Rhode Island-based Home Loan Investment Bank (HLIB) has been offering a limited number of nationally available eCDs for nearly two years. With rates changing frequently, the rate leaders in the different term-length categories have been shifting just as frequently. The 5-year eCD’s current 1.75% APY isn’t a rate leader when compared to all nationally available 5-year CDs, but it’s near the top when compared to internet bank 5-year CDs. The minimum opening deposit for any of the eCDs is $2.5k, with no stated balance cap.
According to CSR, the Early Withdrawal Penalty is six months interest on the amount withdrawn for all HLIB CDs, regardless of term length, with partial withdrawals allowed.
Funding and Accessing Maturing Funds
There is no Truth-in-Savings document available on HLIB’s website. The following information comes from a conversation with CSR.
- The eCD can be funded via ACH.
- Unlimited beneficiaries can be added, with Social Security numbers required for all.
- Monthly interest can be sent back to the original funding account by ACH, if desired.
- The only option to access maturing eCD funds is a cashier’s check “mailed to the residential address on your account,” which is odd, as ACH can be used for monthly interest payments.
Headquartered in Warwick, Rhode Island, Home Loan Investment Bank has a limited number of nationally available eCDs that can be opened by U.S. citizens and resident aliens who have a Social Security number of Tax Identification Number (ITIN).
As the name suggests, an eCD can only be opened using HLIB's online application.
The in-branch version of 5-year CD is available to the residents of Rhode Island, Massachusetts, and Connecticut, but HLIB has temporarily closed all of its Rhode Island branch lobbies to the general public. Drive-thru service is available at the Airport Road branch in Warwick, Rhode Island.
Home Loan Investment Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 12.61% (above average) based on December 31, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $46.24 million, an excellent annual growth rate of 18.25%. Please refer to our financial overview of Home Loan Investment Bank (FDIC Certificate # 27417) for more details.
Home Loan & Investment Association was established in 1959 operating under a Rhode Island state charter. Fifteen years later, John M. Murphy (Founder and Chairman) purchased the bank charter and began to build the bank, “reactivating the charter for mortgage lending purposes.” In 1995, the charter was converted to a federal charter and the Band rebranded as Home Loan Investment Bank, FSB. Currently the sixth largest bank headquartered in Rhode Island with assets in excess of $346 million, HLIB also has successful residential mortgage and automobile financing divisions.
How the eCD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit of $10k or less and are offered by internet banks, Home Loan Investment Bank’s 5-year eCD APY currently ranks third.
|Interest Rate||CD Length of Term||Bank/Credit Union|
|2.05% APY||5-Year Promotional CD ($10k min)||The Federal Savings Bank|
|1.80% APY||5-Year CD ($1.5k min)||Comenity Direct|
|1.75% APY||5-Year eCD ($2.5k min)||Home Loan Investment Bank|
The above rates are accurate as of 5/8/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.