Home Loan Investment Bank, F.S.B.

Great Bank

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I went to a local branch in person on 1/4/20. I understood that in order to get that rate I had to go in person and not open online. I received immediate service at the Warwick, RI branch to open 2 accounts. The CD rate at that time was 3.00% and I opened without any problems. Then I needed an account to have the monthly interest payment transferred to. They recommended the checking account at 1.75% with maintaining a minimum balance of $2,500. I did not have the $2500 on me and they said they would wait to fund the account without any penalty fees as I would return with the deposit within 24 hours. Works for me and they even gave me a sheet of printed starter checks for free. I gave them $100 to get started and then came back with the $2,500 within a few minutes. This branch was extremely accommodating and I felt very good about my choice. Like clockwork on the 30th day of January, 2020 the interest was placed into my checking account without one bit of trouble. And I can view all of the transactions online as well as making any online transactions myself. I will be banking at Home Loan for many years to come, especially if the customer service continues the same way!

Very Impressive!

Posted by: |

It was very easy to apply online for their 18 months CD account with 3.15% APY! In a matter of minutes (in the end of the process) they had already approved and gave me my account number. I was very impressed because it takes other financial institutions days (and even weeks Andrews FCU).

All's Well That Ends Well

Posted by: |

Shortly after 9 a.m. this morning, I began the process of opening a new CD with this bank on line based on their advertised rate of 2.50%. All was well until I got to the Truth in Savings disclosure, which showed an APY of 2.00%.

I spoke to customer service, who told me that the 2.50% rate was no longer good because they were changing the rates today. When I suggested the bank might be guilty of false advertising she contacted her supervisor. I was then advised that they would honor the higher rate if my application was completed before 9:30 a.m. I scrambled to complete the process (which of course took much longer than it should have) and got an email at precisely 9:30 a.m. telling me the application was complete.

At this point the T-I-S statement still shows a 2.00% rate. I believe they will honor their commitment to give me the higher rate, but I haven't seen it in writing yet. I'll update this review once that happens.

UPDATE: I was able to log in to the new account, and the rate shown is the higher rate as promised. So, kudos to the bank for honoring its word, but thumbs down for continuing to show the outdated rate on their website.

Extremely Poor Service

This bank is one of the worst companies to work with. Their customer service is terrible. Even the Loan Customer Service Managers do not service their calls. They transfer you to a collection department. Then you get put into a voicemail system that is a dead end. I have been charged fees when I wasn't advised that they charge $5.00 for taking payments over the phone. If you use an on-line portal, they charge another extra $5.00. No one ever returns calls. Maybe the Better Business Bureau can get their attention.



Health Grade Components

FDIC Certificate #27417
Year Established1979
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD4.42%
Return on Equity - YTD37.47%
Annual Interest Income$4.6MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$337.6MM$373.3MM
LoansQ1 2022vs Q1 2021$249.8MM$293.4MM
DepositsQ1 2022vs Q1 2021$293.1MM$330.2MM
Equity CapitalQ1 2022vs Q1 2021$41.8MM$39.0MM
Loan Loss AllowanceQ1 2022vs Q1 2021$7.4MM$8.1MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$2.7MM$6.3MM
Real Estate OwnedQ1 2022vs Q1 2021$418.00K$435.00K
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Home Loan Investment Bank, F.S.B. Savings Account Rates

1.00%$50k-Premier Savings
0.30%$50k-Sky High Savings
0.15%$25-Statement Savings

Home Loan Investment Bank, F.S.B. Checking Account Rates

1.00%$2.5k-Premier Checking
0.30%--Loyalty Checking

Home Loan Investment Bank, F.S.B. CD Rates

0.75%$1k-5 Year CD
0.55%$1k-3 Year CD
0.45%$1k-30 Month CD
0.40%$1k-2 Year CD
0.35%$1k-18 Month CD
0.25%$1k-1 Year CD

Home Loan Investment Bank, F.S.B. IRA Rates

0.75%$1k-5 Year IRA
0.55%$1k-3 Year IRA
0.40%$1k-2 Year IRA
0.35%$1k-18 Month IRA
0.25%$1k-1 Year IRA

Home Loan Investment Bank, F.S.B. Locations
Home Loan Investment Bank, F.S.B.1 Home Loan PlzWarwick, RI 02886
2381 Post Road Branch2381 Post RoadWarwick, RI 02886
Wickenden Branch187 Wickenden StreetProvidence, RI 02903
Cowesett Branch3803 Post RoadWarwick, RI 02886

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