bank rates

First Internet Bank Of Indiana Takes The Lead On 24-Month CDs, Offering 1.51%

Folks, we have a winner.

Before the Federal Reserve hiked interest rates in December, we imagined that once the increase arrived, we’d see some banks revising their entire rate sheet upward, even if only by small increments.

But until today, that hadn’t happened once.

Sure, we’ve had banks boost a CD rate here or there, or even a handful of them. But we’ve also had banks lower several rates.

It’s been a total letdown for anyone expecting the Fed’s move to trigger better returns.

Today, though, I award an unofficial prize to First Internet Bank of Indiana.

With increases this morning on every CD it offers, the online bank out of Indianapolis is the first to elevate its rate sheet across all seven terms we track on our CD Rates Leaderboard of nationally available certificates.

Most notably, First Internet has captured the 24-month lead, bumping its rate from 1.41% to 1.51% APY.

This edges out the previous co-leaders Capital One 360, Live Oak Bank and E-Loan by only a single basis point, and doesn’t meaningfully change the landscape for top 2-year returns that we reported on a week ago.

But First Internet’s move today is still noteworthy for the comprehensiveness of its hikes. From 3-month maturities up to 60 months, it boosted all of its rates by 0.05% to 0.10% APY.

Requiring a $1,000 minimum deposit on its certificates of deposit, First Internet has been a strong and consistent contender across all the terms we track at Bankaholic. However, this is only its second time in the lead since 2011.

Thanks to today’s across-the-board increases, First Internet now enjoys a new distinction of appearing on our Leaderboard in five terms, a status matched by only one other bank: E-Loan.

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