iGoBanking Offering 3.55% APY 5-Year CD

iGOBanking.com is offering a 5-Year CD that pays 3.55% APY. That's currently the best 5-year cd rate according to the BestCashCow rate tables.

Whether you want to park money in a 5-year CD is another question. Many investors and economists believe that longer-term rates will go up due to government borrowing and a recovering economy. This is especially true for longer-term rates. As BestCashCow's weekly rate update noted, longer-term rates have already stabilized, remaining flat since August 2009. Rates could go up, or they could remain flat for an extended period of time. If you are cd laddering, then this offer may be especially appealing.

Opening an Account

Accounts can be opened online and are available nationally. There is a minimum balance of $1,000. Once the application is submitted, the rate locks for 10 business days. Funds can be deposited via an electronic ACH transfer a check. The bank uses a trial deposit system to verify the funding account belongs to you.

The early withdrawal penalty for the CD is equal to six months simple interest on the amount withdrawn. This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within any grace period mentioned below) or the bank receive written notice from you within 30 days from maturity.

About iGOBanking

iGObanking.com is a division of Flushing Savings Bank, FSB, located in New York. The bank has $4.1 billion in assets and is rated 4 out of 5 stars (excellent) by Bauer Financial for its safety and soundness. Flusing Savings Bank is FDIC insured.

This is not the first cd offer we have covered from iGOBanking. In November 2008, they offered an attractive 9-month CD paying a whopping 4.15% APY. Times have changed.