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,
Good for one rate "bump" on 18-month CD during its term if InsBank rates for this term increase prior to maturity. The new rate will be in effect for the remainder of the original term of the CD.
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 18-month CD.
Many thanks to the long-time DA reader who alerted me to this deal.
IsnBank is headquartered in Nashville, Tennessee, and offers its services and product lines to residents and small businesses in Tennessee.
If you choose to open your account online, the process will be completed (following application submission), as follows:
InsBank, upon approval, will send to you a new account packet. After executing the enclosed documents as indicated, return to us to activate your account.
InsBank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 1.20% (excellent), as of December 31, 2014. In the past year, InsBank has increased its total deposits by $29.7 Million, an excellent annual growth rate of 17.51%. Please refer to our financial overview of InsBank for more details.
InsBank (FDIC Certificate # 35521) 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.
Today, InsBank offers services and product line to all residents and small businesses in Tennessee, in addition to independent insurance agents, while holding assets in excess of $262 Million.
How the CDs Compare
When compared to other similar length-of-term CDs tracked by DepositAccounts.com that are available to Tennessee residents, InsBank's 7-month and 18-month CDs’ APY are competitive, albeit with higher minimum deposits.
The above rates are accurate as of 3/26/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.