iGObanking 48-Month CD Rate Upped By 400 BPS

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Deal Summary: 48-month iGOCD, 4.75% APY, $1k minimum deposit.

Availability: Nationwide (internet bank)

iGObanking is currently offering 4.75% APY on its 48-month iGOCD. The minimum opening deposit is $1k, with no stated balance cap. While 4.75% APY doesn’t seem competitive when compared to the 5%+ APYs offered on short-term CDs, 4.75% is actually a near rate-leading APY for nationally available 4-year CDs.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.25%$1k-iGObanking48 Month iGOCD
Rates as of May 24, 2024.

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

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    The fee we may impose will equal one year simple interest on the amount withdrawn subject to penalty.

Penalty may reduce principal.

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 and dramatic rate changes over the past seven years, keeping track of your iGObanking investments should be a high priority. According to the Terms and Conditions 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,

You will be sent an email notification that your maturity notice is available for viewing via Online Banking.

According to CSR, closing an iGOCD during the grace period can be done using Online Banking or sending a secured message to Customer Service requesting the iGOCD be closed.

I’ve wondered how many iGObanking customers inadvertantly 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 and Account Opening

Headquartered in Flushing, New York, iGObanking is an online division of Flushing Bank, 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 to all U.S. citizens and resident aliens, 18 years or older, who have a valid Social Security number.

iGOCDs can only be opened online. In the past, iGOCDs could be opened by mail, but that option ended a while back.

Funding and Other Details

The following information is from the iGObanking Terms and Conditions document and a conversation with CSR.

  • Funding – ACH.
  • Ownership – Individual or joint personal accounts can be opened online.
  • Interest – Compounded daily/credited monthly; can be withdrawn penalty-free.
  • Maturing Funds – ACH or transferred into any iGObanking account.
  • Beneficiaries – Unlimited with equal shares; Social Security numbers are required for all beneficiaries.
  • Grace Period – 7 calendar days.
  • Credit Check – ChexSystems

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 2.19% (excellent), based on March 31, 2023 data. In the past year, the Bank has increased its total non-brokered deposits by $69.9 million, an above average annual growth rate of 1.2%. 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 $8.4 billion and more than 82,000 customer accounts, Flushing Bank is the 14th largest bank in New York State and the 171st largest bank in the nation.

How the 48-Month iGOCD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the iGObanking 48-Month iGOCD. The following table compares the 48-Month iGOCD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 8/21/2023.

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

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

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Deal Summary: iGOsavings, 1.90% APY, no minimum deposit or balance requirement.

Availability: Nationwide (internet bank)

iGObanking has announced a new rate for the iGOsavings account: 1.90% APY on all balances. The iGOsavings account has no opening minimum deposit or minimum balance requirements.

While iGObanking has a reputation for having roller coaster CD rates, the iGOsavings’ previous 1.00% APY had been in effect since September 2014. At that time, the rate was very competitive. Based on the rate history, it may take iGObanking a long time before we see another...

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iGObanking Hikes 12-month iGOCD Rate
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.

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...

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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%...

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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....

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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:

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