Irwin Union Bank of offering some competitive rates on non-traditional term CDs, including a 40 month cd paying 4.85% APY, a 25 month cd paying 4.55% APY and, a 15 month cd paying 4.25% APY. As a comparison, the highest rate on te BestCashCow rate for a 36 month cd is 4.6% APY while the top 960 month rate is 5.21% APY. The Irwin rates look good for their term.
Account forms can be filled out online but you'll need to print them and send them in. Although the CSR wasn't sure, I assume you'll also need to send two forms of ID including a copy of your driver's license. Once your account is open, you can fund it electronically via an ACH transfer.
Irwin Union Bank is a wholly owned subsidiary of Irwin Financial Corporation (NYSE: IFC) that is headquartered in Columbus, Indiana. Irwin Union Bank and Trust Company was founded in 1871, and today operates locally-managed banks in Indiana, Michigan, Utah, and Nevada. Irwin Union Bank, F.S.B. operates locally-managed banks in Arizona, Missouri, Wisconsin, Kentucky, California, and New Mexico.
The bank's stock has dropped sharply from its 52 week high of $11.85 to about $1.72 today. It has a 2 out 5 star rating from Bauer Financial for safety and soundness.
As with all banks, we recommend that any funds you deposit into Irwin Union Bank be below the FDIC insurance limits.
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