Corus Bank bumped up their CD rates this week to 3.75% APY for both the 6 and 12-month terms. Their money market account yield remains at 4.00% APY, and is the only money market account with check writing that has a non-promo rate this high.
For more details about thier CDs, please refer to my January post, and for more money market details, please refer to my November post. The two main downsides with the money market account is a $10K minimum balance requirement to avoid a $25/month fee and the lack of an ACH transfer system.
Corus Bank is having problems in this credit crisis. As this WSJ article describes, Corus has made some bad choices in its loans:
Corus Bank lending unit tops the list of the top 100 public banks when it comes to exposure to construction and development as a percentage of total loans, according to Stanford Group Co. About 83% of its loans fall into that category, and most of those were to condo developers that went on a building spree in slump-hit cities such as Miami, Las Vegas and Atlanta.
However, the article states that Corus does currently have a cash cushion and is one of the best-capitalized in its peer group of midsize to big banks. This may be why Corus Bank is still rated 3.5 out of 5 stars (good) at BauerFinancial based on 12/31/07 data. However, it's only rated 2 out of 5 stars (below peer group) at Bankrate. Both are based on 12/31/07 data.
Branches are located in the Chicago area. Corus Bank is a member FDIC (Certificate # 13693).
For other nationwide money market and CD rates, please refer to my weekly rate summary.