Dedicated to Deposits: Deals, Data, and Discussion

4.80% 36-Month CD at 1st Source Bank - Nationally Available


1st Source Bank
Update 12/18/08: The CD rates have fallen. Please check the bank's website for the latest rates.

1st Source Bank has some competitive long-term CD rates. These yields include a 4.45% APY for a 2-year term, a 4.80% APY for terms of 3, 4 and 5 years, and a 5.00% APY for a 6-year term. The 2-year term has a $5,000 minimum deposit. All the other terms have a $500 minimum. These are also available in an IRA.

At the bottom of the rate table the bank provides a fair about of details about the CD. Some of the important things to note include:
  • Applications should be mailed and postmarked on the date that you apply. The postmark date will lock in the rate shown on our website
  • Interest may be paid by check or credited to another 1st Source Bank deposit account for Certificates equal to or greater than $2,500.00
  • This offer applies only to personal CDs with balances up to $100,000
The Truth in Savings Disclosure provides some additional details:
  • Interest is compounded annually for terms longer than 12 months
  • Early withdrawal penalty equals 6 months of interest on amount withdrawn for terms over 1 year through 6 years
  • 10 day grace period at maturity
  • No interest is earned during grace period if CD is redeemed
The bank has some solid financial ratings for soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Both are based on 6/30/08 data.

1st Source Bank is based in South Bend, Indiana with over 80 branches in Indiana and Michigan. It has been FDIC insured since 1934 (FDIC Certificate # 9087).

  Tags: 1st Source Bank, CD rates, IRA rates

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Comment #1 by Anonymous posted on
I've had a number of CDs at 1st source for > 6 years. It has generally been a good experience..and for those looking to postpone interest reported (1099), ask 1st source as I've had accounts as long as 18months that didn't capitalize or report intest until the cd matured. Their online phone staff is small (I know them by first name), but very attentive and correct any errors in paperwork very fast. I've always wired out accts I closed and generally my fax instructions were completed with 2-6 hours! Nice bank.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for sharing your experience.

Comment #3 by Anonymous posted on
I just opened a 2 year CD at 4.51% just before rates went down. Glad they have the locked in rate based on the postmark date on your envelope. The company responds to email requests very promptly. They cashed my deposit check 1 week after I mailed it and am waiting for the account opening information now.

Comment #4 by Anonymous posted on
The 2 year CD rate is now 2.3%. A big drop from the rate that I got in December when it was 4.51%