Deal Summary: 48-month CD, 1.87% APY, $1k minimum deposit
First Internet Bank (First IB) raised the rates on most of its CDs yesterday. The new rates are some of the best APYs offered by internet banks. Of all the CDs, the 48-month (1.87% APY) is most competitive when compared to both brick-and-mortar banks and internet banks.
|1.97%||$1k||-||First Internet Bank of IN||48 Month CD|
|1.97%||$1k||-||First Internet Bank of IN||48 Month IRA (Traditional, Roth, CESA)|
The minimum deposit for the 48-month CD is $1k, with no stated balance cap. It is also available as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.
According to First IB’s CD Overview page, the Early Withdrawal Penalty for the 48-month CD is 360 days interest.
Headquartered in Fishers, Indiana, First Internet Bank provides internet banking services and products nationwide. All First IB accounts can be opened online, but First IB does allow CDs to be open through the mail.
CD and IRA CD rates are guaranteed as of the postmark date on the
envelope containing the signed application and funding for the account.
First Internet Bank has an overall health rating of "A" on DepositAccounts.com, with a Texas Ratio of 3.45% (excellent), based on September 30, 2016 data. In the past year, First IB increased its total non-brokered deposits by $603.57 million, excellent annual growth rate of 66.47% growth rate. Please refer to our financial overview of First Internet Bank (FDIC Certificate # 34607) for more details.
Opening its virtual doors in early 1999, First Internet Bank was the first state-chartered, FDIC insured institution to operate solely via the internet. In the following 17 years, First IB accumulated accolades (including being named #1 Online Bank by Gomez Advisors in 2001), while expanding in size and scope. Currently, First IB holds assets in excess of $1.8 billion and continues to be recognized as a top online bank.
How the CD Compares
When compared to 167 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, First Internet Bank’s 48-month CD APY currently ranks fourth, but it is the highest APY for 4-year CDs offered by internet banks.
The above rates are accurate as of 2/23/2017.