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Home Savings Bank CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 3.0 Star Icon


  • Good variety of CD terms available
  • Competitive interest rates on CDs
  • CDs renew automatically
  • Early withdrawal fees low


  • High opening required amounts
  • Must schedule CD closure before maturity
  • All banking needs must be done online
  • Does not offer interest rate guarantee

What You Need to Know

Home Savings Bank offers a good variety of CD terms. They offer online only terms for those who do not live by a branch location and in-branch terms for those who do. There are a total of seven different CD terms for each type. The terms range from six-months to 60-months.

The CDs with Home Savings Bank offer competitive interest rates. The rates are much higher than typical bank rates. They are competitive with other online CD rates. Even the short-term CDs offer rates competitive with other short-term online CDs.

Home Savings Bank CDs will automatically renew after the CD reaches maturity. If you wish to keep your money in your Home Savings Bank CD, you do not have to contact customer service. The CD will automatically renew to the same CD term length. The rate will be determined on the day the CD renews.

The early withdrawal fees are low compared to other online CD accounts. For terms from six-months to 15-months, the fee is three months of interest on the withdrawn amount. For terms longer than 15-months, the fee is six-months of interest on the withdrawn amount.

The opening required amounts for Home Savings Bank CDs are high. Each CD term requires $5,000 to open. You can open any of the CD terms online with this set required amount. You must keep $5,000 in the CD to earn interest.

You cannot close your Home Savings Bank CD during the grace period. You must specify you want to close the account before the CD reaches maturity. You can set up to close your CD 30 days prior to the CD maturity date up to the day before maturity. Upon maturity, the money transfers into the initial account the money transferred from. Set up CD closure through online banking.

Home Savings Bank has specific online accounts. All activity for those accounts must be through online banking. Those activities include opening and closing CDs and all inquiries about the accounts. There is a $10 fee per transaction if any of this activity is done in a branch location.

Home Savings Bank does not offer an interest rate guarantee. The interest rate on the day you open the account is the rate you receive for the CD term. If the rates increase shortly after you open the CD, your interest rate will not increase.

Cool Things

Online Banking

Home Savings Bank is a completely online bank. You can access everything about your account online. You can open and close your CDs online. You can see account balance online. You do not have to live close to a branch location to open an account with Home Savings Bank. Accounts are available to people across the United States who meet the qualifications.


Home Savings Bank started in 1961. They started financing furniture sales. In 1979 they started taking saving deposits from the public and began being a finance company. They became a member of the FDIC in 1986.

Headquarters for Home Savings Bank is in Salt Lake City, Utah. They offer in-branch products and online products. Their online products they offer are CDs and IRAs. In-branch accounts include a checking and money market account, along with CDs. You must open these accounts in person.

Frequently Asked Questions

Is Home Savings Bank FDIC insured?

Yes. Home Savings Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does Home Savings Bank offer?

Home Savings Bank offers seven online CD terms. The terms range from six-months to five-years.

What is the required amount to open a CD with Home Savings Bank?

Each of the CD terms requires $5,000 to open. You can open any of the CD terms online with that required amount. You must keep that balance in the CD to earn interest.

How do I deposit money into Home Savings Bank CDs?

Fund your account by transferring money from an external bank account. Home Savings Bank must receive the money within seven days, or the account will close.

How do I access my money?

Through electronic transfers. When you close your account, the money transfers back into the linked bank account. You can request a check, but the process to receive a check is lengthy.

Do I have to open other Home Savings Bank accounts before I can open a CD?

No. Only CDs and IRAs are available to open online through Home Savings Bank.

Do Home Savings Bank CDs offer competitive interest rates?

Yes. Each of the CD terms offers competitive interest rates. The rates are competitive with other online CD terms.

Can I choose how to receive my interest payments from Home Savings Bank CDs?

No. Interest for online CDs cannot be deposited any other way during the CD term. Interest deposits to the CD.

What percentage am I charged if I withdraw money before the maturity date?

For CD terms from six to 15-months, the fee is three-months of interest on the amount withdrawn. For terms longer than 15-months, the fee is six-months of interest on the amount withdrawn.

How do I make changes during the grace period?

You must schedule CD closures prior to the maturity date. You must make those changes through your online banking before the CD matures. You cannot say you wish to close your account during the grace period.

How will I know my Home Savings Bank CD is nearing maturity?

Through Home Savings Bank online banking.

How long is the grace period between renewal?

The website says there is not a grace period for online CDs. Customer service said the grace period is seven days. Check for the grace period when you open your Home Savings Bank CD.

Are Home Savings Bank CD rates guaranteed for the entire term?

Yes. Home Savings Bank CDs offer fixed interest rates. They guarantee the rates for the life of the CD term.

Does Home Savings Bank offer mobile banking?

They do not list a specific app on the website. You can access anything with your account through Home Savings Bank online banking.

Is Home Savings Bank a good bank?

The interest rates for each CD term are competitive with other online CDs. They offer a good variety of CD terms. The opening required amount is high and customer service has limited hours. The disclosure online says that online CDs do not have a grace period after the CD reaches maturity.

Is Home Savings Bank secure online?

Their security measures comply with federal law. Their computers have safeguards and their building and files are secure. Home Savings Bank limits the personal information employees can access.

What is the shortest Home Savings Bank CD term offered?

The shortest term available is the six-month term.

What is the longest Home Savings Bank CD term offered?

The longest term available is the 60-month CD.

Does Home Savings Bank offer accounts other than CDs?

The only other online accounts available through Home Savings Bank are IRAs. They offer an in-branch money market and checking account, along with CDs.

Can I use Home Savings Bank CDs for my business accounts?

Specific business accounts are not listed on the website.

How do I reach customer service?

By phone, email, mail, or fax. Customer service hours are from Monday through Friday, from 9 a.m. to 5 p.m. MST.

Bank Contact Information

Home Savings Bank
P.O. Box 651480
Salt Lake City, UT 84165
(800) 587-0811

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