iGObanking Adds 95 Basis Points To 6-Month CD Rate

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.10%$1k-iGObanking6 Month iGOCD
0.15%$1k-iGObanking6 Month iGOIRA (Traditional, Roth)
Accounts mentioned in this post. Rates as of February 24, 2017.

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 was added to the product line more than seven years ago. For more than six years, the 6-month CD’s APY had languished at 0.15%. As long-time DA readers are aware, iGObanking has a reputation for quickly raising and lowering rates on CDs: in the past five years, the higher APYs have only lasted about ten days.

While iGObanking has offered good deals on an array of CDs in the past, there is always a risk of being stuck in a low-rate CD, if a high-rate CD automatically rolls over. As DA readers know, being vigilant about monitoring your investments is important, but in the case of iGObanking, it’s almost a necessity.

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 of three months and less than one year: The fee we
may impose will equal three months simple interest on the amount withdrawn subject to penalty.

Many thanks to DA reader/contributor, ChasR for his Forum post about the 6-month CD.

iGOsavings Account

More than two years ato, iGObanking raised the rate on the iGOsavings account to 1.00% APY and that rate is still in effect. The previous rate (0.25% APY) had been in place since April 2012.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00%--iGObankingiGOsavings
Accounts mentioned in this post. Rates as of February 24, 2017.

There is no minimum balance requirement to earn the 1.00% APY, which is good, considering iGObanking’s propensity for roller coaster rates. With no other stated restrictions or fees, closing this account should not be difficult, if the rate should drop to its earlier 0.25% APY.

According to iGObanking’s High Interest Savings Account page:

That’s right. No fees, no minimums, and a 1.00% APY.
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 February 24, 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, iGOsavings, 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 (FDIC Certificate # 58564), parent company of iGobanking, has an overall health rating of "A" on DepositAccounts.com, with a Texas Ratio of 4.48% (excellent), based on September 30, 2016 data. In the past year, Flushing Bank has increased its total non-brokered deposits by $249.61 million, an excellent annual growth rate of 6.69%. Please refer to our financial overview of Flushing Bank/iGObanking 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 167th largest bank in the nation.

How the CD Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, iGobanking's 6-month iGOCD APY currently ranks first.

The above rates are accurate as of 12/26/2016.

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.

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