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
|2.60%||$2.5k||-||Home Loan Investment Bank, F.S.B.||5 Year e-CD|
|2.15%||$2.5k||-||Home Loan Investment Bank, F.S.B.||30 Month e-CD|
|2.10%||$2.5k||-||Home Loan Investment Bank, F.S.B.||2 Year e-CD|
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According to CSR, the Early Withdrawal Penalty is six months interest on the amount withdrawn for all HLIB CDs, regardless of term length, with partial withdrawals allowed.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.
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).
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.
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.
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.