First Internet Bank Boosts All CD Rates

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Deal Summary: 48-month CD, 1.87% APY, $1k minimum deposit

Availability: Nationwide (internet bank)

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.97%$1k-First Internet Bank of IN48 Month CD
1.97%$1k-First Internet Bank of IN48 Month IRA (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of April 27, 2017.

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.

Availability

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.

Bank Overview

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.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our new Rates Map page.


Comments
gregk
gregk   |     |   Comment #1
4 years for under 2% in this environment? You have to be kidding.
jimddavis
jimddavis   |     |   Comment #2
In two years you will be able to get a 4% 5 yr!
Anony
Anony   |     |   Comment #3
You mean after the recession and stock market collapse?
decades
decades   |     |   Comment #4
we are going to start winning again on interest rates ! ....win win win !
First Internet Bank Raises Rates On All Its CDs
Availability: Nationwide (internet bank)

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...

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First Internet Bank Raises Rate On 60-month CD - Nationally Available
Availability: Nationwide

Last week, First Internet Bank (First IB) raised the rate on its 60-month CD (2.12% APY). The minimum deposit is $1K and there is no balance cap. The 60-month CD is also available as an IRA (Traditional, Roth and CESA) at the same APY, with the same funding requirements.

According to First IB’s CD Overview page, the Early Withdrawal Penalty is a substantial 360 days interest.

Availability

Located in Indianapolis, Indiana, First Internet Bank provides internet banking services and products nationwide. All First IB accounts must be...

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