Our board is concerned about maintaining a good working relationship with local financial institutions. How does ISJIT work with our banks?
Since the program began, the ISJIT Board of Trustees has directed that as many participant dollars as possible be reinvested back into Iowa financial institutions. ISJIT has reinvested more than $1.2 billion back into local Iowa banks on behalf of ISJIT participants. ISJIT should complement your local bank relationships, not be a replacement. ISJIT allows school corporations to invest any amount with complete daily liquidity. Studies have shown that an ISJIT deposit will typically provide funds that are better suited to support local loans than demand account funds that some schools currently maintain. ISJIT is focused on reinvesting funds into any eligible Iowa institution, as long as that institution offers a market rate of interest for the deposit term.
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