- $1,000 minimum to open
- $1,000 minimum balance to earn interest and to avoid $7/month fee
- Three checks per cycle allowed
- ATM access is available. No ATM charges by Indymac, but no refunds of other banks' fees.
- No bill pay or Visa check card available
- May not be available in all states
More info on fees is available at this Indymac fee page. This fee page is the same for all their products so some fees may not be applicable for this money market account. Some important fees to note include:
- Initiating funds transfers cost $3 for standard outbound and $8 for premium outbound. Inbound transfers are free.
- Incoming wire transfers cost $10 (except for when account is opened)
- Outbound domestic wire transfers cost $30
Since this money market account is different than the one I list in my weekly update, I overlooked this rate change (Thanks to the FW MMA thread for the update). I don't remember this Internet First Rate Money Market account having any competitive rates in the past. From Google's cache, I noticed that the rate was only 1.90% and 2.00% APY for balances over $25K on July 25th. I also find it strange that Indymac isn't advertising this change on its main webpages. I'll have to call tomorrow to see if it's for real and how long this 5.75% yield may last.
Indymac also has some very competitive CD rates. The 5 and 12 month CDs have a yield of 5.55% APY. The minimum deposit is $5,000.
Indymac is another bank that's heavy into mortgages and is being hurt by the current credit problems. Standard & Poor's Equity Research recently downgraded Indymac stock to a strong sell. Bankrate.com gives Indymac 2 out of 5 stars (below peer group) based on 3/31/07 financial data. The bank is FDIC insured (FDIC Certificate # 29730).