Element Financial is a new online division of Irwin Union Bank, FSB that offers CDs which have currently have some fairly high rates. Some of their current CD rates include 5.35% APY for a 3-month term, 5.44% APY for a 6-month term, 5.42% APY for a 12-month term and 5.41% APY for a 5-year term. The minimum deposit is $5,000. Larger deposits yield higher rates.

Here’s some of the information for their certificate of deposits:

• CDs are funded with an electronic ACH transfer from another account
• Withdrawals of CD funds are transfered via ACH back into the initial funding account
• 10 calendar grace period at CD maturity in which you can withdraw funds without a penalty
• Instructions about closing a CD at maturity can be sent by their secure contact-us message service or by written request by mail
• Early withdrawal penalties are 91 days of interest for terms under 12 months and 182 days of interest for terms of 12 months and longer. Penalty may reduce principal if withdrawal is done before these times.
• A pre-renewal notice is sent about 12 days prior to the CD maturity date
• Statements are not issued. Balances can be checked online or by phone.
• Interest accrues daily, compounds monthly and is paid monthly
• Interest begins to accrue on the business day the CD is opened

Element Financial is a division of Irwin Union Bank, FSB which is FDIC insured. Bankrate.com’s review gives the bank a 4/5 star rating.

No related posts.