iGObanking.com is offering a competitive 9 month CD paying 4.15% APY. As the BestCashCow rate table shows, that's 9 basis points better than the best 6 month cd rate, but 21 basis points below the best 1 year cd rate of (4.26% APY).
To get the rate, you must fund them with new money to iGobanking.com.
iGObanking.com uses an all electronic account opening process, which means you confirm your identity by answering questions pulled from your credit report. These questinos may include your monthly mortgage payment, the size of your car loans, etc. The electronic process eliminates the need to email a signature card back and forth and means your account can be instantly opened.
The bank also allows you to fund your account via an ACH transfer. Once you initiate the transfer on iGObanking.com, the bank will pull money from an existing checking account you have elsewhere. ACH transfers can take between 2-4 business days.
Withdrawing money once your cd rolls over is not as easy. You must either request a check or transfer the money into a savings account at the bank. Their savings account currently pays a moderately competitive savings rate of 3.28% APY.
iGObanking.com is a division of Flushing Savings Bank. It is FDIC insured and has a Bauer rating of 4 stars out of 5.
As was discussed in a recent article published on BestCashCow, now may not be a bad time to lock in a cd rate. The financial data seems to indicate that rates will be falling over the next couple of months as financial markets continue to feel the impact of the banking crisis and recession.
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ING Raises Rates on CDs, One Year at 4% APY by BankMan - Aug 27, 2008
Everbank Top 3 Month and 6 Month CD Rates at 4.02% APY and 4.23% APY by BankMan - Sep 27, 2008
Citibank Offering 6 Month CD at 4% APY by BankMan - Oct 22, 2008.
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