Dedicated to Deposits: Deals, Data, and Discussion

4.00% 9-Month CD at a California Bank (Downey Savings).

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Update 11/21/08: The bank has been closed. Please refer to this post for more details.

Update 7/19/08: The special CD is no longer listed at the bank's website. Please check with the bank for the latest specials.

Downey Savings is offering a special 4.00% APY 9-month CD. The minimum deposit is $1,000, and the maximum is $250,000. It's also available in an IRA.

A branch visit appears to be required to open an account. Branches are located throughout California including the cities of Los Angeles, San Diego, San Jose and Sacramento. There are also a few branches in western Arizona.

Downey Savings is another California bank that has been hit hard by the tanking housing market and the credit crunch. According to the latest news their non-performing assets have been growing and are now over 14% of its total assets. The bank has a 2-star rating (problematic) at BauerFinancial and a 1-star rating (lowest) at Bankrate. Both are based on 3/31/08 data. The bank has been FDIC insured since 1957 (FDIC Certificate # 30968). As I recommend with any bank, be sure to stay under the FDIC insurance limits (see my FDIC post for more details).
  Tags: California, CD rates

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