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According to CSR, the Early Withdrawal Penalty is six months interest on the amount withdrawn for all HLIB CDs, regardless of term length, with partial withdrawals allowed.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