4.15% 9-Month CD at iGObanking.com

iGObanking.com has recently come out with a competitive 9-month CD. The yield is 4.15% APY with a minimum deposit of $1,000. There's also a competitive 15-month CD with a 4.30% APY. These two special CDs must be funded with money outside of an iGObanking account. These rates are also available in an IRA.

iGObanking.com often has some good deals on CDs, but you have to be careful when the CD matures. Many of the CD rates are not competitive. So if you let your CD automatically renew, you may get stuck with a low-rate CD. A current example is the 6-month CD which has a yield of only 2.75% APY.

There's an online application that allows electronic funding via ACH. However, to close the CD, they don't seem to provide a way to transfer it out via ACH. According to the CSR, you can request for them to send you a check via their secure email. You also have the option to transfer the money into your iGObanking savings or checking account. They still have competitive yields on their no-fee savings account (3.28% APY) and checking account (3.00% APY).

The certificate of deposit details are described in their disclosure page. The early withdrawal penalty for the 9-month CD is 3 months of interest. For the 15-month CD, the penalty is 6 months of interest. The grace period at maturity in which you can close the CD without penalty is 7 calendar days.

My previous iGObanking reviews:

• iGObanking savings account review
• iGObanking checking account review

iGObanking.com is a division of Flushing Savings Bank, FSB which is FDIC insured. Flushing Savings Bank has solid financial ratings for soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/08 data.

Tags: iGObanking, CD rates, IRA rates