5% 1-Year CD at Countrywide Bank?

Countrywide Bank has been advertising in the Chicago Tribune about a 1 year 5% APY CD. This is based on reports from this fatwallet thread. There's a minimum required deposit of $10K. To get the 5%, you need to mention the promotion code CHICAGO500.

This promotion might only be available for residents in the Chicago area. The 1-year CD rate currently posted at Countrywide's website is 4.70% APY for balances between $10K and $98K. Over $98K the rate increases to 4.75% APY.

Countrywide has consistently maintained high CD rates. Countrywide is one of the few banks that is offering certificate of deposit rates of 5% and higher on terms 3-years and longer. I first posted about this back on November 11th. Netbank also had similar rates back then, but they didn't last long. Currently, only Netbank's 5-year CD yields 5% APY.

One problem that I have with Countrywide is its lack of ACH transfer system as I mentioned in this September post. Looking back at this post, it's also apparent that Countrywide's money market account hasn't kept up compared to other banks. Currently, its money market account earns 3.50% APY on deposits between $1K and $50K. Back in September, the rate was 3.45% APY. Even ING Direct has done a better job with the rates.