Home Loan Investment Bank Offers 5-Year eCD

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UPDATE 8/19/19: The 5-year eCD rate has fallen to 2.60% APY.

Deal Summary: 5-year eCD, 3.05% APY, $2.5k minimum deposit, online application only.

Availability: Nationwide through online application.

With CD rates changing almost every day, the rate leaders in the different term-length categories have been shifting. Rhode Island-based Home Loan Investment Bank’s (HLIB) 5-year eCD (3.05% APY) currently offers the highest APY for a nationally available 5-year CD (non-Jumbo deposit) and is also the highest APY for a bank (non-credit union). The minimum opening deposit is $2.5k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.60%$2.5k-Home Loan Investment Bank, F.S.B.5 Year e-CD
Rates as of September 17, 2019.

According to CSR, the Early Withdrawal Penalty is six months interest on the amount withdrawn for all HLIB CDs, regardless of term length, with partial withdrawals allowed.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

The following information was obtained in 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.

Availability

Headquartered in Warwick, Rhode Island, Home Loan Investment Bank’s in-branch product line is available only to the residents of Rhode Island, Massachusetts, and Connecticut.

In the past year, HLIB has added a limited number of nationally available eCDs that can be opened by U.S. citizens and residents aliens who have a Social Security number of Tax Identification Number (ITIN).

As the name suggests, the 5-year eCD can only be opened using HLIB's online application. HLIB also has three Rhode Island branches located in Providence and Warwick (2) for any in-branch transactions.

Bank Overview

Home Loan Investment Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 12.54% (above average) based on March 31, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $18.44 million, an excellent annual growth rate of 8.01%. 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 in Rhode Island with assets in excess of $301 million, HLIB also has successful residential mortgage and automobile financing divisions.

How the eCD Compares

When compared to 164 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit ($5k or less) and are available nationwide, Home Loan Investment Bank’s 5-year eCD APY currently shares top billing with Andrews Federal Credit Union’s 55-month Certificate Special APY.

The above rates are accurate as of 8/12/2019.

To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Providence CD rates, 5-year CD rates, nationwide deals

Comments
QED
QED   |     |   Comment #1
Frankly, if I wanted a five year CD with a good rate, and if the size of my investment were a bit limited, I would still choose the GTE Financial five year CD offering at 3.04% APY.

Conceded the GTE CD APY is 0.01% below the one mentioned here. But the minimum at GTE is just $500. And much more importantly, the GTE CD is an add-on CD. With rates tumbling and with talk about regarding negative interest rates, ownership of an add-on CD yielding above 3% could turn out to be a really good thing.
deplorable 1
deplorable 1   |     |   Comment #3
Not to mention GTE allows credit card funding so even with a 1% cash back card it yields more.
Bowman
Bowman   |     |   Comment #4
Are there any membership requirements for GTE? For example, you must hold multiple account types (i.e. checking & savings), or minimum blanace requirements to avoid fees? Or is a share account and certificate adequate?
deplorable 1
deplorable 1   |     |   Comment #5
I just have the share savings and CD's. You do have to maintain activity every 6 months on the savings or there is a $10 fee unless something has changed since I signed up.
Question
Question   |     |   Comment #8
Does GTE Financial require you to send in documents for verification to open a CD along with running a hard credit check?
AhorrarDinero
AhorrarDinero   |     |   Comment #9
they wanted a copy of driver license and a bill sent by there secure email
thowellIII
thowellIII   |     |   Comment #7
There is also a $500 minimum balance in all accounts to avoid a fee--not a problem when you have an active certificate but if you want to keep the account when you don't have a certificate, there's a bit of cash stranded.
Tail Pipe
Tail Pipe   |     |   Comment #2
I am tapped out at GTE so did this one and I can report the application process goes pretty well. But I do think they do a hard pull because they tell you to unfreeze your credit before applying. I am not concerned about that but just in case there are folks who are.
Robb
Robb   |     |   Comment #6
The Navy 3.5% 5 year deal is still available. I just opened up another CD there today after an old CD matured. Did a wire to be safe. Surprised how long the Navy deal has lasted with the 10 year note all the way down to the 1.65% level.
Navy5%
Navy5%   |     |   Comment #10
yep . they must have good use for the money
Anonymoose
Anonymoose   |     |   Comment #11
Lending it to borrowers. That's what credit unions do with your deposits.
Home Loan Investment Bank Has Nationwide 30-Month eCD, 3.00% APY
UPDATE 6/21/2019: 30-month eCD and 3-year CD rates lowered to 2.55% APY.

Deal Summary: 30-month eCD, 3.00% APY, $2.5k minimum deposit, online application only. 3-year CD, 3.00% APY, $1k minimum deposit, in-branch only.

Availability: Nationwide online application. In-branch market area includes Connecticut, Massachusetts, and Rhode Island.

Rhode Island-based Home Loan Investment Bank (HLIB) is currently offering 3.00% APY on two different term-length CDs: a nationally available 30-month eCD and an in-branch 3-year CD. The minimum deposit for the 30-month eCD is $2.5k,...

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Home Loan Investment Bank is advertising three competitive CD rates. The best deal is the 4-year CD with a 2.50% APY. The others are a 2.75% APY 5-year CD and a 2.00% APY 3-year CD. Minimum deposit is $1,000. These rates were advertised in today's (4/17/2011) The Providence Journal. The ad is available online here. The 5-year and 3-year rates are also listed on the bank's home page as of 4/17/2011.

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