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,
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 bank official, the Early Withdrawal Penalty for CDs with term lengths of 15-20 months is 12 months interest.
Headquartered in Nashville, Tennessee, INSBANK’s primary market area is Tennessee, but this limited-time CD is 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 Tennessee branches located in Brentwood and Nashville.
Following account approval, INSBANK will send a new account packet by mail, which will include documents to be executed, finalizing and activating the new account.
INSBANK has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.78% (excellent), based on June 30, 2017 data. In the past year, INSBANK has increased its non-brokered total deposits by $58.16 million, an excellent annual growth rate of 28.28%. 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 $415 million.
How the CD Compares
When compared to the 158 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, INSBANK’s 17-month CD APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 11/16/2017.