Indymac Bank Raises 12-month CD Yield to 4.45%
Jul 11, 2008 - 5:36 PM by Ken Tumin
Update 7/11/08: FDIC puts Indymac Bank into conservatorship. See post for more details.
I just posted on Indymac's latest problems late yesterday. I was concerned that these latest problems may limit the deposit rates. That doesn't appear to be the case. They just raised the yield on the 12-month internet CD special from 4.35% to 4.45% APY. However, the rates on the 9 and 10-month terms fell. Below is the latest list of their online rates.
Note, some of the above CDs are specials and require new money. Please refer to my April Indymac post for more details about the CDs and my experience opening and closing an Indymac CD.
To review the latest Indymac news and important FDIC facts, please refer to this Monday post.
It would definitely be wise to stay under the FDIC limits. This FDIC Indymac page has more of their financial details.
I just posted on Indymac's latest problems late yesterday. I was concerned that these latest problems may limit the deposit rates. That doesn't appear to be the case. They just raised the yield on the 12-month internet CD special from 4.35% to 4.45% APY. However, the rates on the 9 and 10-month terms fell. Below is the latest list of their online rates.
Indymac rates as of 7/08/08:
CD Term APY Change
3-month 3.70%
6-month 4.10%
9-month 3.85% -0.15
10-month 3.85% -0.15
12-month 4.45% +0.10
13-month 4.40%
18-month 4.40%
24-month 4.65%
36-month 4.85%
E-Money Market
Tier APY
under $10K 1.35%
$10K - $25K 3.85%
$25K - $50K 3.90%
$50K - $75K 3.95%
over $75K 4.00%
Note, some of the above CDs are specials and require new money. Please refer to my April Indymac post for more details about the CDs and my experience opening and closing an Indymac CD.
To review the latest Indymac news and important FDIC facts, please refer to this Monday post.
It would definitely be wise to stay under the FDIC limits. This FDIC Indymac page has more of their financial details.
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mk (anonymous) - #1, Tuesday, July 8, 2008 - 10:49 AM
If I open a 12 Month CD with Indymac and they go under, will
(a)FDIC transfer my CD to another bank paying the same interest?
(b)the new bank determine the interest for the remainder of the CD term?
(c) I get the option of taking cash and the accrued interest?
Banking Guy (anonymous) - #2, Tuesday, July 8, 2008 - 11:26 AM
In the case of when NetBank went under and ING Direct took over the deposits, the CDs were transfered to ING Direct without changes to the rates or terms. However, ING Direct did close some of the CDs. No early withdrawal penalties were charged. This post has more details about this.
Anonymous - #3, Tuesday, July 8, 2008 - 12:01 PM
It was a number of years ago. But when NextBank went to their final reward they did so with too much of my money in their vault. The FDIC instantaneously sent me a check for the principal. But the accrued interest put me over the FDIC limit. I wrote it off. The interest rate was so high I still had a good rate of return even with loss of that final interest. But the FDIC did NOT write it off and they did not forget me. Five years later they were still sending me my money back. They sent many small checks, but when added up those checks nearly equal the entire amount of my "lost" interest. Obviously now that interest is no longer lost. It's spooky, though fun, to receive money from the FDIC so long after I had forgotten about the entire matter. Bottom line, trust the FDIC to do everything they can to put things right. But be smarter than I was. Be certain to keep the total of your principal PLUS interest south of the FDIC limit.
Bozo (anonymous) - #4, Tuesday, July 8, 2008 - 7:54 PM
To; Anonymous
Re: Your Post on the FDIC
Oh, my goodness, such a good post. Thanks for posting your experience.
Anonymous - #5, Wednesday, July 9, 2008 - 12:25 PM
I had an existing Indymac CD mature today. I asked for and was given rate of 4.45 APY/12 mo term, so the "new money" requiremnent may not be etched in stone.
Anonymous - #6, Wednesday, July 9, 2008 - 12:52 PM
The most immediate problem with establishing Indy accounts is that it is virtually impossible to get hold of a CSR unless we have a spare hour. Seems to me that unless these people hire some additional CSRs pronto, their goal of raising capital via individual deposits will be seriously stymied. Good article in today's L.A. Times re the Indy CD rates as a "bonanza" for "opportunistic" savers.
Anonymous - #7, Wednesday, July 9, 2008 - 2:19 PM
The most immediate problem with establishing Indy accounts is that it is virtually impossible to get hold of a CSR unless we have a spare hour.
I have had no problem getting a CSR in a matter of minutes. I posted recently they hired 50 new Pasadena CSR's and hours lengthened to 11:00am PST.
Anonymous - #8, Friday, July 11, 2008 - 11:49 AM
Rates appear to have changed again....
Sharlotte (anonymous) - #9, Tuesday, July 15, 2008 - 11:12 AM
Hi. I found your blog very interesting. Every time it comes to bank services I do not know which bank to choose. It is quite a problem at the present time you know. So many troubles and misunderstandings, that it is quite scaring. This time, on a really great site, www.pissedconsumer.com, I learned about IndyMac Bank. The bank has numerous reviews. Most of the feedbacks are positive. That is why this time I consider IndyMac Bank.
TonnyLy (anonymous) - #10, Tuesday, July 15, 2008 - 11:45 AM
What’s up! Your blog is great but I hate banks. I had to deal with plenty of them and it did not work out. All the time there were troubles and I could not resolve them in my favor. From www.pissedconsumer.com I learned about this IndyMac Bank. At first, it seemed to be a good one, but later on I was disappointed. I should have taken into consideration those complaints I read about IndyMac Bank on www.pissedconsumer.com.
Chase (anonymous) - #11, Wednesday, July 16, 2008 - 5:56 AM
Hello. What a great blog. Concerning IndyMac Bank which I happened to notice here I have to say – it is not that bad. However, on www.pissedconsumer.com the clients complain about the bank, I have to say that you have to listen to people’s experience but also it is good to run a risk and try it yourself. Who knows maybe you will be a satisfied customer.
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