INSBANK Online Rebrands as Finworth and Offers Rate-Leading CDs


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, with a balance cap of $240k per CD. There is no limit on the number of CDs that can be opened.

5.27%$50k$240kFinworth18 Month CD
5.25%$50k$240kFinworth12 Month CD
Rates as of March 30, 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 EWP for the 12-month CD is 180 days interest and 240 days interest for the 18-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 with a valid Social Security number.

Opening a CD must be done online, which takes "about 10-15 minutes." Once an application is submitted, the CD rate is locked in.

The FAQs page has a great deal of good information including,

After your application has been submitted and reviewed, we will send you an email to have you complete the funding portion of your application. We will initiate an ACH transfer from an account of your choosing.

Interest is compounded annually. We have several methods for you to choose from on how the interest is paid on a CD: 1.) monthly via check 2.) Monthly via electronic transfer into another bank account or 3.) Every 12 months it will add back into the CD.

When opening a CD, a drop-down menu on the online application lets you choose which of the three methods (described above) you prefer for the interest to be credited.

If you choose to not renew your CD, we can either: 1.) send the funds via ACH to the account the certificate was funded from 2.) send a check made payable to the owner(s) of the CD to the address listed on file.

There is a 10 calendar day grace period before a CD renews.

Unlimited beneficiaries (individuals and trusts) can be designated. Equal shares are the default, but percentages can be assigned if desired. Social Security numbers are not required.

Bank Overview

As an online division of INSBANK, Finworth operates under INSBANK’s FDIC Certificate.

Finworth/INSBANK has an overall health grade of "A+" at, with a Texas Ratio of 2.93% (excellent), based on June 30, 2022 data. In the past year, INSBANK has increased its non-brokered total deposits by $43.01 million, an excellent annual growth rate of 9.34%. 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 40th largest bank headquartered in Tennessee, with assets in excess of $716 million and more than 3,000 customer accounts.

How the 12-Month CD Compares

When compared to similar length-of-term CDs tracked by 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 12-month CD. The following table compares the 12-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
5.25%12-Month CD (EWP=180 days)Finworth
5.25%12-17 Month CD (EWP=90 days)Forbright Bank
5.15%12-Month CD (EWP=180 days)CFG Bank
5.00%12-Month Certificate (EWP=90 days)Bethpage Federal Credit Union
5.00%12-17 Month CD (EWP=180 days)Credit Human

How the 18-Month CD Compares

When compared to similar length-of-term CDs tracked by 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 18-month CD. The following table compares the 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
5.27%18-Month CD (EWP=240 days)Finworth
5.25%12-17 Month CD (EWP=90 days)Forbright Bank
5.25%18-23 Month CD (EWP=unknown)Credit Human
5.15%18-Month Share Certificate (EWP=unknown)Tower Federal Credit Union
5.00%20-Month Select CD Special (EWP=60 days)Ally

The above information and rates are accurate as of 3/16/2023.

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, nationwide deals, Internet banks

  |     |   Comment #1
I opened a CD with this bank. If you expect any customer service,this is not the place. When I called the only option I had was to leave a message. If they called back it took days. Some emails were answered and the few that were took days
  |     |   Comment #2
If you are a legal US resident, don't waste your time. Despite the info on this page, they do not accept you AFTER you spend 15 minutes filling out the proper info they request.
  |     |   Comment #3
On the one occasion I needed to contact this bank, I had no problem reaching them and the rep was helpful. However, I would not recommend them for two reasons. First, interest compounded annually (and posted on anniversary unless you are withdrawing it monthly). Second, it would be nice if they let the actual depositors know they changed their name. I found out about it here, not a peep from them.
  |     |   Comment #4
I got an email on 3/3. Here is the text I could copy:

INSBANK Online will now be known as Finworth.
The logo and brand colors have changed on the website and the client portal.
Username and Password will remain the same.
New url for the website:
New url for the dashboard:
New from email address will be [email protected]

*If you have any of the INSBANK Online urls/addresses saved to your favorites, please update.
As we move into the next generation of our brand, we look forward to the next chapter in our banking relationship with you! I was planning on opening second CD with them but because they wouldn't get back to me I didn't.
  |     |   Comment #5
I once had a CD at Insbank. Never again. Similar experience in that whenever I called, I had to leave a phone message. When my CD matured, there was no way to cancel it online or via phone and provide instructions not to renew. I ended up sending a certified mail, return receipt, with instructions to not renew. Can you imagine with the current regional and small bank crisis taking out a direct CD anywhere out of your own region, right now? What are you going to do if this bank closes. Where are you going to go? Are you going to fly to Nashville to try to get your FDIC insured CD back? From an online bank only? That you have to leave a voicemail to get in touch? No one answering phone. In this current small regional banking crisis, I would only suggest buying brokered CD's or buying a CD at a bank in your local area, where you have a physical branch to visit.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.