For awhile it could live in a green house till it busts outta the pot. Then maybe it would be large enough to put outside and survive w/coverings during really bad cold.
Just found this on the net:
The Windmill Palm (trachycarpus fortunei)
Another popular choice, this palm and its cultivars (several other varieties have been introduced as even hardier) are known to be the hardiest palm trees in the world. Yes, an actual palm tree. Well, that word excited me. If the tree were to be a success in your Zone 5-7 garden it would never fail to impress and provide endless bragging rights for you. When purchased young, they make for attractive tropical-looking shrubs, but if you really wanted to take the plunge and buy a specimen so mature that it has developed a visible trunk, for most climates north of southern New Jersey there will be unfortunate damage to the tree that will be apparent during the summer. A possible exception may be a flawless micro-climate along with protection that would essentially add another zone of warmth and a shield against damaging arctic blast winds. Windmill palms in tree form may be for the intensive palm enthusiast who is willing to invest time and money in the endeavor, but they still have use as great looking under story shrubs for causal gardeners with their gorgeous palm palmate leaves that cannot be replicated with true north hardy plants.
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Someone else posted this:
I grow Trachycarpus fortunei in England, and they are also known to grow in Manhattan, though I'm sure these 2 places are warmer in winter than Iowa.
There is hope for you, as you can protect your palm in winter time, either keeping it potted, and then moving it to a sheltered spot, or inside with good levels of sunlight.
The other option used by many growers of tender plants is to construct a protective enclosure around your palm. This could be made from wooden posts, surrounded with plastic, and then filled with straw/dried leaves. You can also add some garden fleece over your palm, which keeps the temperature below a few degrees warmer, but allows light and moisture to pass through. As your palm matures it will get somewhat hardier, but it is important to protect its growing point, as it grows from this single point - this is where you could pack some more protection. Otherwise, you could add some old carpet etc, on really freezing nights, to give extra protection, or form some type of tent over it.
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Too much work in my opinion!
So it sounds like there will be so much ugly damage to them by planting them outdoors in a very cold climate that it might not be worth it unless you do a lot of work to protect them.