The First Internet Bank CDs offer competitive interest rates. The rates are competitive with other online accounts. First IB CDs offer interest rates much higher than typical bank rates. All the different CD terms offer competitive interest rates.

The amount required to open First Internet Bank CDs is low. CD terms requires $1,000. That amount is low compared to some online CD accounts. With that $1,000 required amount, you can open any of the First IB CD terms.

First Internet Bank offers a good variety of CD terms. The terms range from 3-months to 60-month CDs. They offer a total of eight CD account terms. All the CD terms are online CDs. You can apply for any term length online through the First IB website.

First Internet Bank offers a variety of ways to fund the CD. You can deposit money through an ACH transaction or deposit a check. You can set up a linked external account and make an electronic transfer. You can also send a wire or use a credit card for the initial funding of the CD. They do not accept third party checks.

First IB charges a fee for withdrawing money before the maturity date. The fees are high compared to other CD accounts. For three-month terms, the fee is 90 days of interest. For terms from 6-months to 18-months, the fee is 180 days of interest. The fee for CD terms from 24-months to 60-months is 360 days of interest.

First Internet Bank may charge a fee based on how you choose to receive your money from closed CDs. There is not a fee if you deposit the money into your First IB checking or savings account. If you request a check when you close your account, there is a $5 fee per check.

When you apply for an account, First IB must approve your account application. Once you complete the application, they will review your application. If you are approved, First IB sends an email within two business days after they review your account. If you already have a savings or checking account with First IB you do not need approval again.

First Internet Bank does not allow you to transfer money out of your CD accounts. They offer a fund transfer service, but their CD accounts are not eligible. Other First IB accounts charge a $5 fee to transfer money from a First IB account to an external account.

Read the full First Internet Bank of Indiana review.

Union Bank offers a variety of CD terms. The terms range from 91-days to 60-months. They provide standard CDs as well as agricultural CDs. These are for the farmers of Michigan who have their business accounts with Union Bank.

The Union Bank CDs offer interest rates that are competitive with other online CDs. They offer a special 15-month and a 36-month terms. These terms earn more competitive interest rates. These two CDs are promotional. The other CDs are not promotional and earn competitive rates.

The initial required amount to open standard Union Bank CDs is low. Each of the CD terms only requires $500 to open. The interest rates are not tiered. Any balance over $500 earns competitive interest rates.

You can choose how to receive the interest you earn off Union Bank CDs. You can have the interest added to the CD balance. You can have the money mailed to you in the form of a check. You can also have the interest deposited into another checking or savings account.

Union Bank CDs cannot be opened entirely online. You fill out the initial application online. Once the bank reviews your information, they will contact you. You then set up a time to go into a branch location to finish the account opening process. When you visit the branch, you will pay the initial opening amount.

Union Bank CDs do not offer an interest rate guarantee. If the rates increase shortly after you open a CD, you will not receive the higher rates. Union Bank CD rates are competitive with other online CDs.

The only deposit you can make into Union Bank CDs is the initial deposit when you open the CD. After that, you must wait until the CD reaches maturity to add money to the account. The CD will automatically renew unless you contact customer service to make changes.

The only personal CDs Union Bank offers are standard CD terms. They do not offer IRA, educational, no-penalty, or add on CDs. The standard CD terms range from 91-days to 60-months.

Read the full Union Bank review.