Dedicated to Deposits: Deals, Data, and Discussion

5.10% 3-Month CD at Countrywide in CA, 5.00% In Some Other States


These may be the last 5% CDs we see from Countrywide Bank. The highest rate on its internet CDs is only 4.80% APY for the 3-month term, but local 3-month CD yields are as high as 5.10% APY for those in California. The next highest that I can find is Illinois with a yield of 5.05% APY. Several states have a 5.00% APY (TX, MO, NY, FL and WA). You can check what's available in your area by typing in your zip code in Countrywide's CD rate page.

You can also still get 5% APY from Countrywide in its savingslink account (with a $10K minimum). But with the latest massive Fed rate cut along with the pending buy-out by Bank of America, we'll probably continue to see lower savings account and CD rates from Countrywide.

I believe Countrywide still gives you 30 days after the CD application to make additional deposits as long as you fund the CD with the $10K minimum within 10 days (see post). This can be useful if you have a CD that's nearing maturity. However, this seems to be ending. A reader had commented about a notice he received stipulating that effective Feb 19, 2008, you'll only be able to make additional deposits during the grace period.

Thanks to the reader who mentioned this local Countrywide CD rate.

  Tags: CD rates

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Comment #1 by Anonymous posted on
I can confirm that 5.05 is the best I could get from Countrywide in Illinois. Setting it up via phone is easy, though - if you have existing Countrywide account web access, the new CD simply pops in at the bottom of your other accounts, initially with $0. Via that website, I think you can then fund it with an online transfer from another Countrywide account. Be extremely careful about FDIC coverage, though.

Comment #2 by Anonymous posted on
NJ has 5% as well.

Comment #3 by Anonymous posted on
With Countrywide's present financial situation, I'm wondering if it's ok to start a CD with them.