Webster City Council approves new banking arrangements
WEBSTER CITY — The Webster City municipal government is changing its banking arrangements.
The City Council on Monday voted for new checking and money market accounts, and the purchase of certificates of deposit.
The council approved a checking account with Availa Bank with a .5 percent interest rate.
It also approved a money market account with Availa Bank that has a 1.85 percent interest rate.
Additionally, it purchased $8 million worth of certificates of deposit with First State Bank. Those certificates have three month, six month, nine month and one year terms.
The local government has $14 million in cash on hand and $10 million in certificates of deposits, according to Dodie Wolfgram, the city’s finance director.
The city requested banking proposals from area financial institutions to see if better interest rates were available.