State Treasurer of Iowa

Triumphant Invest in Iowa Auction for Treasurer Fitzgerald

August 23, 2022

Des Moines, Iowa – State Treasurer Michael Fitzgerald announced the results of the August Invest in Iowa auction. “We saw great success with our most recent online auction for Invest in Iowa,” said Fitzgerald. “My office will deposit $33 million across nine financial institutions in Iowa. With a 3.25% minimum bid rate, this auction will net over $1 million for the State in interest earned.”

Created by Fitzgerald in 1983, 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 an efficient way to stimulate both the local and state economies,” continued Fitzgerald. “Participation in the auctions has begun to increase, and we hope to see this trend continue so more funds can be available to strengthen Iowa communities. This program helps us prepare today for tomorrow’s challenges.”

The August auction brought the total amount earned for the State to more than $46 million. 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.

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