Finworth Offers Two Nationally Available CDs With Rate-Leading APYs

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UPDATE: 9/22/2023 – Rate hikes: 18-month (5.80% APY), 21-month (5.65% APY), 9-month (5.67% APY); Rate cuts: 15-month (5.65% APY)

UPDATE: 9/11/2023 – The 13-month CD rate fell to 5.65% APY.

UPDATE: 9/6/2023 – Early withdrawal penalties updated.

Deal Summary: CDs – 9-month (5.60% APY), 13-month (5.80% APY), 15-month (5.80% APY), 18-month (5.65% APY), 21-month (5.50% APY), and 22-month (5.35% APY); $50k minimum/$240k maximum deposit per CD.

Availability: Nationwide (internet bank)

It’s been a busy month for Nashville-based Finworth, the online division of INSBANK. At the beginning of the month, Finworth introduced two new CDs with very good rates. Finworth is ending the month on a strong note by adding another two CDs, changing two CD term-lengths, and boosting the rates on three other CDs. All Finworth CDs require a $50k minimum opening deposit. While there is a balance cap of $240k per CD, there is no limit on the number of CDs that can be opened.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.80%$50k$240kFinworth18 Month CD
5.67%$50k$240kFinworth9 Month CD
5.65%$50k$240kFinworth21 Month CD
5.65%$50k$240kFinworth13 Month CD
5.65%$50k$240kFinworth15 Month CD
5.35%$50k$240kFinworth22 Month CD
Rates as of September 27, 2023.

All of these Finworth CDs have rate-leading or near rate-leading APYs and are prominently featured in yesterday’s CD Deals Summary.

Finworth Interest Rate Advantage

The Finworth 21-month CD APY trails the MapleMark Bank 24-month Special CD APY by 5 bps, but the difference between the two interest rates is 7 bps (Finworth 5.48% vs MapleMark Bank 5.41%). The difference between the APYs is the result of compounding frequency: Finworth compounds annually, with MapleMark Bank compounding daily. For those interested in receiving a monthly interest check, the Finworth 21-month CD outperforms the MapleMark Bank 24-month CD, as compounding is not an issue.

Early Withdrawal Penalty (Updated 9/6/2023)

According to CSR, partial withdrawals are not allowed: a Finworth CD can only be closed early with the Early Withdrawal Penalty (EWP) applying to the entire CD balance. The EWPs are as follows:

  • 6 months interest – 9- and 13-month CDs
  • 8 months interest – 15- and 18-month CDs
  • 10 months interest – 21- and 22-month CDs
  • 90 days interest – 9-month CD
  • 180 days interest – 13- and 15-month CDs
  • 240 days interest – 18-, 21-, and 22-month CD

Availability and Account Opening

Headquartered in Nashville, Tennessee, Finworth is the online division of INSBANK and offers its limited product line on a nationwide basis to all U.S. citizens and resident aliens (18-years or older) with a valid Social Security number.

Opening a CD can only be done online, which takes "about 10-15 minutes." Once an application is submitted, the CD rate is locked in. After the application has been reviewed, an email will be sent to complete the funding portion of the application.

Funding and Other Details

The following information is from FAQs page and a conversation with a bank official.

  • Funding – ACH initiated by Finworth after application has been approved.
  • Ownership – Individual, joint, or trust. (Updated 9/6/2023)
  • Interest – Compounded/credited annually. Can be paid out monthly by check or ACH to another bank account, or added back into the CD every 12 months.
  • Maturing Funds – ACH to original funding account or cashier’s check to address on file.
  • Grace Period – 10 calendar days before automatic renewal.
  • Beneficiaries – Up to 4 during account opening; additional beneficiaries can be added by contacting Finworth. The default is equal shares, but percentages can be assigned. Social Security numbers not required.
  • Credit Check – ChexSystems

Bank Overview

As an online division of INSBANK, Finworth operates under INSBANK’s FDIC Certificate and shares INSBANK’s financial history.

Finworth/INSBANK has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.34% (excellent), based on March 31, 2023 data. In the past year, INSBANK’s non-brokered total deposits have been decreased by -$1.4 million, an average annual growth rate of -0.27%. Please refer to our financial overview of Finworth/INSBANK (FDIC Certificate # 35521) for more details.

INSBANK was founded in 2000 as the Insurors Bank of Tennessee, originally targeting independent insurance agents. In an interview in the Nashville Business Journal, InsBank President and CEO, Jim Rieniets gave an overview of InsBank.

Originally we were a pet-project of independent insurance agents. The Financial Services Modernization Act was going to allow banks get into the insurance business and insurance companies to get into banking. These independent agents were saying, "Great, we’re sort of caught in the middle’," … that’s how our company was born.

We slowly diversified over time, we stuck with a commercially focused business model but not just reliant on the insurance industry and referrals from it. We continue to have friends and clients in that group. But it’s not all we are today.

In 23 years, INSBANK has grown to become 38th largest bank headquartered in Tennessee, with assets in excess of $785 million and more than 4,100 customer accounts.

How the 13-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $50k or less, no banks or credit unions have higher rates than currently offered on the Finworth 13-month CD. The following table compares the 13-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
5.80%13-Month CD, $50k min (EWP=6 months)Finworth
5.75%12-Month Special CD, $25k min (EWP=180 days)MapleMark Bank
5.75%10-Month CD Special, $500 min (EWP=90 days)Abound Credit Union
5.70%14-Month CD Special, $500 min (EWP=180 days)Langley Federal Credit Union
5.65%12-Month CD, $25k min (EWP=90 days)TotalDirectBank

How the 15-Month and 18-Month CDs Compare

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $50k or less, no banks or credit unions have higher rates than currently offered on the Finworth 15-month CD. The following table compares the 15-month CD and 18-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
5.80%15-Month CD, $50k min (EWP=8 months)Finworth
5.65%18-Month CD, $50k min (EWP=8 months)Finworth
5.55%18-Month CD, $2.5k min (EWP=180 days)Sallie Mae Bank
5.55%18-Month Special CD, $25k min (EWP=180 days)MapleMark Bank
5.50%18-Month Certificate Special, $250 min (EWP=up to 180 days)AgFed Credit Union
5.50%15-Month CD Special, $1k min (EWP=180 days)Blue Federal Credit Union

How the 21-Month and 22-Month CDs Compare

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $50k or less, only one bank has a higher rate than currently offered on the Finworth 21-month CD. The following table compares the 21-month CD and 22-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
5.55%24-Month Special CD, $25k min (EWP=180 days)MapleMark Bank
5.50%21-Month CD, $50k min (EWP=10 months)Finworth
5.35%22-Month CD, $50k min (EWP=10 months)Finworth
5.34%12-23 Month CD, $25k min (EWP=180 days)Department of Commerce Federal Credit Union
5.30%23-Month Promo Share Certificate, $500 min (EWP=180 days)Chartway Federal Credit Union
5.25%24-Month CD, $500 min (EWP=90 days)Prime Alliance Bank

The above information and rates are accurate as of 8/31/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our Best CD Rates Table page.

Related Pages: 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

Comments
richter
  |     |   Comment #2
FDIC Certificate # 35521
RichReg
  |     |   Comment #3
As mentioned in another post, and evidenced by the above comparison chart,
MapleMark's 2-year is a better alternative.
GregoryInBelize
  |     |   Comment #4
"As part of our customer verification process, all new accounts are verified through ChexSystems. This has no direct impact on your credit score."  -1 for using chexsystems 
scottj
  |     |   Comment #8
For me Chexsystem is a +1. Just opened and was very simple.
choice1
  |     |   Comment #5
How can anyone factually and correctly state that any credit agency review does not impact one’s credit score? Credit scores are not issued by that FI and it has no control over that!
scottj
  |     |   Comment #7
I have a credit freeze with all 3 Bureau's, so I don't worry about someone running a credit check on me. Have had banks use Chekystems multiple times and has had 0 effect on score and has never shown up on my credit report.
Kirkland
  |     |   Comment #6
Insbank, which Finworth, is the online internet division of, is rated a D+, by Weiss ratings, data as of June 30, 2023. Only Fair stability, too small, too risky. Having held a previous CD with Insbank, and a bad customer experience with them, no matter how high their current APY, could convince me to purchase.
Rickny
  |     |   Comment #9
I opened a 15 month CD. All done on line. Process was seamless. I have other CDs at this bank.
scottj
  |     |   Comment #10
Anyone open the 15 month 5.80% and taking monthly Interest? I know interest rate will be lower because of this but the Certificate is showing 5.77% APY and 5.62% interest. Is that how it shows if you did?
Finworth Unveils Two Nationally Available Mid-Term CDs
Update 8/29/23: A 15-month CD (5.80% APY) has replaced the 14-month CD. A new 9-month CD (5.60% APY) and 13-month CD (5.80% APY) have been added. The 18-month CD (5.65% APY), 21-month CD (5.50% APY), and the 22-month CD (5.35% APY) rates have been increased.

Update 8/23/23: The 14-month CD APY has increased from 5.62% to 5.67%.

Update 8/21/23: The 20-month CD has been replaced with a 21-month CD (5.31% APY).

Deal Summary: CDs – 14-month (5.62% APY), 18-month (5.58% APY), 20-month (5.32% APY), and 22-month (5.16% APY);...
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Finworth Boosts Rate On Nationally Available 18-Month CD
Deal Summary: 18-month CD, 5.52% APY, $50k minimum/$240k maximum deposit per CD.

Availability: Nationwide (internet bank)

Nashville-based Finworth (online division of INSBANK) ended the week by adding 25 bps to its 18-month CD. Currently earning 5.52% APY, the 18-month CD can be opened with a $50k minimum deposit. While there is a balance cap of $240k per CD, there is no limit on the number of CDs that can be opened. Last month, Finworth debuted a 14-month CD with a 5.52% APY. That yield is still in...

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Finworth Debuts Nationally Available Rate-Leading 14-Month CD
Deal Summary: 14-month CD, 5.52% APY, $50k minimum/$240k maximum deposit per CD.

Availability: Nationwide (internet bank)

Nashville-based INSBANK Online re-branded as Finworth about three months ago. In addition to the new name and logo, the online division of INSBANK debuted a new and improved website. Finworth has just added a new CD term length: a 14-month CD earning a rate-leading 5.52% APY. The minimum opening deposit is 50k, with a balance cap of $240k per CD. There is no limit on the number of CDs...

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INSBANK Online Rebrands as Finworth and Offers Rate-Leading CDs
Update 4/3/23: The 12-month CD rate has fallen from 5.25% to 4.50% APY.

Deal Summary: CDs – 12-month (5.25% APY) and 18-month (5.27% APY), $50k min/$240k max deposit per CD.

Availability: Nationwide (internet bank)

Nashville-based INSBANK Online has re-branded as Finworth. In addition to the new name and logo, the online division of INSBANK has a new and improved website. As part of this new launch, Finworth is offering two very competitive CDs: 12-month (5.25% APY) and 18-month (5.27% APY). The minimum opening deposit is $50k,...

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