Independence Bank is ending the week by raising the rates on its shorter-term CDs: 12-month (1.65% APY), 18-month (1.85% APY), and 24-month (2.10% APY). The minimum deposit is $1k, with no stated balance cap.
The Bank’s Personal Banking Certificate of Deposit page is a little confusing, as it lists three different minimum deposits for Regular CDs ($1k), Promotional CDs ($5k), and Jumbo CDs ($100k), but only one APY per term length. CSR explained that even there are different minimum deposits, the stated APYs apply to all balance levels.
CSR also stated that the Early Withdrawal Penalty for CDs with a term of 12 months or less is three months, and six months for terms greater than 12 months.
Headquartered in East Greenwich, Rhode Island, Independence Bank’s market area is primarily Rhode Island, but according to CSR, “if you can come into our Bank, you can apply to open an account, no matter where you live.”
Opening a CD can be done at the Bank’s sole branch, located in East Greenwich. Independence Bank’s online banking platform is currently limited to account management and bill payment services.
Independence Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 11.77% (above average), based on June 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $7.25 million, an excellent annual growth rate of 25.45%. Please refer to our financial overview of Independence Bank (FDIC Certificate # 57379) for more details.
Independence Bank is a young bank, having opened its doors in 2003. As the ninth largest bank in Rhode Island, Independence Bank specializes in small business loans through the U.S. Small Business Administration.
Independence Bank is consistently one of the top SBA 7(a) lenders in Rhode Island. Independence Bank is known for its Cool Cash Connect program, providing small business loans of $25,000 - $150,000 to eligible small businesses in many different industries.
How the CDs Compare
When compared to the 265 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, Independence Bank’s 12-month CD APY currently ranks third.
When compared to the 191 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, Independence Bank’s 18-month CD APY currently ranks second.
When compared to the 249 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, Independence Bank’s 24-month CD APY currently ranks second.
The above rates are accurate as of 10/13/2017.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our new Rates Map page.