Global Innovations Bank, a small Minnesota-based institution, is offering a competitive 12-month CD Special at 5.61% APY.
This offer, marking the bank’s entry into the nationwide market, requires a $10,000 minimum opening deposit and is available to all U.S. citizens and resident aliens with a valid Social Security number.
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Global Innovations Bank CD Offer
Key features of the 12-month CD Special include:
- An APY of 5.61%.
- A minimum opening deposit of $10,000.
- No stated balance cap.
- The CD can also be opened as an IRA CD Special (Traditional, Roth, CESA).
The 12-month CD Special can only be opened online through CD Valet, a service that facilitates digital account opening.
The Global Innovations website does not directly list this CD Special, but applications are redirected through CD Valet.
Funding and Other Particulars
- Funding options include wire transfer (with a $20 fee) or cashier’s check.
- Early Withdrawal Penalty is 180 days of interest, with partial withdrawals allowed.
- Interest is compounded and credited quarterly, but earned interest cannot be withdrawn.
- At maturity, funds can be distributed via wire (with a $20 fee) or cashier’s check.
- There is no grace period for renewal; automatic renewal applies unless Global Innovations is contacted before the maturity date.
Global Innovations Bank has experienced a growth in non-brokered deposits, reflecting its strong financial health.
Established in 1889, Global Innovations Bank has undergone several rebrands, with the latest in 2020 emphasizing its commitment to technological capabilities while maintaining local service.
Our Take on the Offer
Global Innovations Bank’s 12-month CD Special presents a compelling opportunity for those seeking a short-term, high-yield investment.
While the offer is competitive, the lack of ACH transfer services and the requirement for a $10,000 minimum deposit may limit its appeal to some investors.
The bank’s strong financial health and focus on digital banking make it an attractive choice for tech-savvy savers looking for robust online services.
Frequently Asked Questions
Q: Can anyone in the U.S. open a Global Innovations Bank CD?
A: Yes, the offer is available to all U.S. citizens and resident aliens with a valid Social Security number.
Q: How can I open the 12-month CD Special?
A: The CD can only be opened online through CD Valet, which directs you to Global Innovations Bank’s online application process.
Q: Are there any funding options other than wire transfer or cashier’s check?
A: No, Global Innovations Bank currently only accepts wire transfer (with a fee) or cashier’s check for funding the CD.
Q: Is there a penalty for early withdrawal?
A: Yes, the early withdrawal penalty is equivalent to 180 days of interest.
Q: Can I withdraw the earned interest before the CD matures?
A: No, earned interest cannot be withdrawn until the CD matures.
Q: What happens if I don’t give instructions before the CD matures?
A: The CD will automatically renew if no instructions are provided to Global Innovations Bank before the maturity date.