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, and $1k for the 3-year CD.
The 3-year CD is also available as an IRA (Traditional, Roth, and SEP), earning the same APY with the same funding requirements.
According to CSR, partial withdrawals are allowed and the Early Withdrawal Penalty is six months interest on the amount withdrawn for all HLIB CDs, regardless of term length.
Funding and Accessing Maturing Funds
The following information was obtained in a conversation with CSR.
- The eCD can be funded via ACH.
- 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 offers its in-branch product line to residents of Rhode Island, Massachusetts, and Connecticut. In the past year, HLIB has added a limited number of nationally available eCDs.
As the name suggests, an eCD can only be opened using the Bank’s online application. Opening a regular CD must be done in person at any of three Rhode Island branches located in Providence and Warwick (2).
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 198 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available nationwide, Home Loan Investment Bank’s 30-month eCD APY currently ranks fourth.
|Interest Rate||CD Length of Term||Bank/Credit Union|
|3.10% APY||36-Month Certificate Special||Connexus Credit Union|
|3.09% APY||3-Year Senior Citizen CD||State Bank of India (IL)|
|3.03% APY||3-Year CD||State Bank of India|
|3.00% APY||30-Month eCD||Home Loan Investment Bank|
The above rates are accurate as of 6/20/2019.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.