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Still Some 5% CDs at Countrywide Bank


Short term 5% CDs haven't gone away completely. Countrywide Bank is offering 5% APY for 6 and 3 month terms if you open the CD through its Call Center or one of its local Financial Centers. The internet rate is 4.90% APY for these terms. If you type in your zip code at its CD rate table, you can see if the 5% is available in your area. I've confirmed the 5% for zip codes in California, Texas, New York, Florida and Illinois. The minimum deposit is $10,000.

The worries of the financial condition of Countrywide may be a moot point if its acquisition by Bank of America goes through. However, as this MarketWatch article describes, the acquisition is not a sure thing, and recent issues could put the deal at risk. As with any bank, it's always a good idea to stay below the FDIC limits. Please refer to this post for what you can expect from the FDIC when a bank fails.

As I mentioned in a previous post, 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.

  Tags: CD rates, IRA rates

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Comment #1 by Anonymous posted on
I used Dallas link but gave my Houston address but it still registered me for $50 bonus.

Comment #2 by rajesh (anonymous) posted on
rates have been lowered