Dedicated to Deposits: Deals, Data, and Discussion

5.05% 25-Month / 4.55% 15-Month CD at Irwin Union Bank


Update 11/01/2008: It has been reported that these CD specials have ended. Please check with the bank for the latest specials and rates.

Irwin Union Bank has a CD promotion with three very competitive CD rates: 5.30% APY for a 40-month term, 5.05% APY for a 25-month term and a 4.55% APY for a 15-month term. The minimum deposit is $10,000, and it must be funds new to the bank. It's available as both regular and IRA CDs.

These specials don't seem to be listed at the bank's website. A reader mentioned seeing these advertised in the Las Vegas Review Journal. I just called for additional details. According to the CSR, these specials are scheduled to last through 10/31/08. The early withdrawal penalty is 6 months of interest.

It appears these CD specials may be available at all of the bank's branches. The CSR had to look up the rates for a specific city. In addition to Las Vegas, I confirmed these same rates for Phoenix. If you call for another a city, please leave a comment about if these rates are available.

Branches are located in Arizona, California, Indiana, Kentucky, Michigan, Missouri, Nevada, New Mexico, Utah and Wisconsin.

This Indy Star news article indicates that Irwin is having troubles. It had made big bets on mortgages in California, Nevada and Arizona. Now they're having to raise money to meet capital requirements.

As you would suspect the bank's financial ratings for soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Both ratings are based on 6/30/08 data. The bank has been FDIC insured since 1934 (FDIC Certificate # 10100). Note, there are actually two Irwin Union Banks with different charters. The one with Certificate # 10100 is Irwin Union Bank & Trust Company. The other one is Irwin Union Bank, F.S.B. (FDIC Certificate # 57068). Both are part of the bank holding company, Irwin Financial Corporation. Irwin Union Bank & Trust Company seems to be the main bank that holds most of the deposits.

Related Pages: Nevada, California, Arizona, CD rates, IRA rates

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Comment #1 by Anonymous posted on
This Tucson, AZ, resident opened a 15-month 4.55% APY CD at the Phoenix branch via phone to confirm offer, fax for documentation & mail for check to fund, with no branch visit required. Easy as pie.

This is their advertised "Harvest CD" rate. It does not appear on their website, but was published in the Arizona Republic newspaper (and possibly others) on Sunday, 10/19/08 (and possibly other dates as well).