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Big Increases in Corus Bank's CD Rates - Nationally Available

POSTED ON BY

Corus Bank
Update 10/30/2008: Corus Bank lowered its 12-mo CD rate. Current rates as of 10/30/08:
  • 3.85% APY for MMA
  • 4.15% APY for 6 months (was 4.25%)
  • 4.45% APY for 12 months (was 4.60%)

Corus Bank made a large increase to its 12-month CD rate today. The 12-month CD yield was increased from 4.36% to 4.75% APY. There was a smaller increase in the 6-month CD yield, but the increase makes the CD the best nationwide 6-month CD from a bank. The new 6-month yield is 4.25% APY (up from 4.05%). The 3-month CD yield remained at 3.56% APY, and the money market account yield also remained the same at 4.00% APY. The minimum deposit is $10,000. More details are available at Corus' rate table.

Please refer to my Corus Money Market review and my Corus CD review for more details. Corus has branches in Chicago, but accounts can be opened with an online application from any state. Initial funding must be done by check or wire transfer.

Like WaMu, it looks like Corus is in need of deposits. Corus Bank has been a big lender to condo developers in Florida, and the real estate slump has been taking its toll. However, this article makes the case that some of the grim predictions about Corus Bank may be too pessimistic.

As I recommend with any bank, it's best to stay under the FDIC limits. Corus Bank is FDIC insured (FDIC Certificate # 13693).

Thanks to the reader who notified me of these new rates.

  Tags: Illinois, Corus Bank, CD rates

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Comments
13 Comments.
Comment #1 by Anonymous posted on
Anonymous
I don't like the $100K minimum requirement to obtain the high rate. Could I live with $99K? Sure, no problemo. But the $100K minimum puts my interest at risk if the bank goes belly skyward. It is super unsophisticated of them to retain the $100K minimum in these times; and it's idiotic. Look, I wish them well and hope they remain in business. But if their situation goes south, I want ALL of my deposits to be insured . . . . and that includes accrued interest!! Period!

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
For the CDs and the MMA, the minimum for the top rates is only $10,000. They don't have higher rates for a $100,000 minimum. I don't know why Corus includes rates for the $100,000 minimum when they're the same rates as for the $10,000 minimum.

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Comment #3 by Tiburon Hiker (anonymous) posted on
Tiburon Hiker
Corus has been one of best banks I have dealt with in terms of expediency and efficient handling of my CD accounts. I have had several CD's with this bank over the past few years and all of my communications with them has been over the phone or via e-mail, yet service was just about as fast as if I had visited one of their branches. I had the funds on matured CD's usually within 3-4 days after maturity. They have my respect for the way they handle internet and out of state customers.

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Comment #4 by Anonymous posted on
Anonymous
Banking Guy thank you. My 6:46 post was ridiculous. I just did not see the $10K level. I was in a hurry, my eyes went straight to the $100K category, and I drew the wrong conclusion. My bad.

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Comment #5 by Anonymous posted on
Anonymous
I concur with Tiburon Hiker. Corus is fast, efficient and fair when opening or closing out of state CDs. I also appraeciate the fact that CD interest can be paid monthly via ACH to a non-Corus bank account at no charge. Not all banks do that.

1
Comment #6 by Anonymous posted on
Anonymous
Since Corus allows 5 working days for you to get your deposit to them, and since I want my account to open early in the week next week, I plan to apply very early Tuesday morning for this; just after midnight CT to be exact. Anyone see a reason this might not work? I assume they will not have changed the rates that early, if they change the rates at all on Tuesday. But by doing the application on Tuesday, albeit VERY early, it buys me an extra day to get the money in. I just hope they don't change the rate retroactively.

1
Comment #7 by Anonymous posted on
Anonymous
Pursuant to 10:30, above: It all went well. I ended up with the date (9/2) and with the rate I wanted, all in writing. They might change the rate later today, or they might not. Either way, I am covered. Will be mailing application Certified Mail so I'll know when they receive it. Corus does not promise same-day processing of CD applications, so it's tough to play the double interest game. Best I can hope for is non-weekend maturity day. Plan to adjust mailing to try for that. It's helpful having the extra day.

1
Comment #8 by Anonymous posted on
Anonymous
The Corus rates have fallen back abit by 10bo to 20bp, as of 9/9/08

1
Comment #9 by Anonymous posted on
Anonymous
My one year CD opened yesterday. Successfully avoided the 2009 Labor Day "dead zone". Sure did not want CD to mature during a three day holiday. They pay no grace period interest if you close during that period.

1
Comment #10 by Anonymous posted on
Anonymous
Both Pacific Mercantile Bank and Corus Bank high yield CDs do not have ACH transfer funding I was told. They charge for a wire fee so you lose a lot of time/money.

>>>Hello, Thank you for your inquiry regarding our wire fee.

There is an incoming wire fee; however for the initial deposit for a new COD account the fee is waived. When the COD is reaching maturity we send out a notice with a few options on how you would like to handle the COD at that time. One is to reinvest the COD at a term of your choosing, two have the funds wired to an external account for a $35.00 wire fee, or three have the funds sent in the form of a cashier’s check that will be mailed to you.If you have any questions feel free to send me an email or call me at the number below. Thank you, Michael Murol Operations Specialist ( COD Pacific Mercantile Ban Ph: 866-762-2788 Ext. 266 Fax: 714-438-1059

>>>Dear Prospective Customer:

Thank you for your inquiry. We are not able to open a CD account by ACH transfer. If you would like to open the account by Wire Transfer, please mail the completed signature page along with a copy of your ID. Our application is available at www.corusbank.com or you may call 1-800-555-5710. If you prefer, you can send your packet by Fed -Ex or Priority Mail
to: Corus Bank
4800 N Western Ave
Chicago, IL 60625
Attn: Phone Center

Once your signature card and ID are received, we would then call you
with an account number within 3 days. When you are wiring funds to your account at CORUS BANK, please provide the sending bank with the following information: Your ten digit Corus Bank account number (provided to you by phone) CORUS BANK’s routing number 07100250. The bank’s address 3959 N. Lincoln Avenue, Chicago, IL 60613
Thank You, Paul Duque Internet Banking

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Comment #11 by Anonymous posted on
Anonymous
I spoke with Corus' CSR today about transfering in a portion of an Inherited IRA to take advantage of this rate. For others who might have the same thought, the CSR indicated that while they'll do a regular IRA they won't take in an Inherited IRA so don't waste your time and effort.

1
Comment #12 by Anonymous posted on
Anonymous
Forget it, not worth the trouble or time wasted just to apply or fund. ACH not available or if available, it takes forever.

Be weary when you consider the good rates @ EverBank, Corus Bank, VirtualBank, Pacific Mercantile Bank

1
Comment #13 by Anonymous posted on
Anonymous
If you have a bank account that allows ACH linked accounts, you can set it up to your Corus Account no problem. Works quite well....

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