Banking and financial services in Iowa: Major banks include Wells Fargo and U.S. Bank. Credit unions offer competitive rates and membership benefits. Iowa requires state-chartered banks to insure deposits. Online banking widely available for convenience. Low property tax rates compared to national average. No state tax on Social Security benefits. Iowa's cost of living below national average. Financial education programs in local communities. Diverse financial advisory services available statewide. State-supported small business financing options.
Major banks include Wells Fargo and U.S. Bank.
In Iowa, major banks such as Wells Fargo and U.S. Bank offer a wide range of banking, investment, and financial services. Wells Fargo, founded in 1852, operates through numerous locations and ATMs, providing consumer and commercial finance, mortgage services, and global financial support. Wells Fargo makes its presence felt with an extensive network ensuring accessibility to its vast array of services. U.S. Bank, on the other hand, offers personalized banking services including checking accounts, credit cards, home loans, and convenient online banking options.
Credit unions offer competitive rates and membership benefits.
Credit Unions in Iowa offer competitive rates and numerous membership benefits, including lower interest rates on loans, higher rates on savings, and fewer fees, resulting in significant annual member savings. They also provide various discounts and community events, and their cooperative model ensures profits are reinvested to benefit members. To learn more about these benefits and find the right credit union for you, visit the Iowa Credit Unions website for comprehensive information and resources.
Iowa requires state-chartered banks to insure deposits.
In Iowa, State-Chartered Banks are not required by state law to have deposit insurance, although they typically have FDIC deposit insurance. All banks accepting Iowa public deposits must adhere to Iowa's pledging rules. These rules are vital as they include collateral requirements that go beyond the standard federal deposit insurance. For more details on these regulations and the protection of public deposits, you can visit the Iowa State Treasurer's Office website.
Online banking widely available for convenience.
Online banking in Iowa is widely available, offering convenience through services such as mobile deposit, online bill pay, eStatements, and 24/7 access to account balances and transactions, making banking manageable from anywhere with an internet connection. For more information, visit the Bank Iowa website and explore their comprehensive online services designed to enhance your banking experience.
Low property tax rates compared to national average.
Iowa does not have low property tax rates compared to the national average; it has a statewide average effective property tax rate of 1.50%, which is well above the 0.99% national mark, making it the 10th-highest in the country. For more detailed insights, the Iowa Property Tax Calculator on SmartAsset provides valuable information about property taxes in Iowa.
No state tax on Social Security benefits.
In Iowa, for tax years beginning on or after January 1, 2014, no Social Security benefits are taxable on the Iowa state income tax return. For detailed information on this regulation, you can visit the official site of the Iowa Administrative Code. Understanding these regulations can be crucial for residents planning their taxes and ensuring they benefit fully from these state-specific deductions.
Iowa's cost of living below national average.
Iowa's cost of living is significantly lower than the national average, with a housing market that is 17% more affordable and utilities that are 4% less expensive. Additionally, goods and services in Iowa are 3% cheaper compared to the national benchmark. However, it's important to note that healthcare costs in the state are 6% higher than what is typically expected nationwide. To get a detailed breakdown and personalized estimates, you can visit the Cost of Living Calculator provided by RentCafe.
Financial education programs in local communities.
Financial literacy education in Iowa is supported by a multitude of organizations including EVERFI, the Council for Economic Education, Junior Achievement, and the Iowa Jump$tart Coalition. These organizations provide interactive online resources, classroom materials, and community events designed to teach financial literacy from the elementary to high school levels. Additionally, the Iowa Bankers Association and its partners offer valuable financial literacy resources through programs like "Teach Children to Save," "Get Smart About Credit," and "Money Smart Week." These initiatives are complemented by Iowa Valley Habitat for Humanity's collaboration with Horizons: A Family Service Alliance to provide free home buyer classes and financial counseling services. They focus on critical financial skills such as budgeting, credit management, banking, and saving, empowering local communities with the knowledge needed for financial stability.
Diverse financial advisory services available statewide.
Iowa offers a diverse range of financial advisory services through firms like Foster Group, Steele Capital Management, Gilbert & Cook, Bradford Financial Center, and Basepoint Wealth, each providing various services including asset management, retirement planning, and financial planning. Some firms operate on a fee-only basis while others are fee-based, catering to individuals, high-net-worth individuals, and institutional clients across the state. For a comprehensive overview of these services, visit the Iowa Top Financial Advisors page.
State-supported small business financing options.
The State Small Business Credit Initiative (SSBCI) in Iowa provides significant opportunities with $96 million in funding available through various programs. These include the Loan Participation Program for Manufacturing 4.0 Investments, the Small Business Collateral Support Program, the Venture Capital Innovation Fund Program, and the Venture Capital Co-Investment Fund Program. These initiatives target a range of enterprises, from startups and manufacturers to businesses owned by veterans and individuals from diverse backgrounds. For more detailed information on these funding opportunities, visit the State Small Business Credit Initiative website to explore how these programs can potentially benefit your business ventures.