INSBANK (TN) Adds Nationally Available 23-month CD

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Deal Summary: 23-month CD (1.85% APY), 16-month CD (1.50% APY), $25k minimum deposit.

Availability: Nationwide

Earlier this week, a long-time DA reader told me about two nationally available CDs at Tennessee-based INSBANK, which he saw advertised in the Tennessean. INSBANK is currently offering a 23-month CD (1.85% APY) and a 16-month CD (1.50% APY) nationwide. Of the two, the 23-month CD is the more competitive.

The minimum opening deposit for either CD is $25k, with a balance cap of $249k per CD. This is a limited-time offer, although no expiration date is stated.

As stated in the Tennessean ad,

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 a very helpful CSR, the Early Withdrawal Penalty for the 23-month CD is 16 months interest and 12 months interest for the 16-month CD.

Many thanks to the DA reader who told me about this deal.

Availability

Headquartered in Nashville, Tennessee, INSBANK’s primary market area is Tennessee, but these limited-time CDs are being offered nationwide.

Out-of-state customers, as well as those in Tennessee, can initiate the opening of a CD by calling the Bank (866.866.2265). If you live in the Nashville area, opening a CD can also be done at either of InsBank's two branches, which are located in Nashville and Brentwood.

Following account approval, INSBANK will send a new account packet by mail, which will include documents to be executed to finalize and activate the new account.

Bank Overview

INSBANK has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.51% (excellent), based on March 31, 2017 data. In the past year, INSBANK has increased its non-brokered total deposits by $74.49 million, an excellent annual growth rate of 38.91%. 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 17 years, INSBANK has grown to become Tennessee’s 49th largest bank, with assets in excess of $407 million. (Point of interest - since I last wrote about INSBANK in March 2015, its assets have increased by $145+ million.)

How the CD Compares

When compared to the 203 similar length-of-term CDs tracked by DepositAccounts.com that available nationwide, INSBANK’s 23-month CD APY currently ranks first, regardless of minimum deposit.

The above rates are accurate as of 6/23/2017.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table or our Rates Map page.

Related Pages: Nashville CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
gregk
gregk   |     |   Comment #1
The spread between the highest yielding liquid accounts and highest yielding CD's (whatever the term) is so narrow now (I consider 1% "narrow) that in a rising rate environment (however slowly) I choose to keep all my available investable assets liquid at this time and wait for better offers. There may well be a very plausible argument for an alternative strategy, but in my case committing funds for 1-3 years at rates under 2% ( which are the parameters for most of the CD deals Ken is writing up day after day) is consistently unenticing. Wake me up when we see 3% again on something.
Att
Att   |     |   Comment #2
I was reading that the price of oil my crash again reducing inflation and preventing the Fed from raising rates in the near future. I think we will see less of the big deals like 3% in the future. When an institution offers these rates they get overwhelmed by the response because of the internet.
gregk
gregk   |     |   Comment #3
Economic instability and Fed dilly-dallying or not, some FI's (almost invariably CU's) occasionally want to raise large amounts of funds very quickly, which to do so requires them not merely to "beat the competition" but also surpass some rate threshold existing in the "group mind" of many investors below which they will simply not commit to regardless of how comparatively good a lesser offer might seem. That that threshold is 3% now (and has been for some time), and that very "hungry" CU's have and will intuit it as such may be rank speculation on my part, but I'm still inclined to believe whether by that logic or some other we will continue seeing the sporadic 3% opportunity come along from time to time, however unpredictably.
Martin
Martin   |     |   Comment #4
I believe you missed the part when Yellen said they will be unwinding the $5 trillions in debt the FED holds and flood the markets with money, which is inflationary on the level of 2-4% a year or more. That will compensate for lack of inflation, even if the consumer's inflation is held at 0%.
gregk
gregk   |     |   Comment #5
If "consumer inflation" is held at 0% then what does 2-4% Fed induced inflation apply to? I don't get it.
Bogie
Bogie   |     |   Comment #6
Fictitious numbers, all of it, along with the Feds funny money policies.
spraytanprez
spraytanprez   |     |   Comment #7
If the market is flooded with any more money(which it won't be) real estate and stocks will double from current levels. Rates low for years to come, find what you can now .
jorge
jorge   |     |   Comment #8
Ally 11 month no penalty CD is a great option @ 1.50%apy. Min. 25 K to get rate. Must close CD and withdraw entire amount. No early withdrawal penalty.
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Availability: Market area is Tennessee.

InsBank (Tennessee) is offering two CD Specials: a 7-month CD (1.00% APY) and an 18-month CD with a Bump-Up Coupon (1.35% APY).

The minimum opening deposit for either CD is $20K, and there is a balance cap of $249K. This is a limited time offer, with no expiration date stated.

The Bump-Up Coupon for the 18-month CD is described as,

According to a very pleasant CSR, the Early Withdrawal Penalty for the 7-month CD is all earned interest and 12 months interest for the...

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