Dedicated to Deposits: Deals, Data, and Discussion

5.50% 3-Month CD at IndymacBank


Indymac Bank is offering a 5.50% APY 3-month internet certificate of deposit. It also has a competitive 9-month CD with an APY of 5.60%. The minimum is $5K.

Indymac has been offering good deals on its short-term CDs for a while. Their best deals use to be their 7-month CDs which often had rates higher than the 1-year CD.

The early withdrawal penalty for the CDs of terms under a year is 1 month of interest. The CD will automatically renew for the same term. They have a 7-day grace period in which you can withdraw the funds after maturity without penalty. Refer to my previous post for more info on Indymac and their CDs.

I've noticed some problems in the last two days with Indymac's website. If the Indymac link doesn't work, please try again later.

Comment #1 by Tushar Desai (anonymous) posted on
Tushar Desai
Got conflicting information from CSR

From CSR (using chat session) - I was told that they charge $3 per ACH transaction

From CSR (over the phone) - No ACH transactions allowed online. You either use check or wire money in/out. Wiring money out of IndyMac gets charged $30/wire.

Not worth for folks wanting to do online banking in this case.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
If you get their Value Checking account (which has no monthly fee), you might then be able to do ACH from your external account into and out of this checking account. Then you may be able to fund a CD from this checking account or transfer the money from a matured CD into this checking account.

Comment #3 by Tushar Desai (anonymous) posted on
Tushar Desai

The above fees page explicitly states about the money transfer fee. So I believe what the CSR told me about the $3 fee/ACH transaction stands true unfortunately.

Comment #4 by Luu (anonymous) posted on
No ACH in for deposit the money, which is not good for people want to do it online.

Not worth the hassle to sent in by check.