Dedicated to Deposits: Deals, Data, and Discussion

4.39% 12-Month CD at ISN Bank - Nationally Available

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ISN Bank
Update 11/20/08: The CD rates have fallen. Please check the bank's website for the latest rates and specials.

ISN Bank has another attractive rate on its certificates of deposit. This new one is a 12-month CD with a yield of 4.39% APY. It's still offering a 6-month CD with a yield of 4.18% APY which I first reported on in late October. Both have a minimum deposit of $1,000, and these are also available in an IRA.

In June, I called the bank and confirmed that accounts are available to people in any state. If you do apply, I would recommend calling first. They will take your name and give you 7 days to fund the CD at the current rate. They don't charge for incoming wire transfers. There's an application page which describes how you can mail or fax in the application and fund it with a wire transfer.

Outbound wire transfers that you might use when the CD matures are $15. Another thing to note about CD maturity is that the grace period is 7 days and they don't pay interest during the grace period if you close the CD (see disclosure).

It's a small bank located in New Jersey. One thing to note is that its financial ratings are very low: 0 star at BauerFinancial based on 3/31/08 data and 1 star at Bankrate based on 6/30/08 data. As I recommend with any bank, make sure to keep below the FDIC limits (FDIC Certificate # 57107).

  Tags: CD rates, New Jersey, ISN Bank

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