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Rates Up at Corus Bank - 4.00% Money Market and 4.36% 12-Month CD

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Corus Bank
Corus Bank raised its CD and money market rates today. There's a new 12-month CD rate of 4.36% APY (up from 4.28%). The 3 and 6-month CD yields remain the same, 3.56% APY for the 3-month and 4.05% APY for the 6-month. The minimum deposit is $10,000. The money market account yield is now 4.00% APY (was 3.85%).

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. Bankrate gives Corus Bank 2 stars (below peer group) based on 3/31/08 data. BauerFinancial gives it a 3-star rating (adequate) based on 3/31/08 data (had recently been 3.5 stars). The bank is FDIC insured (FDIC Certificate # 13693).
  Tags: money market accounts, Illinois, Corus Bank, CD rates

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Comments
Comment #1 by Anonymous posted on
Anonymous
I hesitated opening the Corus Ultimate MM back in February. Boy am I glad I didn't let a little doubt about rate-maintenance and a slightly-nore-difficult opening process stop me! It's turned out to be a real winner. Every time they drop (or are surpassed by others) they rise right back to the top before long. While there's no ACH capability you can easily push/pull from other banks. And the checks have proven very convenient. When you call (albeit during limited hours), you are quickly talking to a live person. BTW, unlike most banks their economic vulnerability is not from home mortgagaes, but rather from their big portfolio of loans to huge real estate developments, e.g., condo towers that are having trouble attracting tenants due to the economy.

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