First Independent Bank CD rates
First Independent Bank lists 4.32% APY on its 24-month CD. That is 2.77 percentage points above the national 24-month CD average of 1.55% (FDIC, Oct 2026).
First Independent Bank at a glance
| CDs | |
|---|---|
| Top CD APY | 4.32% · 24 months · 24-Month CD |
| Minimum to open | $5,000 · 24 months CD |
| FDIC certificate | 1900 · Russell, MN |
|---|---|
| Website | www.fibmn.com |
| Branches | 12 branches in MN |
First Independent Bank CD rates
Personal
IRA
Rates are annual percentage yields (APY). A variable rate may change after the account is opened. Fees could reduce the earnings on the account. A penalty may be imposed for early withdrawal.
The national savings average is 0.38% (FDIC, Oct 2026). The top tracked savings rate on Banksparency is 12.00%. Across 59 savings accounts from 58 banks in the Banksparency core savings index, the median advertised rate is 3.66%, and one account in ten advertises 4.20% or more. See the highest savings rates.
First Independent Bank CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| Personal CDs | |||
| 7 months | 3.91% | $5,000 | 7-Month CD |
| 12 months | 3.49% | $2,500 | 12-Month CD |
| 13 months | 4.22% | $5,000 | 13-Month CD Special |
| 17 months | 3.70% | $5,000 | 17-Month CD |
| 24 months | 3.91% | $25,000 | 24-Month Variable CD |
| 24 months | 4.32% | $5,000 | 24-Month CD |
| IRA CDs | |||
| 7 months | 3.91% | $1,500 | 7-Month IRA CD |
| 12 months | 3.49% | $1,500 | 12-Month IRA CD |
| 17 months | 3.49% | $1,500 | 17-Month IRA CD |
| 48 months | 3.29% | $1,500 | 48-Month IRA CD |
What First Independent Bank pays on deposits
FDIC call report data
This section shows how the bank has priced the savings and money market deposits it already holds, over time. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
In Q2 2026, First Independent Bank paid a higher average rate on savings and money market deposits than 25% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
- First Independent Bank, savings and money market
- All-bank median
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
So what is the catch?
CDs
| Product | Term | APY | Min to open | Early withdrawal fee | Compounding |
|---|---|---|---|---|---|
| Personal CDs | |||||
| 7-Month CD | 7 months | 3.91% | $5,000 | not stated | not stated |
| 12-Month CD | 12 months | 3.49% | $2,500 | not stated | not stated |
| 13-Month CD Special | 13 months | 4.22% | $5,000 | not stated | not stated |
| Fine print: The minimum deposit must be new money. A transfer from an existing account at this bank does not qualify. At maturity this certificate renews as a 12-month fixed-rate certificate rather than at its original term. | |||||
| 17-Month CD | 17 months | 3.70% | $5,000 | not stated | not stated |
| 24-Month Variable CD | 24 months | 3.91% | $25,000 | not stated | not stated |
| Fine print: The interest rate on this certificate is variable, and the bank states that it can change during the term. The bank publishes no depositor-initiated way to raise the rate. At maturity the certificate renews as a 12-month fixed-rate certificate. | |||||
| 24-Month CD | 24 months | 4.32% | $5,000 | not stated | not stated |
| IRA CDs | |||||
| 7-Month IRA CD | 7 months | 3.91% | $1,500 | not stated | not stated |
| 12-Month IRA CD | 12 months | 3.49% | $1,500 | not stated | not stated |
| 17-Month IRA CD | 17 months | 3.49% | $1,500 | not stated | not stated |
| 48-Month IRA CD | 48 months | 3.29% | $1,500 | not stated | not stated |
Fine print for 2 CDs above: At maturity this certificate renews as a 12-month fixed-rate certificate rather than at its original term.
How First Independent Bank behaves over time
Recent rate changes, as observed
- Obs. Oct 10, 202613-Month CD SpecialCut:4.23%to4.22%
- Obs. Sep 18, 202624-Month Variable CDRaise:3.65%to3.91%
- Obs. Sep 8, 202624-Month CDCut:4.33%to4.32%
- 24 months CD
- The same as 30 days ago.
$10,000 at the 4.32% APY First Independent Bank advertises on 24-Month CD grows to $10,432 in a year. Prices rose 3.7% in the year to September 2026 (Consumer Price Index (CPI)). After a year of prices rising at that pace, it buys as much as $10,056 does today. See how the federal funds rate shapes savings rates.
First Independent Bank CD rates over time
Who is First Independent Bank?
| Headquarters | Russell, MN |
|---|---|
| Founded | 1903 |
| Scale | $632M assets · $533M deposits, $394M of it interest-bearing (Q2 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 1900 |
| Charter state | Minnesota · one of 223 insured banks chartered there (Q2 2026, FDIC) |
| Size | 1,489th-largest by deposits of 4,238 insured banks (Q2 2026, FDIC) |
Financial detail is in What First Independent Bank pays on deposits above.
Common questions about First Independent Bank
Is First Independent Bank FDIC insured?
Yes. First Independent Bank is FDIC insured under certificate 1900, so deposits are covered up to $250,000 per depositor, per ownership category.
Does First Independent Bank have branches?
Yes. First Independent Bank operates 12 branches according to FDIC branch records, in addition to its website and mobile apps.
Similar banks and related pages
Other banks chartered in Minnesota, nearest to First Independent Bank in deposits:
Rate hubs: today's highest savings rates, and CD rates by term.
State pages: CD rates in Minnesota, and banks in Minnesota.