iGObanking Boosts 24- And 36-Month iGOCD Rates

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Deal Summary: 36-month iGOCD (1.90% APY), 24-month iGOCD (1.60% APY), $1k minimum deposit

Availability: Internet bank

On Monday, iGObanking raised the rates on its 36-month iGOCD (1.90% APY) and 24-month iGOCD (1.60% APY). The minimum opening deposit is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.90%$1k-iGObanking36 Month iGOCD
1.60%$1k-iGObanking24 Month iGOCD
Accounts mentioned in this post. Rates as of April 22, 2017.

24 hours later, iGObanking’s parent company, Flushing Bank, followed suit and matched those rates on its 36- and 24-month CDs.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.90%$5k-Flushing Bank36 Month CD
1.60%$5k-Flushing Bank24 Month CD
Accounts mentioned in this post. Rates as of April 22, 2017.

iGObanking rate increases are always dramatic and this week’s rate hikes are no exception: 155 and 145 basis points for the 36-month and 24-month iGOCDs, respectively. iGObanking has a well-deserved reputation for quickly raising and lowering rates on CDs. In the past four years, the newly increased APYs have only lasted about ten days.

As DA readers know, there is always a risk of being stuck in a low-rate iGOCD, if a high-rate iGOCD automatically rolls over. Given iGObanking’s history of sudden rate changes, keeping track of your iGObanking investments should be given a high priority.

If your CD renews automatically at maturity, the interest
rate will be the prevailing renewal rate in effect at maturity.

As stated on iGObanking’s FAQs page, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity between one year and less than three years:

    The fee we may impose will equal six months simple interest on the amount withdrawn subject to penalty.

If your account has an original maturity between three years and less than seven years:

    The fee we may impose will equal one year simple interest on the amount withdrawn subject to penalty.

iGOmoneymarket Account

The iGOmoneymarket has been earning 1.10% APY since May 2015. Like the various other products iGObanking offers, the iGOmoneymarket has had several rates changes (16) since its addition to the product line in November 2009, but the vast majority of those changes (12) occurred within the first three years.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.10*%$25k-iGObankingiGOmoneymarket
Accounts mentioned in this post. Rates as of April 22, 2017.

The iGOmoneymarket requires a minimum $25k of new money to open, with a balance cap of $500k. There is a low balance fee of $15 that will be imposed unless a minimum daily balance of $25k is maintained.

Availability

iGObanking is the online division of Flushing Bank (New York) that enables customers to open and fund accounts directly through the internet. As an internet based institution, all of iGObanking's products are available nationwide.

The iGOCDs and iGOmoneymarket can only be opened online. In the past, CDs could be opened by mail, but according to the General FAQs,

An iGOira is the only account that can be opened by mail.
We do not accept applications via email at this time.

If you live in the New York City metropolitan area and prefer a brick-and-mortar experience, Flushing Bank has 19 branches, located in Brooklyn (5), Long Island (3), Manhattan (2), and Queens (9).

Bank Overview

Flushing Bank, parent company of iGobanking, has an overall health rating of "A" on DepositAccounts.com, with a Texas Ratio of 3.26% (excellent), based on December 31, 2016 data. In the past year, the Bank has increased its total non-brokered deposits by $189.17 million, an excellent annual growth rate of 6.49%. Please refer to our financial overview of Flushing Bank/iGObanking (FDIC Certificate # 58564) for more details.

As mentioned earlier, iGObanking was established in 2007 as the online division of Flushing Bank, a New York financial institution founded in 1929. With assets in excess of $6 billion, Flushing Bank is the 19th largest bank in New York State and the 182nd largest bank in the nation.

How the CDs Compare

When compared to the 194 similar length-of-term CDs tracked by DepositAccounts.com which require a similar minimum deposit and are available nationally, iGobanking's 36-month iGOCD APY currently ranks third.

Interest RateCD Length of TermCredit Union/Bank
2.00% APY36-Month E-Certificate of DepositFirst Central Savings Bank
1.91% APY36-Month Online Promo CDM.Y. Safra Bank
1.90% APY36-Month iGOCDiGObanking

When compared to the 194 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, iGobanking's 24-month iGOCD APY currently ranks in the top five.

Interest RateCD Length of TermCredit Union/Bank
1.70% APY24-Month CertificateConnexus Credit Union
1.65% APY24-Month CDNorthern Bank Direct
1.60% APY24-Month iGOCDiGObanking

The above rates are accurate as of 4/13/2017.

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

Comments
CD_Fan
CD_Fan   |     |   Comment #1
There is a typo in the first comparison table. The rate shown (1.90%) is for 36-Month iGOCD, not the 24 month product.
Really?
Really?   |     |   Comment #2
Last time I opened a CD with them they held my money for a week without paying interest......Claimed it was because of ACH. What a joke. I will never do business with them again.
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