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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Comments
16 Comments.
Comment #1 by Anonymous posted on
Anonymous
With regard to the FDIC coverage, I recall speaking to an FDIC rep back when B of A took over MBNA. He told me that the FDIC coverage would remain separate for at least six more months. Of course, some might argue that one doesn't need to worry about FDIC coverage for a bank like B of A, but that's up to each individual.

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Comment #2 by Anonymous posted on
Anonymous
Countrywide may have stopped doing hard pulls, but they still use ChexSystems for each and every account opened, regardless of their written promise not to do so. So a SavingsLink account will count as one, and each CD will count as another inquiry.

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Comment #3 by Anonymous posted on
Anonymous
The countrywide 4.10% deal is better as long as you are under FDIC limits!

Going to do the Countrywide CD. What is the min to AVOID fees on the Countrywide Savingslink account?

Thanks!

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Comment #4 by Anonymous posted on
Anonymous
The countrywide 4.10% deal is better as long as you are under FDIC limits!

Going to do the Countrywide CD. What is the min to AVOID fees on the Countrywide Savingslink account?

Thanks!

1
Comment #5 by Anonymous posted on
Anonymous
no minimum

https://bank.countrywide.com/scontent.aspx?cmtag=Content-fees

>What is the min to AVOID fees on the Countrywide Savingslink account?

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Comment #6 by Saagar (anonymous) posted on
Saagar
Does that mean that if you actually close the CD within one month they will cut money from your Principal as penalty?? Or you wont just get the interest?

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Comment #7 by Anonymous posted on
Anonymous
Called up countrywide to open a cd funded by savingslink.

IT seems like you cant do this over the internet and have to call in for it to be done.

I gave them a certain dollar amount which they verified and now it says initial dollar amount is less than I told them to fund it for on the website rounded down by a few hundred dollars. Hopefully its corrected after the funds are withdrawn.

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Comment #8 by jagermeister (anonymous) posted on
jagermeister
WAMU just released an 8 months 4.25% online CD. Min $1000 deposit:

https://online.wamu.com/banking/offers/Campaign001/landing/online_cd?hmelnk=hppb2prop10237

Sounds like a better deal than the BOA/Countrywide CD.

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Comment #9 by Anonymous posted on
Anonymous
I did the Countrywide CD for 7 months. I won't use WAMU again but for that matter I hate Bank Of America too.

They both suck.

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Comment #10 by Anonymous posted on
Anonymous
Overall, my Countrywide CD experience has been a good one, but beware you do need to stay on top of things. As promised, Countrywide sent written notice that my CD would be maturing. A week before my CD matured, I returned my instructions by certified mail. Delivery was confirmed at 10AM the day before it matured, yet when I checked online the day after it matured, my CD had been rolled over against my wishes. A quick call revealed they did have a copy of my instructions in the database, and everything was corrected the same day. Other than that, I have no complaints. Everyone I have spoken to has been courteous, competent and efficient.

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Comment #11 by Saagar (anonymous) posted on
Saagar
The closing process is a piece of crap for Countrywide. I have a financial center in like 3 miles from my place, but they cant issue a check for me for closing the account it seems. I/they will need to fax in the details and I will probably receive the check in 3-5 business days. Loss of interest for these days and if the check gets lost in mail, I have to file an affidavit blah blah blah... I cant believe they have a financial center and still cannot issue me a check....

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Comment #12 by moondanc (anonymous) posted on
moondanc
Countrywide will also let you open a "joint" account online (in order to get more FDIC protection) and then mail the signature card to you to get the joint a/c holder's signature. I haven't searched extensively but most other banks require "in person" appearance by joint a/c holder.

Also, monthly fee on SavingsLink a/cs is $10 if balance goes below $1000. When you open an a/c Countrywide tells you that you cannot get a check from their "banking centers"--

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Comment #13 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Are your sure the $10 fee is for the SavingsLink account? According to this Countrywide fees page, the $10 fee seems to only apply to their money market account.

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Comment #14 by Anonymous posted on
Anonymous
The Washigton Mutual 8-month, 4.25% CD is a good deal, but you are also required to have Online Banking with them to receive this rate.

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Comment #15 by Anonymous posted on
Anonymous
https://bank.countrywide.com/cwintvpage.aspx?destination=Portal&URL=http%3a%2f%2fmy.countrywide.com%2fPortalEntry.aspx%3ffrom%3d17559%26Action%3dPortal

ON this link it says countrywide is not FDIC insured.

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Comment #16 by Banking Guy (anonymous) posted on
Banking Guy
All banks that market products like stocks, mutual funds and insurance products have this disclaimer. This Countrywide page explains what FDIC covers and what it does not.

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