Dedicated to Deposits: Deals, Data, and Discussion

Indymac Bank CD Rate Update - 4.45% 4-Month CD, 4.00% 10-Month CD


Indymac Bank raised the yield on its Internet 4-month special CD to 4.45% APY. The next highest yield is 4.25% APY on the 3-month CD. The only other CD with a decent rate is the 10-month CD which has a yield of 4.00% APY. All other terms have yields of 3.25% APY or lower (rate table).

For more info on Indymac Bank and its CDs, please refer to this previous Indymac CD post.

When I opened a CD online at Indymac last year, I used the ACH option to fund the CD. It took several days before the debit was made to my checking account. Then it took several days after that before I received the new account package in the mail. In that package I had to sign and fill out a few documents and mail them back in a postage-paid envelope. I had a question when I received the package, and it took me around 20 minutes before I could reach a CSR on the phone. I've read many readers with this same issue regarding their customer service.

My experience so far hasn't been too bad at Indymac. However, this Indymac CD review at Interesting Money shows what can go wrong. Like me, he chose the ACH option to fund the CD. However, he used his FNBO Direct account to fund the CD instead of a checking account at a local bank. Indymac refused to do an ACH pull from that account. Problems got worse from there.

As the 9th largest mortgage lender in the US, IndyMac is trying to recover from a very bad 2007. So be sure to keep under the FDIC limits. This CNN article reviews their prospects for turning things around this year. The CEO is trying to make the case that they'll return to profitability.

Indymac Bank is FDIC insured (FDIC Certificate # 29730).

Thanks to the reader bellesalladay who mentioned this new 4-month CD rate in the Finding-the-best-rates post.

Related Pages: CD rates

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Comment #1 by Anonymous posted on
If you can, open an IndyMac CD at the local office. They'll even give you the internet specials.

Comment #2 by Anonymous posted on
Once you establish an account they are great. Call early in the morning 6-7am PST and you will get American CSRs located in Pasadena. They are so polite and helpful.

Comment #3 by CornHusker (anonymous) posted on
I use only online chat to communicate with them, it is fast and easy for me.

When I open CD there, I also opened a reguler savings account there($250 min) at that time, I want to open checking account, but they said it only available for few states, I give up but they do mailed me the account open package for checking, I just ignore it.

The benefit to have a savings account there is, you can control your ACH, doing it from another bank, like GMAC. thus it is more predictable. Then when you see the money there, chat with them and ask them use that fund to open/fund CD, it is instant transfer, or when CD mature, ask them to move fund to the savings, it is instant too.

For online chat, they resolve my all problem, fund CD, close CD, reverse fee charged.

I am happy with them so far, but don't think I will keep money there too long.

Comment #4 by Anonymous posted on
I have commented on here before that I was not fond of CD'S But when rates started dropping it seemed like CD'S was the smart way to go. I have learned that if you want online CD"s you should check for exit doors on your way in cause they are not easy to find or use when you want out. Since I opened them on internet I assumed I could close them the same way. Not so, at least at WAMU and Indy-Mac. Spent 40 minutes on phone closing one at WAMU. One maturing tomorrow at Indy-Mac and can't close it by internet or phone. Must be fax or letter. These systems are operated like a roach motel, easy in but hell to get out. One due at amtrust in couple of days and have tried to get logged on there for two days and no luck yet. Live and learn I guess

Comment #6 by Boby (anonymous) posted on
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.**** Although the feedbacks about the company were not very positive I still ran a risk and went there.