Indymac Bank Raises 4-Month CD Yield to 5.40%
Dec 17, 2007 - 6:08 PM by Ken Tumin
Indymac Bank raised the yield on its 4-month internet special from 5.35% to 5.40% APY. The minimum deposit is $5,000. The 3-month CD yield was also increased to 5.40% APY.
For more info on Indymac Bank and its CDs, please refer to this previous Indymac CD post.
Like Countrywide, Indymac Bank has been offering some very high short term rates since August when news of its mortgage problems started to make headlines. The Mercury News reported last week that S&P cut Indymac's credit rating to 'junk' level due to the housing problems. So it's definitely wise to stay under the FDIC limits. Please see my FDIC post for more info about what FDIC covers.
Bankrate.com gives Indymac 2 out of 5 stars (below peer group) based on 6/30/07 financial data. The bank is FDIC insured (FDIC Certificate # 29730).
For more info on Indymac Bank and its CDs, please refer to this previous Indymac CD post.
Like Countrywide, Indymac Bank has been offering some very high short term rates since August when news of its mortgage problems started to make headlines. The Mercury News reported last week that S&P cut Indymac's credit rating to 'junk' level due to the housing problems. So it's definitely wise to stay under the FDIC limits. Please see my FDIC post for more info about what FDIC covers.
Bankrate.com gives Indymac 2 out of 5 stars (below peer group) based on 6/30/07 financial data. The bank is FDIC insured (FDIC Certificate # 29730).
Tags: California, CD rates
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Anonymous - #1, Monday, December 17, 2007 - 11:29 AM
How much hassle and time does it take to get money back from the FDIC?
Anonymous - #2, Monday, December 17, 2007 - 11:31 AM
fixed link for mercury news
http://www.mercurynews.com/news/ci_7692984
Banking Guy (anonymous) - #3, Monday, December 17, 2007 - 6:09 PM
Thanks. The link had worked for me until I removed the cookie. I've updated the URL without that variable that it added.
Anonymous - #4, Monday, December 17, 2007 - 10:48 PM
DO NOT, I repeat DO NOT deposit your money with this bank.
Anonymous - #5, Tuesday, December 18, 2007 - 9:46 PM
anonymous - why?
Mitch (anonymous) - #6, Wednesday, December 19, 2007 - 10:48 AM
I previously had a 12-month CD wth this bank. I experienced no difficulty in having the funds wired to my local bank. All I had to do was to fax a letter of instruction to customer service. The principal difficulty I have had with Indymac is the spoken English of the CSRs that is so heavily accented as to sometimes impede effective communication.
Anonymous - #7, Saturday, December 22, 2007 - 10:11 AM
Question, When you buy a CD through a bank like IMB how do you get your money back if you decide not to keep it upon maturity? Are there fees to ACH it back? I know there's no problem on their end obtaining the funds from me. Not sure if I want to maintain a deposit account at IMB where the funds could settle at maturity.
I've never bought a CD from a bank where I didn't have a checking or savings account. Especially an online one. Please advise thanks!
Mitch (anonymous) - #8, Saturday, December 22, 2007 - 3:59 PM
When my CD with Indymac matured, I was told there'd be a $25 (I believe)charge to have the funds wired back to my local bank. I did not have any trouble with the wire transfer. For some reason, although they will pay you monthly interest on your CD via ACH, they will not return your funds to you upon maturity in that same manner; wire transfer only. Another way to gouge depositors....
Anonymous - #9, Sunday, December 23, 2007 - 9:20 AM
thanks
Sharlotte (anonymous) - #10, Tuesday, July 15, 2008 - 11:18 AM
Hi. I found your blog very interesting. Every time it comes to bank services I do not know which bank to choose. It is quite a problem at the present time you know. So many troubles and misunderstandings, that it is quite scaring. This time, on a really great site, www.pissedconsumer.com, I learned about IndyMac Bank. The bank has numerous reviews. Most of the feedbacks are positive. That is why this time I consider IndyMac Bank.
Chase (anonymous) - #11, Wednesday, July 16, 2008 - 6:02 AM
Hello. What a great blog. Concerning IndyMac Bank which I happened to notice here I have to say – it is not that bad. However, on www.pissedconsumer.com the clients complain about the bank, I have to say that you have to listen to people’s experience but also it is good to run a risk and try it yourself. Who knows maybe you will be a satisfied customer.
Boby (anonymous) - #12, Thursday, July 31, 2008 - 6:43 AM
Hello. I find your blog very interesting. I think that everyone had something to do with banks. It is hard to choose a good and reliable one. After so many banks I had to deal with I should say that Indymac Bank is the best one. I learned about it from www.pissedconsumer.com. Although the feedbacks about the company were not very positive I still ran a risk and went there.
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