Home Loan Investment Bank Offers 5-Year eCD Nationwide

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Deal Summary: 5-year eCD, 1.75% APY, $2.5k minimum deposit, online application only.

Availability: Nationwide through online application.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.25%$2.5k-Home Loan Investment Bank, F.S.B.5 Year e-CD
Rates as of May 28, 2020.

According to CSR, the Early Withdrawal Penalty is six months interest on the amount withdrawn for all HLIB CDs, regardless of term length, with partial withdrawals allowed.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

Availability

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.

Bank Overview

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 RateCD Length of TermBank/Credit Union
2.05% APY5-Year Promotional CD ($10k min)The Federal Savings Bank
1.80% APY5-Year CD ($1.5k min)Comenity Direct
1.75% APY5-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.

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

Comments
RCL
  |     |   Comment #1
Doesn't look like this bank is FDIC insured.
Choice
  |     |   Comment #3
RCL Mind sharing the rationale for your statement?  The FDIC #27417 is in ken’s post
Ken Tumin
  |     |   Comment #2
All banks we highlight in blog posts are FDIC members. Home Loan Investment Bank is a FDIC member and deposits are FDIC insured. Their FDIC Certificate number is 27417. You can independently research them at https://research2.fdic.gov/bankfind/
deplorable 1
  |     |   Comment #4
I had their 18 month 3.15% eCD which was a good deal. My only complaint was I had to get a check in the mail at maturity. They mailed it out quick though maybe 3-4 days tops. It looks like they just dropped their rates again. Not competitive at the moment.
Predatory Depositor
  |     |   Comment #7
It's a no thanks for me at that APY. I'm in a situation now where 17 days have passed and Bank B still didn't get a transfer request that was mailed to them from Bank A. Let's assume it arrives Monday. Are you willing to go 19 days plus however long it takes you to get that cashier's check deposited another account without any interest at all maturing funds?

Even in today's lousy 1.5% savings rate, you would lose almost $400 on a $500,000 deposit. Scale it up or down from there.

To me this is another red flag example of an FI with non-standard terms to avoid. Having no control over how long it takes for you to get your funds after they mature is a deal-breaker for me.
deplorable 1
  |     |   Comment #8
I had the check in hand and deposited in my checking in 4 days from these guys just recently. I think you said you were moving IRA funds right? I have heard that it can be a pita even during normal times but with this corona crisis most of their employees are probably at home. I can't wait to get back to normal as even something like depositing a large check is a real hassle right now. I have to find a branch that still has a drive-thru or do a ATM deposit which I hate.
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Rickny
  |     |   Comment #21
D1 Chase has an app that you can take pictures with a smartphone of checks for deposit. It does have a 25k max. Find ot useful and convenient.

I find it easier to deposit any amount check at the ATM. Can make deposit anytime, no lines and no deposit slip. The ATM also gives me a picture of the deposited check(s).
Princess Pea
  |     |   Comment #5
1.25%! Not 1.75%.
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jimdog
  |     |   Comment #14
1.25 % for 5 years! No thanks. This is robbery brought to you by our wonderful Federal Reserve bank promoting debt, leverage and worthless junk bonds.
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Home Loan Investment Bank Offers Competitive eCDs
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...

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

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