- 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.