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5.31% 6-Month CD at Corus Bank - Available Nationwide

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Corus Bank
Update 2/1/08: Rates continue to drop. Please check the bank's website for the latest rates.
Update 1/15/08: The 6-month CD yield has dropped to 5.15% APY.

Corus Bank recently raised its 6-month CD yield to 5.31% APY (up from 5.10% APY). The minimum deposit is $10,000. The 12-month CD yield declined from 5.10% APY to 4.69% APY.

Corus Bank had a history of very competitive 6 and 12 month CD rates, but for most of last year, their CD rates had lagged. However, in the last few months, these CD rates have held up better than the CD rates at many other banks. We'll see how long they'll keep this 6-month yield high.

In November, I did a review of Corus Bank's Ultimate Money Market account (see post). The yield of 5.10% APY remains very competitive and is close to what it was in November.

Here are a few things I noticed about Corus Bank's CDs while I was reviewing the new account online application page:
  • They require a copy of your driver's license or other official ID for new customers
  • Interest is paid monthly. You can have it compounded or paid out by ACH to another bank account.
  • Source of funds can be from wire transfer or by check
  • POD beneficiaries can be listed in the online application
  • Application can also be used for Business CDs

Corus Bank has also been affected by the mortgage problems. In August I reported on a news article describing potential troubles at Corus due to its large exposure to the Florida condo market. Bankrate gives Corus Bank 2 out of 5 stars (below peer group) based on 9/30/07 data. The bank is FDIC insured (Certificate # 13693).

Edit 12:22pm: Corrected interest payment details.
  Tags: Illinois, Corus Bank, CD rates

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Comments
10 comments.
Comment #1 by Anonymous posted on
Anonymous
For their 6 month CDs (They only have two kind -- 6 and 12 months), interest is paid monthly. It used to be payable at maturity but this practice was changed over a year or so ago; their APY reflects monthly accruing. I'm a regular customer of Corus.

2
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. Looks like their rate disclosure hasn't been updated. I was wondering why there was a discrepancy with the online application. I've updated the post with this correction.

1
Comment #3 by Anonymous posted on
Anonymous
Does anyone happen to know how long their good rates typically last. I will have another cd maturing on 2/1.
thanks

1
Comment #4 by Anonymous posted on
Anonymous
Rate changes, if any, typically occur on Tuesdays, in the morning.

1
Comment #5 by Anonymous posted on
Anonymous
Does anyone know if they do a hard credit pull??

thanks in advance

1
Comment #6 by Anonymous posted on
Anonymous
6 month rate changed to 5.15% APY while 12 month remained at 4.69% APY.

1
Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the update. Sorry to see it drop so soon.

1
Comment #8 by Anonymous posted on
Anonymous
Contrary to their practice of posting rate changes on Tuesdays, Corus posted new, lower rates effective today: Money Market 4.5% APY (with $10K min.), 6 month CD 4.2% and 12 month CD 3.86%.

1
Comment #9 by Anonymous posted on
Anonymous
does anyone know how the downturn in their RE portfolio affects the money market fund? Is there a cause effect? I signed up for thier Ultimate MM when it was over %5, its dropped almost a full point in a month.

1
Comment #10 by Banking Guy (anonymous) posted on
Banking Guy
I think their recent rate drop is probably more to due with the current rate environment than their RE portfolio. After the Fed slashed rates by 1.25% in late January, all savings account and MMA rates have gone down by 1 to 2%. Corus remains one of the few with yields above 4%. To compare MMA rates, please refer to my weekly rate list.

1