With talks about an impending economic recession, it seems that we can’t expect rates for certificates of deposit to get any higher. However since there is much speculation about what’s going to happen in the stock market, it’s only logical for investors to place their money in safer vehicles such as CD’s. There is really no telling how long this economic “depression” will last and when considering the placement of your cash in CD’s, it may be better to go for long term.
For those who want to lock in their money at the highest rate available, First Internet Bank of Indiana gives the highest rate for the longest term CD. Currently, it is offering 5-year CD’s at a competitive rate of 2.24%. This rate is certainly much higher than the national average of
Below are more rates from First Internet Bank of Indiana:
* 3 months – 0.45% APY
* 6 months – 0.75% APY
* 12 months – 1.00% APY
* 18 months – 1.15% APY
* 24 months – 1.30% APY
* 36 months – 1.55% APY
* 48 months – 1.90% APY
* 60 months – 2.24% APY
Although some of the shorter term CD’s have lower rates than some of the top contenders, First Internet Bank of Indiana still remains unbeaten in the 5-year term.
First Internet Bank of Indiana was one of the first banks to move their business online. They have all the services that is usually offered in traditional brick and mortar banks. The best thing about it is that since it has little overhead cost, it can return these savings to their customers through better rates and enhanced service.
Customer service representatives are available to chat anytime but they say that you may never need to do that since their aim is to provide a simple and problem-free banking experience. Everything you need is online, from paying bills, ordering checks, wiring transfers, purchasing and redeeming CD’s and even changing your mailing address.
Aside from getting a great 5-year CD rate, First Internet Bank of Indiana can also offer convenience with just an Internet connection.