For a limited time, INSBANK is offering a 15-month CD Special earning 5.27% APY. The minimum opening deposit is $2.5k, with a balance cap of $240k per CD. This limited-time offer “is subject to change at any time and without notice.”
As stated in the fine print on the promotion page,
Offers are good for consumer and business accounts only and are subject to terms and conditions of the new account agreement.
Offers are not available for IRAs, public entities, brokered deposits, or other financial institutions.
According to CSR, the Early Withdrawal Penalty for the 15-month CD Special is 8 months of interest on the amount being withdrawn, whether earned or not. In other words, the principal balance could be reduced. Partial withdrawals are allowed, but a $2.5k minimum balance must be maintained.
Availability and Account Opening
Headquartered in Nashville, Tennessee, INSBANK’s primary market area is Tennessee. In the past, INSBANK did offer a few products nationwide through its online division, INSBANK Online, which rebranded about three months ago as Finworth, offering a larger array of CDs. LSS, INSBANK is once again focused on its Tennessee market area.
Customers new to INSBANK must open a CD Special in-branch at either of INSBANK’s two Tennessee branches located in Brentwood and Nashville. Existing customers (both local and out-of-state) can open a CD Special by phone (866.866.2265) or in-branch.
Funding and Other Particulars
The following information is from a conversation with CSR.
- Funding – ACH, wire, cashier’s check, or cash.
- Ownership – Individual, joint, or trust.
- Interest – Compounded/credited annually and at maturity; can be paid out monthly by check or ACH to another bank account, or added back into the CD every 12 months.
- Maturing Funds – ACH to original funding account or cashier’s check to address on file.
- Grace Period – 10 calendar days before automatic renewal.
- Beneficiaries – Unlimited, with equal shares. Social Security numbers are not required.
- Credit Check – None per se, but ChexSystems is accessed when opening a new account.
INSBANK has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.34% (excellent), based on March 31, 2023 data. In the past year, INSBANK’s non-brokered total deposits have decreased by -$1.4 million, an average annual growth rate of -0.27%. Please refer to our financial overview of INSBANK (FDIC Certificate # 35521) for more details.
InsBank was founded in 2000 as the Insurors Bank of Tennessee, originally targeting independent insurance agents. In an interview in the Nashville Business Journal, InsBank President and CEO, Jim Rieniets gave an overview of InsBank.
Originally we were a pet-project of independent insurance agents. The Financial Services Modernization Act was going to allow banks get into the insurance business and insurance companies to get into banking. These independent agents were saying, "Great, we’re sort of caught in the middle’," … that’s how our company was born.
We slowly diversified over time, we stuck with a commercially focused business model but not just reliant on the insurance industry and referrals from it. We continue to have friends and clients in that group. But it’s not all we are today.
In 23 years, INSBANK has grown to become Tennessee’s 38th largest bank, with assets in excess of $785 million.
How the 15-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the INSBANK 15-month CD Special. The following table compares the 15-month CD Special to the two highest-rate CDs from credit unions and the two highest-rate CDs from other banks.
The above information and rates are accurate as of 6/26/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our Best CD Rates Table page.