Dedicated to Deposits: Deals, Data, and Discussion

Countrywide's Savings Account Now 5.25% with only $10K Min

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Countrywide Bank lowered the minimum to receive the 5.25% APY on its savings account. It used to require $50K. Now it's only $10K. Balances below $10K still earn 4.50% APY. Countrywide first reached 5.25% for $50K balances back in June.

Savingslink is a new savings account at Countrywide. I first mentioned it in this May 19th post. It's very similar to other online savings accounts. There are no minimum balance requirements and no monthly fees. You can link up to 3 external accounts, and all links can be done online. One important note regarding Countrywide is that it has been reported that it does a hard credit pull for every new account that you open.

One interesting note regarding interest rates at Countrywide is how inverted the yields are now. Countrywide has followed many other banks in the last month and lowered its CD rates. Maturities of 6 to 12 months now earn 5.40% APY. However, CDs with terms between 30 months and 84 months now only earn 5.15% APY. All CDs have a minimum of $10K. So now you can earn a higher rate on a liquid savings account over a 5-year CD.

Comments
6 comments.
Comment #1 by Anonymous posted on
Anonymous
Unusual info about Countrywide here http://irreverantstocklist.blogspot.com (have not checked credentials so do your own homework).

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Comment #2 by Anonymous posted on
Anonymous
they have made a few changes since the creation of this new-style acct, which is electronic-only, meaning no checks or ATMs... just txfr $$ electronically in or out of the acct.

u have a daily max of $105k in/out (that's $105k *each*), and $250k in/out monthly. they have also tightened the restriction that u can only have 1 external acct to txfr to/from, meaning you can't have a pool of various accts nor be able to txfr to/from your countrywide MM, etc.

with regards to the previous posters comment, the links to the articles they were referring to can be found specifically at these links:

http://irreverantstocklist.blogspot.com/2007_03_25_archive.html
http://irreverantstocklist.blogspot.com/2007_04_01_archive.html
http://irreverantstocklist.blogspot.com/2007_04_08_archive.html

so, to me, all this just means that we need to be cautious about countrywide. i mean, if you *really* wanna gamble, try Ford Motor Credit: for their MM acct (called Interest Advantage), you can get a whopping 5.91% rate (6.07 APY), but that's not FDIC-insured and is only guaranteed as long as Ford is around and hasn't declared bankruptcy. tempted to gamble? checkout:

http://fordcredit.com/interestadvantage

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Comment #3 by Anonymous posted on
Anonymous
I think there is a prbolem with Countrywide. I transferred some money to Countrywide over 11 days ago and it is still not available

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Comment #4 by Anonymous posted on
Anonymous
I was advised they no longer do a hard credit pull...Wachovia take note!

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Comment #5 by Anonymous posted on
Anonymous
FYI no cash is kept in any of their San Diego branches so when you close an account you have to wait approx a week (according to their CSR) to receive the check from Texas. That's a week with no interest collecting.

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Comment #6 by Anonymous posted on
Anonymous
Anyone have any information how the possible bankruptcy of Countywide Home Loans will affect these savings link accounts?

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