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.