iGObanking Hikes 18-Month CD Rate

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Deal Summary: 18-month iGOCD (1.50% APY), $1k minimum deposit

Availability: Internet bank

iGObanking ended the week by boosting the rate on its 18-month iGOCD (1.50% APY) by 135 bps. The minimum opening deposit is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.50%$1k-iGObanking18 Month iGOCD
Accounts mentioned in this post. Rates as of November 19, 2017.

This is the first rate increase for the 18-month iGOCD in nearly five years. The previous rate was 0.15% APY, a truly unfortunate rate. The last time the 18-month’ iGOCD's APY was this high was in late July 2010, when the 1.50% APY lasted for about four months.

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    The fee we may impose will equal six months simple interest on the amount withdrawn subject to penalty.

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.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.10*%$25k-iGObankingiGOmoneymarket
Accounts mentioned in this post. Rates as of November 19, 2017.

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.

Bank Overview

Flushing Bank, the 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 iGObanking/Flushing Bank (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 CD Compares

When compared to the 154 similar length-of-term CDs tracked by DepositAccounts.com which require a similar minimum deposit and are available nationally, iGobanking's 18-month iGOCD APY currently ranks fourth.

The above rates are accurate as of 5/13/2017.

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.

Related Pages: New York CD rates, 1-year CD rates, nationwide deals, Internet banks

Comments
Anonymous
Anonymous   |     |   Comment #1
This offer does not appeal very much to me. Presently getting 1.25% APY on liquid money --- the difference from not getting 1.50% for 18 months is $250 on an annualized basis for a $100K balance. I prefer to sign up for some bank bonus deal or even credit card offer and make up the $250 while I wait for better deals. Previously, I got the Navy Fed 2.50% 30 month(non add on) , then 20 month add on, then 17 month add on CDs at 2.00% --- Add-ons means whatever money is added on to my balances up to Navy Federal's maximum amounts earns the 2% interest for a term that becomes shorter and shorter. I like that idea very much. Then I don't even have to consider Early Withdrawal penalties because I always have liquid funds available.
deplorable 1
deplorable 1   |     |   Comment #2
"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."..............This worries me since I have the Bankpurely account that is paying 1.3% APY with no minimum balance requirement or fee. Issued by the same igobanking/Flushing bank. I hope they don't try to do a bait and switch and convert it to the igo MMA down the road.
iGObanking Boosts 24- And 36-Month iGOCD Rates
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.

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

iGObanking rate increases are always dramatic and this week’s rate hikes are no exception: 155 and 145 basis points for the...

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iGObanking Adds 95 Basis Points To 6-Month CD Rate
Availability: Nationwide

It’s been eight months since Flushing Bank’s internet division, iGObanking, has had a rate increase worth talking about. That changed over the holiday weekend when iGObanking raised the rate on the 6-month iGOCD (1.10% APY) by 95 basis points. The minimum opening deposit is $1k, with no stated balance cap.

The 6-month iGOCD is available as an IRA (Traditional, Roth), earning the same APY with the same funding requirements.

This weekend’s rate increase has resulted in the highest APY for the 6-month CD since it...

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iGObanking Hikes Rate On 24-Month iGOCD
Availability: Nationwide

It has been about six months since Flushing Bank’s internet division, iGObanking, has had any new rate increases worth talking about. That changed yesterday when iGObanking raised the rate on the 24-month iGOCD (1.55% APY).

The minimum opening deposit is $1K and there is no maximum balance cap.

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...

Continue Reading
iGObanking Increases Rate On 12-month iGOCD
Availability: Nationwide

Over the past year, I’ve written about a variety of competitive (albeit short-lived) CD rates available at iGObanking. The latest offering from iGObanking is the 12-month iGOCD (1.25% APY). The minimum opening deposit is $1K, with no maximum balance cap.

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...

Continue Reading
iGobanking Raises Rates On 24-Month CD And Money Market Account
Availability: Nationwide

It’s been a few months since iGObanking raised the rates on any of its CDs. The wait is over with today’s increase on the 24-month iGOCD (1.35% APY).

The minimum deposit on the 24-month iGOCD is $1K, with no maximum balance cap. The 1.35% APY is not offered on the 24-month IRA.

As stated on iGObanking’s FAQ’s Page, the Early Withdrawal Penalty reads as follows:

As I've mentioned in previous postings, iGObanking’s reputation for quickly raising and lowering rates on CDs is well-known....

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