Dedicated to Deposits: Deals, Data, and Discussion

5.75% 12-Month CD at Countrywide Bank in California

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Countrywide Bank is advertising a 5.75% APY 12-month certificate of deposit for its financial centers in California. The minimum deposit is $10,000. I noticed this being advertised in several of the California newspapers today. You can also see this rate by typing in a California zip code at Countrywide's CD rate table.

Outside of California or through the internet, the 12-month CD yield remains at 5.65% APY for deposits between $10k and $250k, and 5.75% APY for deposits of $250k and over. With those reports of a bank run by the LA Times two weeks ago (see post), perhaps Countrywide Bank is having more difficulty attracting deposits in California than in other parts of the country.

With the issues Countrywide has been having in its mortgage business (see post), it seems prudent to stay below the FDIC insurance limits. Note, there are many ways to extend your FDIC coverage over $100K. However, you have to be careful, especially if you use POD's. Please see this post for more info.

For more info on Countrywide's savingslink account and CDs, please see this post.

To review Countrywide Bank's FDIC information, please see their FDIC page.
  Tags: California, CD rates

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Comments
Comment #1 by Janet (anonymous) posted on
Janet
I saw that, and it's very tempting. I notice that Countrywide has been in the news lately, and not in a good way. It doesn't seem like the most stable of financial institutions, but it is FDIC insured. How does that work, anyway?

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