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Countrywide CD Rate Update - New 5.65% 6-Month CD

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Countrywide Bank just increased the yield on its 6-month CD from 5.41% to 5.65% APY. This now matches the yield on the 12-month term. The rates on the 3 and 9 month CD remain the same at 5.35% and 5.45% APY. The long term rates, however, went down by 25 basis points. All CDs with terms longer than 12 months now have a yield of 5.00% APY.

These short term rates continue to be way ahead of the rates offered by most other banks. This started back in August when its credit crunch problems made headlines. Countrywide's release of third quarter earnings today still shows problems. However, they've been able to convince Wall Street that things are turning around. Even though it reported a $1.2 billion loss for the third quarter (its first quarterly loss in 25 years), Countrywide shares are currently trading up 31% today (see CNN Money article).

As I mentioned in my previous post, it seems prudent to stay below the FDIC insurance limits. Note, there are many ways to extend your FDIC coverage over $100K. However, you have to be careful, especially if you use POD's. Please see this post for more info.

For more info on Countrywide's CDs, please refer to this post, and for more info on the savingslink account, please see this post.

To review Countrywide Bank's FDIC information, please see their FDIC page.
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