INSBANK (TN) Adds Competitive 15-Month CD Special


Deal Summary: 15-month CD Special, 5.27% APY, $2.5k min/$240k max deposit per CD.

Availability: Tennessee.

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According to CSR, the Early Withdrawal Penalty for the 15-month CD Special is 8 months of interest on the amount being withdrawn, whether earned or not.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.

Bank Overview

INSBANK has an overall health grade of "A" at, 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 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.

Related Pages: Nashville CD rates, 1-year CD rates

  |     |   Comment #1
Jesus Crispus….can no one dethrone NASA’s 15 month?!?!
INSBANK Adds Nationally Available 17-Month CD
Deal Summary: 17-month CD (1.90% APY), $25k min/$240k max deposit per CD.

Availability: Nationwide

INSBANK’s 17th “birthday” is next week and the Bank is celebrating by offering a nationally available 17-month CD (1.90% APY.) The minimum opening deposit is $25k, with a balance cap of $240k per CD. This is a limited-time offer, although no expiration date is stated.

The promotion material I received states,

According to a bank official, the Early Withdrawal Penalty for CDs with term lengths of 15-20 months is 12 months interest.


Continue Reading
INSBANK (TN) Offers Nationally Available CD Specials

UPDATE 11/14/2017: The 23-month and 16-month CD specials have been replaced by 22-month (1.70% APY) and 11-month (1.40% APY) CD specials. Earn an additional 10 basis points on each CD if you split the funds equally between both CD terms at the time of account opening. Offer good through Nov 20, 2017. All other features of these CDs are the same as the previous CDs.

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...

Continue Reading
InsBank (TN) Adds 7-month CD and 18-month Bump-Up CD Specials
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...

Continue Reading
Competitive Money Market & CD Specials at InsBank in Nashville - Local Only

InsBank is advertising a few deposit specials for its 10th anniversary. The best one is money market account with a 1.40% APY that's guaranteed to last until May 31, 2011. This requires a minimum balance of $75K. The rate for balances from $10K to $75K is 1.25% APY. The other specials are for CDs and include a 1.85% APY 33-month CD, a 1.60% APY 26-month CD and a 1.35% APY 13-month CD. Minimum deposit is $10K. New money is required. These specials are listed in the bank's promotions page (pdf)...

Continue Reading

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.