iGObanking
CD APY Range
Money Market APY
CD Min Deposit
Our Rating
iGObanking is an online banking division of Flushing Bank, which is a commercial bank that is insured by the FDIC. iGObanking provides a diverse range of financial accounts, including savings accounts, money market accounts, CDs, and even a checking account.
The process of opening these accounts is made simple and convenient through their user-friendly online application.
iGObanking CD Rates
iGObanking offers customers two choices for CDs: High Yield CDs and GiftsforBanking CDs.
The interest rates offered by iGObanking for High Yield CDs are highly competitive, making them one of the top choices for short term CDs. However, the variety of terms is very limited and can be a big drawback for investors since it's available in three different term lengths, ranging from six months to 15 months.
To open a High Yield CD, a minimum deposit of $1,000 is required. Interest is compounded daily and credited to your account on a monthly basis. Here are the interest rates offered by iGObanking for High Yield CDs:
CD Term | APY |
|---|---|
6 Months | 4.75% (Compare ) |
12 Months | 5.25% (Compare) |
15 Months | 4.75% |
iGObanking's GiftsforBanking CDs provide customers with the option of long-term CDs. However, the interest rates offered for these CDs are relatively lower compared to other options. Additionally, a higher minimum deposit of $25,000 is required to open a GiftsforBanking CD.
The name “GiftsforBanking” reflects the added benefit that accompanies these CDs: upon opening a CD, customers are entitled to choose a free gift from our gift catalog.
CD Term | APY |
|---|---|
2 Years | 2.95% |
3 Years | 3.00% |
5 Years | 1.00% |
Lastly, early withdrawal penalties may be applied if you withdraw funds from your account before the maturity date. The penalties are as follows:
- For accounts with an original maturity of 3 months – 1 year: 3 months simple interest
- For accounts with an original maturity of 1-3 years: 6 months simple interest
- For accounts with an original maturity of 3-7 years: 12 months simple interest
iGObanking Money Market Account
The iGOmoneymarket is a high-yield money market account offered by iGObanking. Money market accounts are a combination of checking and savings accounts, offering certain benefits.
As of September 2024, with the regular iGOmoneymarket account, you can enjoy high interest rates of $25,000 APY. However, there is a higher balance requirement for this account. You need to deposit a minimum of $25,000 to open the money market account and start earning interest.
The iGOindexmoneymarket account is a variable rate account linked to the Bloomberg FDTR, which represents the upper limit of the Federal Funds Target Rate. This means that the interest rate offered by the account will fluctuate along with changes in the FDTR. It offers a bit lower rate.
Your funds are accessible whenever you need them, and they continue to earn interest even when you're not using them. Best of all, there are no monthly maintenance fees for this account.
Money Market Type | APY |
|---|---|
iGOmoneymarket | 4.78% |
iGOindexmoneymarket | 4.78% |
Additionally, you can take advantage of online and mobile banking features, including the ability to deposit checks using your mobile device. Moreover, you can set up automatic monthly transfers from your checking account for added convenience.
What Other Financial Products Offered By iGObanking?
iGObanking offers additional financial products such as checking accounts and savings accounts, here's a short overview about them:
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Savings Accounts
Our iGOsavings Plus and iGOsavings accounts offer low interest rates, no maintenance fees, and easy access to your funds.
- With iGObanking Mobile Banking, you can manage your accounts conveniently on the go. The APY is 1.50%.
- iGOsavings Plus offers 0.25% – 0.50% APY and provides an additional 0.50% reward credit based on balances and a minimum average monthly balance of $1,000 in an iGOchecking account.
Savings | APY |
|---|---|
iGOsavings | 1.50% |
iGOsavings Plus | 0.25% – 0.50% |
However, the rates are far lower than what you can get on other online hysa.
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Checking Accounts
iGOchecking is a no-fees checking account that provides a secure and convenient banking experience. Here's what it offers:
- No fees: There are no charges for maintaining the account.
- No additional fees: No overdraft, insufficient funds, or transfer fees.
- Minimum opening balance: You only need $100 to open the account.
- Mobile check deposit: Easily deposit checks using the mobile banking app.
- iGOdebitcard®: Access funds through a MasterCard® debit card.
- Global ATM access: Enjoy access to over 55,000 ATMs worldwide.
- Direct Deposit: Set up direct deposit for convenient and timely fund transfers.
About iGObanking
iGObanking, the online division of Flushing Bank, provides a range of deposit accounts, cutting-edge technology, and competitive rates.
However, it's worth noting that their customer support options are limited. The company does not offer live onsite chat, and customer support is only available on weekdays, Monday through Friday.
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.85% APY on savings
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- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
FAQs
How to open an iGObanking Online Account?
To open an iGObanking Online Account, you can complete a simple Online Application Form, which takes only a few minutes. Once your application is approved, you will be automatically enrolled in iGObanking Online Banking.
How is interest calculated on savings and CD accounts?
Interest on savings and CD accounts is calculated using daily compounding. It is credited to your account on a monthly basis. You can view the interest credit on your eStatement for each month you have earned interest.
What happens to my CD at maturity?
When your CD reaches maturity, it will automatically renew. The interest rate for the renewal will be the prevailing rate at that time. You will receive an email notification informing you that your maturity notice is available for viewing through Online Banking.
What are the daily and monthly mobile check deposit limits?
The general mobile check deposit limits are as follows:
- $2,500.00 per business day
- $25,000.00 per month (calculated over any 22 consecutive business day period)
How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
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CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
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CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
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Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
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Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
