Home Loan Investment Bank Offers 5-Year eCD Nationwide

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Deal Summary: 5-year eCD, 1.75% APY, $2.5k minimum deposit, online application only.

Availability: Nationwide through online application.

Rhode Island-based Home Loan Investment Bank (HLIB) has been offering a limited number of nationally available eCDs for nearly two years. With rates changing frequently, the rate leaders in the different term-length categories have been shifting just as frequently. The 5-year eCD’s current 1.75% APY isn’t a rate leader when compared to all nationally available 5-year CDs, but it’s near the top when compared to internet bank 5-year CDs. The minimum opening deposit for any of the eCDs is $2.5k, with no stated balance cap.

According to CSR, the Early Withdrawal Penalty is six months interest on the amount withdrawn for all HLIB CDs, regardless of term length, with partial withdrawals allowed.

Funding and Accessing Maturing Funds

There is no Truth-in-Savings document available on HLIB’s website. The following information comes from a conversation with CSR.

  • The eCD can be funded via ACH.
  • Unlimited beneficiaries can be added, with Social Security numbers required for all.
  • Monthly interest can be sent back to the original funding account by ACH, if desired.
  • The only option to access maturing eCD funds is a cashier’s check “mailed to the residential address on your account,” which is odd, as ACH can be used for monthly interest payments.

Availability

Headquartered in Warwick, Rhode Island, Home Loan Investment Bank has a limited number of nationally available eCDs that can be opened by U.S. citizens and resident aliens who have a Social Security number of Tax Identification Number (ITIN).

As the name suggests, an eCD can only be opened using HLIB's online application.

The in-branch version of 5-year CD is available to the residents of Rhode Island, Massachusetts, and Connecticut, but HLIB has temporarily closed all of its Rhode Island branch lobbies to the general public. Drive-thru service is available at the Airport Road branch in Warwick, Rhode Island.

Bank Overview

Home Loan Investment Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 12.61% (above average) based on December 31, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $46.24 million, an excellent annual growth rate of 18.25%. Please refer to our financial overview of Home Loan Investment Bank (FDIC Certificate # 27417) for more details.

Home Loan & Investment Association was established in 1959 operating under a Rhode Island state charter. Fifteen years later, John M. Murphy (Founder and Chairman) purchased the bank charter and began to build the bank, “reactivating the charter for mortgage lending purposes.” In 1995, the charter was converted to a federal charter and the Band rebranded as Home Loan Investment Bank, FSB. Currently the sixth largest bank headquartered in Rhode Island with assets in excess of $346 million, HLIB also has successful residential mortgage and automobile financing divisions.

How the eCD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit of $10k or less and are offered by internet banks, Home Loan Investment Bank’s 5-year eCD APY currently ranks third.

The above rates are accurate as of 5/8/2020.

To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Providence CD rates, 5-year CD rates, nationwide deals, Internet banks



Home Loan Investment Bank Offers Competitive eCDs
Deal Summary: eCDs – 2-year (2.50% APY), 30-month (2.55% APY), 5-year (2.60% APY), $2.5k minimum deposit, online application only.

Availability: Nationwide through online application.

While not one of the more familiar names in online CDs, Rhode Island-based Home Loan Investment Bank (HLIB) has been offering a limited number of nationally available CDs for the past 16 months. The three most competitive HLIB eCDs are the 2-year (2.50% APY), 30-month (2.55% APY), and 5-year (2.60% APY). The minimum opening deposit for any of the eCDs is...

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Home Loan Investment Bank Offers 5-Year eCD
UPDATE 8/19/19: The 5-year eCD rate has fallen to 2.60% APY.

Deal Summary: 5-year eCD, 3.05% APY, $2.5k minimum deposit, online application only.

Availability: Nationwide through online application.

With CD rates changing almost every day, the rate leaders in the different term-length categories have been shifting. Rhode Island-based Home Loan Investment Bank’s (HLIB) 5-year eCD (3.05% APY) currently offers the highest APY for a nationally available 5-year CD (non-Jumbo deposit) and is also the highest APY for a bank (non-credit union). The minimum opening deposit is...

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Home Loan Investment Bank Has Nationwide 30-Month eCD, 3.00% APY
UPDATE 6/21/2019: 30-month eCD and 3-year CD rates lowered to 2.55% APY.

Deal Summary: 30-month eCD, 3.00% APY, $2.5k minimum deposit, online application only. 3-year CD, 3.00% APY, $1k minimum deposit, in-branch only.

Availability: Nationwide online application. In-branch market area includes Connecticut, Massachusetts, and Rhode Island.

Rhode Island-based Home Loan Investment Bank (HLIB) is currently offering 3.00% APY on two different term-length CDs: a nationally available 30-month eCD and an in-branch 3-year CD. The minimum deposit for the 30-month eCD is $2.5k,...

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Home Loan Investment Bank Has Nationwide 18-month eCD

UPDATE 8/10/18: This CD has expired. The 18-month 3.15% eCD is no longer available.

Deal Summary: 18-month eCD, 3.15% APY, $2.5k minimum deposit, online application only. 14-month CD, 3.15% APY, $100k minimum deposit, in-branch only.

Availability: Nationwide online application. In-branch market area includes Connecticut, Massachusetts, and Rhode Island.

Rhode Island-based Home Loan Investment Bank (HLIB) is offering 3.15% APY on two different CDs: a nationally available 18-month eCD and an in-branch 14-month CD. The minimum deposit for the 18-month eCD is $2.5k, and $100k...

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Home Loan Investment Bank (RI/MA/CT) Raises 5-Year CD Rate
Deal Summary: 5-year CD, 2.50% APY, $1k minimum deposit.

Availability: Market area includes Connecticut, Massachusetts, and Rhode Island

Home Loan Investment Bank (HLIB) ended last week by raising the rate on its 5-year CD (2.50% APY). The minimum opening deposit is $1k, with no stated balance cap.

Added to the product line in November 2010, the 5-year CD is experiencing its highest rate in nearly six years.

The 5-year CD is also offered as an IRA (Traditional, Roth, SEP), earning the same APY with the same funding requirements.

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