iGoBanking Still Trumps All CD Rates

I guess there is always a gem to be found in the realm of investing. iGoBanking has one of the highest CD rates we have seen in a long time, although rates are not on the incline yet. There has been talk of CD rates increasing in early 2011, but that will all depend on ‘if and when’ the Fed increases its interest rates.

Anyways, iGoBanking has an interest rate of 1.35% on their 3 month CD! This not only is the highest 3 Month CD we have found, but also beats the highest 6 month CD and even beats the national ‘average’ rates on the 1-year, 2-year and 3-year certificates of deposit.

iGoBanking is based out of Flushing Savings Bank in New York and is the bank’s online division.

Bankaholic has been following this rate says, “iGoBanking has stuck with this deal since late July”. With their low minimum deposit of $1,000 it’s a CD rate that many will be able to take advantage of. If you do plan on investing into a certificate of deposit, shorter termed CDs are better than longer term.

With a $1,000 deposit into iGoBanking’s 3 month CD @ 1.35%, you will earn $3.38 or on a $10,000 deposit your earnings would be about $33.79. That isn’t much in the way of earnings, but its still the best rate you will find. If you are looking to store your cash for a few months, this might be the best place to make a little interest while your money sits around.

To compare how high iGoBanking’s 3 Month CD rate really is, we have listed the next 3 banks with a minimum deposit of $10,000:

  • 0.95% APY offered at VirtualBank, a division of Lydian Private Bank in Palm Beach Gardens, Fl.
  • 0.90% APY offered at Goldwater Bank, out of Scottsdale, AZ.
  • 0.80% APY offered at Woodlands Commercial Bank, located in Salt Lake City, UT.

(These CD rates were checked by Bankrate)

All of these banks allow anyone to buy their CDs regardless of where they live.

If you are looking for longer term CDs, be sure to check out our list of CD rates from top banking institutions.


Best CD Rates in Utah – October 2009

Below you will see the best CD rates for the state of Utah.

We have reviewed and sifted through many banks to find the best local rates Utah, and more specifically Salt Lake City, has to offer.

While with local CD rates you often get the personal touch of a friendly local banker, you may find the rates to be just under the national average.  You can check out our best cd rates to help you determine whether your local cd rates or national cd rates are better.

We determine the “highest” local rates by factoring in the CD rates with their respective term and comparing them to the national average.

Here are Salt Lake City, Utah’s best local CD rates.

6 Month –

  • First Utah Bank – 1.76% APY – Minimum deposit = $500
  • Delta Community Credit Union – 1.50% APY – Minimum deposit = $1,000

12 Month –

  • First Utah Bank – 2.02% APY – Minimum deposit = $500
  • Delta Community Credit Union – 2.00% APY – Minimum deposit = $1,000
  • Home Savings Bank – 2.00% APY – Minimum deposit = $1,000

24 Month –

  • Hudson City Savings Bank – 2.50% APY – Minimum deposit of $5,000
  • First Financial Bank – 2.50% APY – Minimum deposit = $5,000

All of the banks listed are FDIC or NCUA insured.

Remember CD rates are time sensitive.  Please check with the financial institution for current rates and more details.  Refer to the date of this article for probable accuracy of cd rates.