount invested through the program since 2002: $4,736,550,000