Home Loan Investment Bank Offers Competitive eCDs

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Deal Summary: eCDs – 2-year (2.50% APY), 30-month (2.55% APY), 5-year (2.60% APY), $2.5k minimum deposit, online application only.

Availability: Nationwide through online application.

While not one of the more familiar names in online CDs, Rhode Island-based Home Loan Investment Bank (HLIB) has been offering a limited number of nationally available CDs for the past 16 months. The three most competitive HLIB eCDs are the 2-year (2.50% APY), 30-month (2.55% APY), and 5-year (2.60% APY). The minimum opening deposit for any of the eCDs is $2.5k, with no stated balance cap

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.60%$2.5k-Home Loan Investment Bank, F.S.B.5 Year e-CD
2.55%$2.5k-Home Loan Investment Bank, F.S.B.30 Month e-CD
2.50%$2.5k-Home Loan Investment Bank, F.S.B.2 Year e-CD
Rates as of November 21, 2019.

With rates changing frequently, the rate leaders in the different term-length categories have been shifting just as frequently. While the current 5-year eCD 2.60% APY isn’t a rate leader, the 5-year eCD offered the highest APY (3.05%) for a nationally available 5-year CD (non-Jumbo deposit) and the highest APY for a bank (non-credit union) just a few months ago.

According to CSR, the Early Withdrawal Penalty is six months interest on the amount withdrawn for all HLIB CDs, regardless of term length, with partial withdrawals allowed.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

As 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.

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 eCDs 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 "A" at DepositAccounts.com, with a Texas Ratio of 9.93% (excellent) based on June 30, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $35 million, an excellent annual growth rate of 14.98%. 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 $330 million, HLIB also has successful residential mortgage and automobile financing divisions.

How the eCDs Compare

When compared to 202 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 2-year eCD APY currently ranks first.

Interest RateCD Length of TermBank/Credit Union
2.50% APY2-Year eCDHome Loan Investment Bank
2.45% APY21-Month Simple CD SpecialDow Chemical Employees’ Credit Union
2.43% APY29-Month CDHughes Federal Credit Union

When compared to 200 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 30-month eCD APY currently ranks fourth.

Interest RateCD Length of TermBank/Credit Union
2.70% APY36-Month Simple CDDow Chemical Employees’ Credit Union
2.60% APY33-Month Certificate SpecialWheelhouse Credit Union
2.58% APY36-Month CDHughes Federal Credit Union
2.55% APY30-Month eCDHome Loan Investment Bank

The above rates are accurate as of 11/21/2019.

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

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Home Loan Investment Bank Offers 5-Year eCD
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...

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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 Has Nationwide 18-month eCD

UPDATE 8/10/18: This CD has expired. The 18-month 3.15% eCD is no longer available.

Deal Summary: 18-month eCD, 3.15% APY, $2.5k minimum deposit, online application only. 14-month CD, 3.15% APY, $100k 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 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...

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Home Loan Investment Bank (RI/MA/CT) Raises 5-Year CD Rate
Deal Summary: 5-year CD, 2.50% APY, $1k minimum deposit.

Availability: Market area includes Connecticut, Massachusetts, and Rhode Island

Home Loan Investment Bank (HLIB) ended last week by raising the rate on its 5-year CD (2.50% APY). The minimum opening deposit is $1k, with no stated balance cap.

Added to the product line in November 2010, the 5-year CD is experiencing its highest rate in nearly six years.

The 5-year CD is also offered as an IRA (Traditional, Roth, SEP), earning the same APY with the same funding requirements.

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Higher Long-Term CD Rates at Home Loan Investment Bank in Rhode Island

Home Loan Investment Bank raised its long-term CD rates last week, and now its 5-year and 3-year CD and IRA CD rates are very competitive. Its 5-year CD has a 2.00% APY, and its 3-year CD has a 1.50% APY. Minimum deposit is $1,000. These rates are listed in the bank’s CD page as of 7/29/2013. According to the small print at the bottom of this page rates apply only to residents of RI, MA and CT.

If you’re interested in these CDs, please refer to the bank’s contact page where...

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