Countrywide Bank Rates Down But Still High
Sep 30, 2007 - 6:00 PM by Ken Tumin
Countrywide Bank lowered their short term CD rates late last week, but the new rates continue to be very competitive. The new national 12-month CD yield is 5.50% APY for a minimum deposit of $10,000. Those in California can get an extra 10 basis points on all of the short term CDs.
Countrywide continues to offer 5.50% APY on its online savingslink account. For more info on this account, please see my savingslink post.
It has been over a month that Countrywide has responded to its credit problems with these high rate CDs and savings accounts. According to this Wall Street Journal article, Countrywide is pulling in $50 million a day in new deposits. So these high rates seem to be working to help fund its mortgage lending business.
Countrywide is FDIC insured (Certificate # 33143). Note, you can go over $100K and still be FDIC insured, but you have to be careful. Please see this this post for more info.
Countrywide continues to offer 5.50% APY on its online savingslink account. For more info on this account, please see my savingslink post.
It has been over a month that Countrywide has responded to its credit problems with these high rate CDs and savings accounts. According to this Wall Street Journal article, Countrywide is pulling in $50 million a day in new deposits. So these high rates seem to be working to help fund its mortgage lending business.
Countrywide is FDIC insured (Certificate # 33143). Note, you can go over $100K and still be FDIC insured, but you have to be careful. Please see this this post for more info.
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Anonymous - #1, Wednesday, October 3, 2007 - 3:03 PM
Countrywide allows additions to their CD's during the first thirty days, thus if you put in the $10,000 needed to get their high rate, you have a month to add to the CD and get the same rate for the rest of the term.
This is in their disclosure booklet, and the CSR confirmed it.
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