1st Source Bank Offers Online 45-Month CD Special

POSTED ON THURSDAY, NOVEMBER 12, 2015 BY Ken Tumin

Availability: Nationwide through 1st Source Bank's internet division.

It's been quite a while since 1st Source Bank offered any competitive CDs, but that has changed with the recent addition of a new 45-month CD Special (2.00% APY) to its Online CD product line.

The minimum deposit for the 45-month CD Special is $2.5K and there is no balance cap.

As stated on 1st Source Bank’s Certificate of Deposit Terms and Conditions page, the Early Withdrawal Penalty reads as follows:

Greater than 1 year - Twelve months’ interest earned on the amount withdrawn.

Availability

Headquartered in South Bend, Indiana, 1st Source Bank offers a variety of nationally available Online CDs.

1st Source Bank also has a large brick-and-mortar presence, with 71 branches in Northern Indiana and 9 branches in Southwestern Michigan.

Bank Overview

1st Source Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 1.91% (excellent), based on June 30, 2015 data. In the past year, 1st Source Bank has increased its total deposits by $146.83 Million, an excellent annual growth rate of 3.85%. Please refer to our financial overview of 1st Source Bank for more details.

Established in 1863 as the First Bank and Trust Company of South Bend, 1st Source Bank (FDIC Certificate # 9807) is the 3rd largest bank in Indiana with assets in excess of $5 Billion. For more than 150 years, 1st Source Bank has been active participant in the community, and in 2014,

1st Source donated more than $1.4 Million to the community to support education, social welfare and human service efforts, the arts, economic development and community organizations. Additionally, 1st Source employees volunteered over 25,000 hours to more than 300 community organizations.

How the CD Compares

When compared to the 106 similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and nationally available, 1st Source Bank’s 45-Month CD Special currently ranks third.

The above rates are accurate as of 11/12/2015.

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

Comments

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2 Comments.

Anonymous | Nov 12, 2015 | Comment #1

I was a customer of this bank quite a few years ago. I found it a good bank back then. They treated me right, and I always appreciated their high level of service. So, unless things have changed (it's possible), I recommend this bank.

As for this particular deal, you will have to decide on your own if it is attractive.

DCGuy | Nov 12, 2015 | Comment #2

I had a 2 year CD at this bank before the 2008 near meltdown. When the CD was up for renewal in 2010, the rate was just barely above 1%, so I just cashed it out. The renewal rate was below the best rates offered at the time. So it went from being among the best rates to among the worst rates.