This week, First Internet Bank (First IB) raised the rates on all eight of its CDs. These increases have placed First IB’s CDs in the top six of nationally available CDs (broken down by length-of-term) that are tracked by DA.
Of those eight CDs, the 18-month (1.36% APY), 24-month (1.51% APY), and 60-month (2.27% APY) are the most competitive.
The minimum deposit for any First IB CD is $1K, with no balance cap. The CDs are also available as IRAs (Traditional, Roth, and CESA) earning the same APYs, with the same funding requirements.
According to First IB’s CD Overview page, there are three levels of Early Withdrawal Penalties:
- 90 days interest – 3-month CD
- 180 days interest – 6-, 12-, and 18-month CDs
- 360 days interest – 24-, 36-, 48-, and 60-month CDs
Located in Indianapolis, 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 4.54% (excellent), based on September 30, 2015. In the past year, First IB increased its total deposits by $154.25 Million, excellent annual growth rate of 20.46% growth rate. Please refer to our financial overview of First Internet Bank for more details.
Opening its virtual doors in early 1999, First Internet Bank (FDIC Certificate # 34607) was the first state-chartered, FDIC insured institution to operate solely via the internet. In the following 15 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 $1.1 Billion and continues to be recognized as a top online bank.
How the CDs Compare
When compared to 102 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, First Internet Bank’s 18-month CD currently ranks third.
When compared to 129 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, First Internet Bank’s 24-month CD currently ranks second.
When compared to 116 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, First Internet Bank’s 60-month CD currently ranks second.
The above rates are accurate as of 2/11/2016.