UPDATE 8/10/18: This CD has expired. The 18-month 3.15% eCD is no longer available.
Rhode Island-based Home Loan Investment Bank (HLIB) is offering 3.15% APY on two different CDs: a nationally available 18-month eCD and an in-branch 14-month CD. The minimum deposit for the 18-month eCD is $2.5k, and $100k for the 14-month CD.
I was able to confirm the following information DA reader, Blade, listed in a Forum post.
- The eCD can be funded via ACH
- ACH can be used to send monthly interest back to the original funding account, if desired.
- Only option to access eCD funds at maturity is a cashier’s check sent by snail mail. As Blade stated, “Strange, since they will ACH monthly interest payments.”
DA reader, SYC, was told by CSR that,
Funds for e-CD can be sent in by ACH. When CD matures, however, funds would be be sent to you by check only either by phone or mail instructions unless you have a savings account (not available on-line) with HLIB.
According to CSR, the Early Withdrawal Penalty is six months interest for either the eCD or the CD.
Thanks to DA readers, Blade, Bowman, and SYC, for their Forum posts on this hot deal.
Headquartered in Warwick, Rhode Island, Home Loan Investment Bank offers its in-branch product line to residents of Rhode Island, Massachusetts, and Connecticut. Since I last wrote about HLIB, the Bank has added a limited number of nationally available eCDs.
Home Loan Investment Bank has an overall health rating of "B" at DepositAccounts.com, with a Texas Ratio of 12.84% (above average) based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $748k, an above average annual growth rate of 0.33%. 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. HLIB is currently the seventh largest bank in Rhode Island with assets in excess of $277 million.
How the eCD and CD Compare
When compared to the 163 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available nationwide, Home Loan Investment Bank’s 18-month eCD APY currently ranks first.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, that available to within the Bank’s in-branch market area, Home Loan Investment Bank’s 14-month CD APY currently ranks first, regardless of minimum deposit requirement.
The above rates are accurate as of 7/27/2017.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.