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Indymac Bank Raises 4-Month CD Yield to 5.40%

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Indymac Bank raised the yield on its 4-month internet special from 5.35% to 5.40% APY. The minimum deposit is $5,000. The 3-month CD yield was also increased to 5.40% APY.

For more info on Indymac Bank and its CDs, please refer to this previous Indymac CD post.

Like Countrywide, Indymac Bank has been offering some very high short term rates since August when news of its mortgage problems started to make headlines. The Mercury News reported last week that S&P cut Indymac's credit rating to 'junk' level due to the housing problems. So it's definitely wise to stay under the FDIC limits. Please see my FDIC post for more info about what FDIC covers.

Bankrate.com gives Indymac 2 out of 5 stars (below peer group) based on 6/30/07 financial data. The bank is FDIC insured (FDIC Certificate # 29730).

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Comments
Anonymous
Anonymous   |     |   Comment #1
How much hassle and time does it take to get money back from the FDIC?
Anonymous
Anonymous   |     |   Comment #2
fixed link for mercury news
http://www.mercurynews.com/news/ci_7692984
Banking Guy
Banking Guy (anonymous)   |     |   Comment #3
Thanks. The link had worked for me until I removed the cookie. I've updated the URL without that variable that it added.
Anonymous
Anonymous   |     |   Comment #4
DO NOT, I repeat DO NOT deposit your money with this bank.
Anonymous
Anonymous   |     |   Comment #5
anonymous - why?
Mitch
Mitch (anonymous)   |     |   Comment #6
I previously had a 12-month CD wth this bank. I experienced no difficulty in having the funds wired to my local bank. All I had to do was to fax a letter of instruction to customer service. The principal difficulty I have had with Indymac is the spoken English of the CSRs that is so heavily accented as to sometimes impede effective communication.
Anonymous
Anonymous   |     |   Comment #7
Question, When you buy a CD through a bank like IMB how do you get your money back if you decide not to keep it upon maturity? Are there fees to ACH it back? I know there's no problem on their end obtaining the funds from me. Not sure if I want to maintain a deposit account at IMB where the funds could settle at maturity.

I've never bought a CD from a bank where I didn't have a checking or savings account. Especially an online one. Please advise thanks!
Mitch
Mitch (anonymous)   |     |   Comment #8
When my CD with Indymac matured, I was told there'd be a $25 (I believe)charge to have the funds wired back to my local bank. I did not have any trouble with the wire transfer. For some reason, although they will pay you monthly interest on your CD via ACH, they will not return your funds to you upon maturity in that same manner; wire transfer only. Another way to gouge depositors....
Anonymous
Anonymous   |     |   Comment #9
thanks
Boby
Boby (anonymous)   |     |   Comment #12
Hello. I find your blog very interesting. I think that everyone had something to do with banks. It is hard to choose a good and reliable one. After so many banks I had to deal with I should say that Indymac Bank is the best one. I learned about it from www.****edconsumer.com. Although the feedbacks about the company were not very positive I still ran a risk and went there.