Having a name like Giant Bank gives off the impression of a solid bank that’s been around for years. Contrary to its name, Giant Bank is still relatively new, having been formed only in 1999. It is also an online bank without a brick and mortar counterpart under the same name. Despite being a new institution, Giant Bank was formed as an Internet Banking Division of Landmark Bank which has been in operation since the 1900’s. This gives the bank some form of credibility.
The purpose of Landmark Banks formation of Giant Bank is to offer online banking services to its consumers while allowing an increase in rates because of the cheaper overhead as compared to physical banks. Their promise of giving back to their consumers is not mere words as Giant Bank is now offering the highest 6 month CD rate with 1.00% APY.
A look at Giant Bank’s CD Rates:
3 month CD – 0.50% APY
6 month CD – 1.00% APY
9 month CD – 1.05% APY
12 month CD – 1.09% APY
24 month CD – 1.29% APY
36 month CD – 1.54% APY
60 month CD – 1.98% APY
Aside from leading in the 6 month CD category, Giant Bank is also giving good rates for 3 month CDs. It currently ranks second among the highest rates, coming after OneWest Bank’s 0.60% APY. It also gives a fair 1 year CD rate, with the highest rates from Doral Bank at 1.15%. This trend also follows with 3 year CD rates with the highest rates again from Doral Bank at only a slight difference of 1.60%.
Giant Bank however falls slightly behind the others in the longest term CD, the highest 5 year rate being 2.20% from First Internet Bank of Indiana. This is a large gap from what Giant Bank is offering, but nonetheless, Giant Bank’s rate is still higher than the national average of 1.26%.
Despite being a relatively new banking institution, Giant Bank places its credibility on the length of existence of its founding company, Landmark Bank. For those who are looking for higher rates, Giant Bank may just do it for you.