CD APY Range
Money Market APY
CD Min Deposit
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:
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.
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 2023, 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
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:
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.
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.
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.
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.
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.
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.
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)