Home Loan Investment Bank, F.S.B.

Overview / Commentary
1 Home Loan Plaza, Suite 3
Warwick, RI 02886

Home Loan Investment Bank, F.S.B. is headquartered in Warwick and is the 6th largest bank in the state of Rhode Island. It is also the 1,964th largest bank in the nation. It was established in 1979 and as of December of 2019, it had grown to 131 employees at 3 locations. Home Loan Investment Bank, F.S.B.'s savings rates are 3X the national average, and it has a B+ health rating.

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Home Loan Investment Bank Offers Competitive eCDs - 11/21/2019

Home Loan Investment Bank has three nationally available eCDs: 2-year (2.50% APY), 30-month (2.55% APY), and 5-year (2.60% APY). $2.5k minimum deposit.

Home Loan Investment Bank Offers 5-Year eCD - 8/12/2019

Home Loan Investment Bank's nationally available 5-year eCD rate was at 3.05% APY, but as of 8/19/19, it has fallen to 2.60% APY. Minimum opening deposit is $2.5k.

Home Loan Investment Bank Has Nationwide 30-Month eCD, 3.00% APY - 6/20/2019

Home Loan Investment Bank (RI/CT/MA) is offering a nationally available 30-month eCD (3.00% APY, $2.5k min) and in-branch 3-year CD (3.00% APY, $1k min).

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Great Bank

Posted by: |

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.

Completely Botched Application Process And Incompetent Customer Service

Posted by: |

I applied for the 3.15%?APY 18 month CD on Wednesday, 7/25/18. After answering the identity verification questions correctly, a notice appeared onscreen that I had failed to answer correctly, but then I received an email stating that the account application was accepted.

On Thursday I received an email asking I provide a utility bill which I did and then on Friday I received an email that the account was opened and that I should enroll in online banking and be sure to input my account number.

However, I was not provided an account number so I called the bank and spoke to a customer service person who was clueless. He couldn’t find my account number but assured me he would ask his superiors for help and call me either Saturday or latest Monday, 7/30/18.

Monday came and I had not received a call so I called and spoke to him at 2 PM but again he still couldn’t find the account number number. He said he would call me Tuesday at 2 PM. I don’t know why he had to wait until that late in the day so I angrily told him to find the account number while we were speaking or close the account.

He hung up on me and I called back 5 times and my calls went to voicemail.

I finally got through to another operator two hours later, but she couldn’t help me. She couldn’t even close the account so now if they try to fund the account through an ACH debit, I’m going to have to call my bank and reject the ACH.

This bank and its customer service staff are incompetent.

I will not entrust my money with them. Good luck to those who do.



Health Grade Components

FDIC Certificate #27417
Year Established1979
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.42%
Return on Equity - YTD15.58%
Annual Interest Income$21.1MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$346.2MM$302.0MM
LoansQ4 2019vs Q4 2018$292.4MM$266.1MM
DepositsQ4 2019vs Q4 2018$311.1MM$253.4MM
Equity CapitalQ4 2019vs Q4 2018$32.6MM$28.3MM
Loan Loss AllowanceQ4 2019vs Q4 2018$4.8MM$3.9MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$4.5MM$4.2MM
Real Estate OwnedQ4 2019vs Q4 2018$259.00K$218.00K
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Home Loan Investment Bank, F.S.B. Savings Account Rates

1.35%$50k-Premier Savings
1.00%$50k-Sky High Savings
0.30%$25-Statement Savings

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

1.35%$2.5k-Premier Checking
0.70%--Loyalty Checking

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

2.00%$1k-5 Year CD
2.00%$2.5k-5 Year e-CD
1.75%$1k-3 Year CD
1.30%$1k-2 Year CD
1.30%$1k-30 Month CD
1.30%$2.5k-2 Year e-CD
1.30%$2.5k-30 Month e-CD
1.05%$1k-18 Month CD
1.00%$1k-1 Year CD
1.00%$2.5k-1 Year e-CD

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

2.00%$1k-5 Year IRA
1.75%$1k-3 Year IRA
1.30%$1k-2 Year IRA
1.05%$1k-18 Month IRA
1.00%$1k-1 Year IRA

Home Loan Investment Bank, F.S.B. Locations
Home Loan Investment Bank, F.S.B.1 Home Loan Plaza, Suite 3Warwick, RI 02886
Providence Office244 Weybosset StreetProvidence, RI 02903
Warwick Branch40 Airport RoadWarwick, RI 02889

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