Des Moines, Iowa - State Treasurer Michael Fitzgerald announces the results of the State’s most recent Invest in Iowa online auction. “The July Invest in Iowa auction had the highest participation we’ve seen in the last two years,” said Fitzgerald. “As a result, over $65 million will be deposited in 15 financial institutions across the state.”
Invest in Iowa was created in 1983 by Fitzgerald as a means to deposit State dollars into Iowa financial institutions. Ran through an online auction, participating institutions place bids on available funds. Minimum bid rates are established by the Treasurer prior to the auction. Through the program, the State earns a competitive return, and in turn, low-cost funds are made available to Iowa communities.
“The minimum bid rate for the July auction was set at 2.25%, the highest we’ve been able to establish since before the pandemic,” commented Fitzgerald. “Invest in Iowa is a win for all participating parties. We are able to provide needed funds to financial institutions to help stimulate the local economy while also receiving competitive rates for investments for the State of Iowa.”
Since its creation, Invest in Iowa has earned over $45 million for the State. 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.