Dedicated to Deposits: Deals, Data, and Discussion

Countrywide Bank Rates Down But Still High


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.

  Tags: CD rates, IRA rates

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Comment #1 by Anonymous posted on
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.