Dedicated to Deposits: Deals, Data, and Discussion

Countrywide Bank's 4.10% 7-Month CD Special

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Countrywide Bank just came out with a 4.10% APY 7-month CD special. This is listed in the CD rate table along with the standard CD rates (which haven't changed). The special 7-month CD seems to have the same requirements and features as the standard CDs. The minimum deposit is $10,000.

This is very similar to the 4.11% 7-month CD special that Bank of America started (see post). With the merger of Countrywide into BofA, I guess this can be expected. I'm pleasantly surprised to see high CD rates like this after the merger.

For those who already have the Countrywide SavingsLink account, this Countrywide CD may be easier for you to open and close than the BofA CD. Details of Countrywide CDs are listed in their Application Disclosure Handbook (pdf) starting on page 19. Some of the important CD details include:
  • If you apply for the CD online or by phone, you have 10 calendar days to fund the CD to guarantee the rate at the time of the application.
  • 91 days of interest early withdrawal penalty for terms under 12 months.
  • Grace period at maturity when you can close without penalty is 10 calendar days
  • No hard credit inquiries for opening CDs or savings accounts
  • CD funding options: mail a check, wire transfer, or drop off check at a CW financial center. There's now an ACH funding option. For those with a SavingsLink account, you can use the same SavingsLink links to transfer money to fund the CD.
According to BofA Merger FAQ's, deposits at Countrywide Bank and BofA continue to be FDIC insured separately. This will likely change some time in the future. According to BofA, they'll "notify you well in advance of any changes related to FDIC coverage resulting from this acquisition." To review Countrywide Bank's FDIC information, please see their FDIC page. With the merger being official, Countrywide deposits are probably as safe as BofA deposits. Nevertheless, it's always a good idea to stay below the FDIC limits.

Thanks to the reader who mentioned this CD special in the comments.

  Tags: CD rates

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