iGObanking Hikes 12-month iGOCD Rate

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Deal Summary: 12-month iGOCD (2.20% APY), 60-month iGOCD (2.87% APY), $1k minimum deposit

Availability: Nationwide (internet bank)

iGObanking is ending the week by raising the rates on its 12-month iGOCD (2.20% APY) and 60-month iGOCD (2.87% APY). The minimum opening deposit for either is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.87%$1k-iGObanking60 Month iGOCD
2.20%$1k-iGObanking12 Month iGOCD
Rates as of April 20, 2018.

In the past ten weeks, the 12-month iGOCD has had three rate increases, adding a total of 205 bps. Prior to these recent increases, the APY (0.15%) had been static for more than two years. The 60-month iGOCD has been stuck in CD oblivion since January 2015, with a 0.35% APY.

Note: iGObanking’s sister bank, BankPurely, is offering the same 2.20% APY on its 12-month CD. BankPurely does not currently offer a 60-month CD.

iGObanking has a well-deserved reputation for quickly raising and lowering rates. In the past five years, newly increased CD APYs have only lasted about ten days. In the current climate of rapidly rising rates, it’s uncertain if iGObanking will continue its practice of rate flip-flopping.

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The fee we may impose will equal six months simple interest on the amount withdrawn subject to penalty.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The fee we may impose will equal one year simple interest on the amount withdrawn subject to penalty.

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 a high priority. According to the Disclosure document,

The interest rate will be the prevailing renewal rate on the maturity date which has the same term and minimum balance (if any) as the original time deposit.
You will have seven calendar days after maturity to withdraw the funds without a penalty.

Seven calendar days is at the low-end for grace periods, increasing the chance that customers won't/can’t close the iGOCD before it locks into another term. According to the FAQs,

Yes, you will be sent an email notification that your maturity
notice is available for viewing in the online services section.

and,

To close your iGOcd account during the grace period either complete and return via postal mail the CD maturity instructions form (provided as part of your CD maturity notice) or send your request by using the contact us form (email address submitted must be the email Address of Record).

It would be interesting to know how many iGObanking customers let their CDs automatically renew. Based on the rate history of iGOCDs, those customers could be in for a very unpleasant surprise when they see their renewed CDs with rates less than one-tenth of their original rates.

Availability

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

iGOCDs 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

iGObanking, along with BankPurely, is an online division of Flushing Bank and operates under Flushing Bank’s FDIC Certificate and shares its financial history. These are not three separately FDIC-insured banks: individual deposits held at Flushing Bank, iGObanking and BankPurely are combined for the purpose of FDIC insurance coverage.

Flushing Bank, the parent company of iGobanking, has an overall health rating of "A" on DepositAccounts.com, with a Texas Ratio of 3.68% (excellent), based on December 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $198.67 million, an excellent annual growth rate of 6.4%. Please refer to our financial overview of iGObanking/Flushing Bank (FDIC Certificate # 58564) for more details.

iGObanking was established in 2007 as the online division of Flushing Bank, a New York financial institution that was founded in 1929. With assets in excess of $6.3 billion, Flushing Bank is the 18th largest bank in New York State and the 170th largest bank in the nation.

How the iGOCDs Compare

When compared to the 207 similar length-of-term CDs tracked by DepositAccounts.com that are nationally available and require a minimum deposit of $10k or less, iGobanking's 12-month iGOCD APY currently shares the top spot with EBSB Direct’s 14-month CD Special APY.

Interest RateCD Length of TermCredit Union/Bank
2.20% APY12-Month iGOCDiGObanking
2.17% APY12-Month CDFirst Internet Bank
2.15% APY1-Year CDLive Oak Bank

When compared to the 188 similar length-of-term CDs tracked by DepositAccounts.com that are nationally available and require a minimum deposit of $10k or less, iGobanking's 60-month iGOCD APY currently ranks third. When compared to internet banks, the 60-month iGOCD has the top rate; only credit unions have higher 5-year CD rates.

Interest RateCD Length of TermCredit Union/Bank
3.00% APY5-Year Term DepositMountain America Credit Union
2.89% APY60-Month Smart CertificateUnited States Senate Federal Credit Union
2.87% APY60-Month iGOCDiGObanking

To search for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.

The above rates are accurate as of 3/23/2018.

Related Pages: New York CD rates, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

Comments
leemd
leemd   |     |   Comment #1
There is a typo in the last table, it should say "60-Month iGOCD," not "12-Month iGOCD." Thanks for posting this deal.
Ken Tumin
Ken Tumin   |     |   Comment #2
Good catch. It's now corrected. Thanks!
john
john   |     |   Comment #3
come only idiots dont know when their cd matures plus they get notice and have 7 days to decline
leemd
leemd   |     |   Comment #4
Other than the 12 mo and the 60 mo, igobanking has slashed other cd rates:
3 Month CD 0.15 0.15 $1,000
6 Month CD 0.15 0.15 $1,000
8 Month CD 0.15 0.15 $1,000
9 month CD 0.15 0.15 $1,000
12 Month CD 2.18 2.2 $1,000
13 month CD 0.15 0.15 $1,000
15 month CD 0.15 0.15 $1,000
18 month CD 0.15 0.15 $1,000
24 month CD 0.15 0.15 $1,000
29 Month CD 0.35 0.35 $1,000
36 month CD 0.35 0.35 $1,000
48 month CD 0.35 0.35 $1,000
60 month CD 2.83 2.87 $1,000
7 Year CD 0.35 0.35 $1,000
10 Year CD 0.35 0.35 $1,000
Better rates for Flushing Bank can be founds at giftsforbanking 1.85% APY + gift and BankPurely.
RJM
RJM   |     |   Comment #5
2 stupid names. Igobanking and Bankpurely.

But, not as bad as Redneck i guess.
iGObanking Adds 210 Basis Points To 18-Month iGOCD
Deal Summary: 18-month iGOCD, 2.25% APY, $1k minimum deposit

Availability: Nationwide (internet bank)

iGObanking has started the month by raising the rate on its 18-month iGOCD (2.25% APY). This new rate is the highest rate (by far) for the 18-month iGOCD, since DA began tracking it in 2009. The minimum opening deposit is $1k, with no stated balance cap.

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

I last wrote about the 18-month iGOCD in May 2017, following its first rate increase (to 1.50%...

Continue Reading
iGObanking Ups 24-Month CD Rate
Deal Summary: 24-month iGOCD, 2.35% APY, $1k minimum deposit. iGOmoneymarket, 1.50% APY, $25k minimum, new money.

Availability: Nationwide (internet bank)

iGObanking added 25 bps to its 24-month iGOCD (2.35% APY) last week. This new rate is the highest rate for the 24-month iGOCD since DA began tracking it in 2009. The minimum opening deposit is $1k, with no stated balance cap.

If you’re feeling a slight sense of déjà vu as you’re reading this, it’s probably because of last week’s blog post about BankPurely’s 24-month CD....

Continue Reading
iGObanking Boosts 24-Month CD Rate
Deal Summary: 24-month iGOCD (2.10% APY), $1k minimum deposit

Availability: Nationwide (internet bank)

It’s been more than six months since I had a reason to write about an iGObanking product. That changed at the end of last week, when iGObanking added 40 bps to its 24-month iGOCD (2.10% APY). This new rate is the highest rate for the 24-month iGOCD since 2010. The minimum opening deposit is $1k, with no stated balance cap.

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

Continue Reading
iGObanking Hikes 18-Month CD Rate
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.

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...

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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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