Dedicated to Deposits: Deals, Data, and Discussion

Another CD Promotion at Irwin Union Bank


Update 9/18/09: Irwin Union Banks have been closed by regulators. Refer to this FDIC press release for more details.

Irwin Union Bank has started a new CD promotion called Win-Win CD. You receive a competitive rate for a 13-month term and receive 1% cash back (up to $250) instantly. The catch is that it requires that you have a new or existing checking account, and then you have to open or maintain 4 additional products or services. The promo page doesn't provide any details about what services qualify, so I called the bank today. I was told that qualifying services would include a debit card, direct deposit, online bill pay and estatements. The CSR wasn't sure if they do a hard credit inquiry. She could only confirm that they do a ChexSystem verification.

Unlike Irwin Union Bank's June CD promotion, I was told this new promotion requires a branch visit.

A few other important details of the promotion include:
  • limited time promotion (CSR didn't know how long it's scheduled to last)
  • 1% bonus paid at the CD account opening may be revoked if the CD is closed prior to original maturity
  • New money deposits only
  • Irwin Union Bank reserves the right to limit the opening deposit to $250,000 per CD
Certificate of Deposit Rates

The 13-month CD rate varies by zip code. The best rate I've found is 2.28% APY in Las Vegas. For most other areas with nearby branches, the rate is just under 2%. If your CD deposit is $25,000 or under, the 1% cash back will effectively add just under 1% to the APY of the CD. Since the 1% bonus is capped at $250, the bonus will have less effect for larger deposits.

Below is a list of rates for several cities. The rates are subject to change daily. When you enter your zip code at the promo page, please leave a comment about what rate applies to your city.

13-Month CD rates as of 8/28/09

2.28% APY, Las Vegas, NV (89128)
1.98% APY, Costa Mesa, CA (92626)
1.91% APY, Phoenix, AZ (85016)
1.82% APY, Sacramento, CA (95833)
1.82% APY, Indianapolis, IN (46204)

Irwin Union Bank branches are located in Arizona, California, Indiana, Kentucky, Michigan, Missouri, Nevada, New Mexico, Utah and Wisconsin.

The bank has been a FDIC member 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.

The bank has been hurt by its home equity loans in western states, and it's not in the best financial shape. Its financial ratings for safety and soundness are weak:
  • Irwin Union Bank and Trust (IN, NV, MI, UT): 0 star (lowest) at BauerFinancial and 1 star (below peer group) at
  • Irwin Union Bank. FSB (AZ, CA, IN, KY, MO, NV, NM, WI): 2 stars (problematic) at BauerFinancial and 2 stars (below peer group) at
The above ratings are based on 3/31/09 financial data.

For weak banks that may be restricted from offering the best rates (see post on FDIC rate caps), bonuses like this may be one way around this.

Other Competitive Certificate of Deposit Rates

  Tags: Indiana, California, Utah, Nevada, Michigan, Kentucky, Arizona, Wisconsin, CD rates, Missouri, New Mexico

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