A year ago or sometime in March 2010, Monona State Bank offers IRA certificates with the same terms from 1 year to 5 years. The IRA certificate rates offered that time fared with what other banks offered.

This October 2011, Monona Sate Bank offered IRA certificates with the same terms of 1 year to 5 years. However, as you can see, there is a big drop in the IRA certificate rates being offered now compared to what was offered a year ago. Below are the current IRA certificate rates of Monona State Bank:

1 year term – 0.57%APY

2 year term – 0.80%APY

3 year term – 1.15%APY

4 year term – 1.50%APY

5 year term – 1.75%APY

All of the above IRA certificate terms require at least $1,000 minimum to open. Monona State Bank also offers Money Market IRA at the rate of 0.05%APY with only $50 minimum to open.

If you are comfortable banking online, you may want to check what banks offer the best IRA CD rate for the month of October 2011. These banks offer online banking so you can open an IRA account online without the hassle of going to a branch. However, before doing so, call or check with a bank representative to make sure you get the current IRA certificate rate and if you are visiting the correct website of the bank.

With $1,000 minimum to open, IRA certificates with the following terms will earn you as much as:

• 1.30%APY for a 1 year IRA certificate;
• 1.60%APY for a 2 year IRA certificate;
• 2.25%APY for a 3 year IRA certificate;
• 2.60%APY for a 4 year IRA certificate; and
• 3.10%APY for a 5 year IRA certificate.

Monona State Bank also offers an 11 month CD special at 1.55%APY that requires $2,500 minimum to open. The bank has 3 locations in Madison, Wisconsin.

You can compare what Monona State Bank offers with that of Hancock Bank and Golf Savings Bank. Or if you are from Indiana you may be interested in checking out the IRA CD rates in Indiana for February 2010.