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Rates up at Corus Bank - 4.28% 12-Month CD and 3.70% Money Market Account

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Corus Bank
Corus Bank raised its CD and money market rates today. The new CD rates include a 3.56% APY 3-month CD, a 3.81% APY 6-month CD and a 4.28% APY 12-month CD. The minimum deposit is $10,000. The money market account yield is now 3.70% APY (was 3.56%).

Please refer to my Corus Money Market review and my Corus CD review for more details. One downside with the MMA is the $10K minimum balance requirement to avoid a $25/month fee. Also, it lacks an ACH transfer service.

Corus Bank is another bank that has been hurt with the real estate slump. This Chicago Tribune article looks at the recent concerns. Bankrate gives Corus Bank 2 stars (below peer group) based on 3/31/08 data. But BauerFinancial gives it a 3.5 star rating (good) based on 3/31/08 data. The bank is FDIC insured (FDIC Certificate # 13693).
  Tags: money market accounts, Corus Bank, CD rates

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Comments
3 comments.
Comment #1 by DollarBill (anonymous) posted on
DollarBill
Perfect timing as I just had a Corus CD expire on 7/19 and was going to run out the 10-day grace period before making a decision. After seeing this new rate, I renewed on-line this morning for 12 months but wasn't sure that I got the 4.20/4.28 rate so I called Corus and I'm glad I did. CSR told me that since my CD had expired on 7/19, she would have to manually adjust my renewal rate up to the current 4.20/4.28%. I got the impression that had I not followed with with a phone call, I would have gotten the lower rate that was in effect on 7/19, even though I renewed this morning (7/25) on-line.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Glad you were able to get the higher rate. This is one advantage of a long grace period. Some banks only have a 7-day grace period.

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Comment #3 by Anonymous posted on
Anonymous
Is interest paid during the grace period only if you renew the CD?

1