First Internet Bank Raises Rates On All Its CDs

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.92%$1k-First Internet Bank of IN60 Month CD
1.92%--First Internet Bank of IN60 Month IRA (Traditional, Roth, CESA)
1.36%$1k-First Internet Bank of IN24 Months CD
1.36%--First Internet Bank of IN24 Month IRA (Traditional, Roth, CESA)
1.31%$1k-First Internet Bank of IN18 Month CD
1.31%--First Internet Bank of IN18 Month IRA (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of November 30, 2016.

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

Availability

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.

Bank Overview

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.

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

Comments
Anonymous
Anonymous   |     |   Comment #1
Ken-I assume they allow you to make the funding deposit by ACH?  If so......Do you know when they will start paying interest on the deposit? I ask because a) I'm cheap.......and b) I have been burned by banks in the past who held my money and paid no interest for a week-claiming it was lost in the never-never world of ACH transfer......all the while THEY were earning interest on my money and giving me nothing.....and it was a very large deposit so I was justified to be mad. Thx Ken you rock, Dude!!
Anonymous
Anonymous   |     |   Comment #2
Ken-Just had a chat online with a rep......They do NOT offer ACH for cd's......So I will not be doing business with them. If you speak to them tell them it's the 21st century. Thx
Anonymous
Anonymous   |     |   Comment #3
Thanks for checking this......I wont either. Their nearest competition is just .002% behind on the 5 year and offers ACH among other great features. Who mails or wires anything these days. Not worth it.
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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5.27% 6-Month / 5.43% 12-Month CD at First Internet Bank
First Internet Bank has some nice rates on 6 and 12 month certificates of deposit. The 6-month CD yield is 5.27% APY, and the 12-month CD yield is 5.43% APY. All longer term CDs are also at 5.43% APY except the 60-month CD which is at 5.54% APY. All have a minimum deposit requirement of $1K. One negative about these CDs is a large early withdrawal penalty. Both the 6-month and 12-month CD have a 180-day of interest penalty. This is usually 90 days at most other banks.

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