Home Savings Bank 18-Month Internet CD Joins 4% Club


Deal Summary: 18-month Internet CD, 4.00% APY, $5k minimum/$250k maximum deposit.

Availability: Nationwide, online only

Utah-based Home Savings Bank is currently offering 4.00% APY on its 18-month and 24-month Internet CDs. The minimum opening deposit is $5k, with a cap of $250k.

4.55%$5k$250kHome Savings Bank18 Month Internet Only CD
4.55%$5k$250kHome Savings Bank18 Month Internet Only IRA (Traditional, Roth)
4.55%$5k-Home Savings Bank24 Month Internet Only CD
4.55%$5k-Home Savings Bank24 Month Internet Only IRA (Traditional, Roth)
Rates as of December 1, 2023.

Both Internet CDs are also available as IRA CD (Traditional and Roth), earning the same APYs with the same funding requirements.

Since early July, the 18-month and 24-month Internet CDs have gained an aggregate 325 and 320 bps, respectively, in five rate increases.

As stated in the Truth-In-Savings disclosure, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of more than 15 months: The fee we may
impose will equal six months interest on the amount withdrawn subject to penalty.

The fine print on the Internet Rates page reads, “Additional disclosure applies to accounts opened online.” Some of the more important conditions are,

  • Ownership available: Individual or Joint ownership (beneficiaries allowed). No Trust or business ownership available at this time.
  • Interest will post to the account. No interest will be disbursed (by check or any other method) during the term of the account.
  • Online applications will expire 45 days from the date of the application if the account has not completed all steps, including funding of the account.

Funding and Maturing Funds

Existing Home Savings Bank customers can fund an Internet CD through an internal transfer from an existing account. New customers can fund an Internet CD through an ACH transfer.

Internet CD have a grace period of 7 business days in which to cash out at maturity. Funds will be “disbursed to an account of your choosing, which must be identified and confirmed in advance, using your online banking credentials.”


Headquartered in Salt Lake City, Utah, Home Savings Bank offers a portion of its product line through its online application to U.S. citizens or resident aliens, 18 years or older, who have a U.S. address and a valid Social Security number.

As the name indicates, the 18-month Internet CD can be only be opened online. Home Savings Bank’s product line includes 18-month and 24-month “non internet” CDs and CD IRAs (earning the same 4.00% APY) that can be opened at the single Utah branch located on South Main Street in Salt Lake City.

Note: Disclaimer Time – even though a bank may say its products are available nationwide, smaller banks occasionally find that demand may outpace their online banking platform’s ability. Caveat emptor.

Bank Overview

Home Savings Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) as of June 30, 2022 data. Home Savings has an excellent capitalization level (17.93%), the result of holding $106.8 million in assets, with $19.15 million in equity. Please refer to our financial overview of Home Savings Bank (FDIC Certificate # 26798) for more details.

Home Savings Bank was originally a finance company that serviced furniture sales contracts for about 18 years. In 1979, the finance company became Home Credit Thrift and Loan and began accepting savings deposits from the public. There were three names changes in the following 15 years before it became Home Savings Bank. (Interesting fact – there are currently six different companies in the country that operate as “Home Savings Bank.”) Home Savings Bank is currently Utah’s 40th largest bank, with assets in excess of $106 million.

How the 18-Month Internet CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Home Savings Bank 18-month Internet CD. The following table compares the 18-month Internet CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above rates are accurate as of 10/11/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Salt Lake City CD rates, 1-year CD rates, 5-year CD rates, IRA CD rates, nationwide deals

Home Savings Bank (UT) Has Nationally Available 12mo CD
Deal Summary: 12-month Internet Only CD Special, 1.45% APY, $5k min/$250k max deposit.

Availability: Nationwide, online only

This week, Home Savings Bank raised the rate on its nationally available 12-month Internet Only CD Special (1.45% APY). The minimum deposit is $5k, with a $250k maximum deposit.

In the past year, there have been six rate increases for the CD Special, with this latest increase resulting in its highest APY ever.

The 12-month Internet Only CD Special is also offered as an IRA (Traditional) earning the same APY, with...

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