Dedicated to Deposits: Deals, Data, and Discussion
iGObanking0.35%$1k-60 Month iGOCD
Accounts mentioned in this post. Rates as of August 30, 2014

Top Internet Bank 5-Year CD Rate at



It’s nice to see that some internet banks are continuing to raise their CD rates. The latest one is which raised its 5-year CD rate from 2.00% to 2.15% APY. This is just after EverBank raised its 5-year CD rate to 2.12% APY. may have the highest 5-year CD rate for internet banks, but it’s still much lower than PenFed’s 3.04% APY 5-year CD. Thanks to DA member OldGuy who posted on this news in the forum.’s 5-year CD does have one advantage over PenFed’s. That’s a smaller early withdrawal penalty. It’s equal to 6 months simple interest on the amount withdrawn. Minimum deposit is $1,000. The 2.15% APY is listed in the bank’s rates page as of 12/16/2013. The early withdrawal penalty and other CD details are listed in the bank’s Terms and Conditions document.

One thing to note about is that most of its CD rates are very low. Every now and then it offers one or two CDs with very competitive rates. After a while, those rates will eventually fall to low levels again. Below is the rate history of’s 5-year CD rate over the last year:

  • 12/14/13: 2.15%
  • 11/20/13: 2.00%
  • 10/03/13: 0.35%
  • 07/17/13: 2.05%
  • 10/20/12: 0.35%

If you open a CD at, you’ll want to make sure you don’t let the CD automatically renew without reviewing the new rate. If you forget to check, you could be stuck in a very low-rate CD. doesn’t have a good reputation for making it easy to open and close CDs. A few readers have shared their experiences in the reviews section. does provide some details of how to open and close CDs in its FAQ section. Below are excerpts:

To open your iGO high yield CD and take advantage of our great CD interest rates, click on "iGO open my account" on the homepage, then follow the six easy steps to complete your high yield CD account application.

To close your iGOcd account during the grace period either complete and return via postal mail the CD maturity instructions form (provided as part of your CD maturity notice) or send your request by using the contact us form (email address submitted must be the email Address of Record). Please refer to your CD maturity notice, and based on the choices listed, instruct the Bank accordingly. For mail-in applications, your instructions must be in writing.

Bank Overview

In addition to CDs, the offers IRAs, a savings account, a money market account and a checking accounts. Its money market account currently has a competitive rate for large balances (1.00% APY for $100K+). My money market review has more details. is a division of Flushing Bank, a New York bank with $4.7 billion in assets. The bank's overall health grade at is a B+ with a Texas Ratio of 14.45% (above average) based on September 2013 data. Please refer to our financial overview of Flushing Bank for more details. It has been a FDIC member since 2007 (FDIC Certificate # 58564).

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of

Related Pages: iGObanking, CD rates

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