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2.65% 12-Month CD at OneWest Bank (IndyMac) - Nationally Available


OneWest Bank (formerly IndyMac) has updated its Online CD special. The special now has a 12-month term instead of a 9-month term. The rate stays the same at 2.65% APY which makes it less of a deal. Nevertheless, the rate is still competitive. Minimum deposit is $5,000. The early withdrawal penalty is 6-months of interest which is worse than typical. This rate is listed at OneWest's rate table as of 4/07/09. For more details about the CDs, refer to OneWest's Online CD Special Page and the terms and conditions document that's linked at the bottom.

Please note that this is an online special, and it's available nationwide. OneWest Bank also has branch rates and specials with different requirements.

OneWest Bank's E-Money Market account remains competitive with a 2.25% APY for balances over $1,000. This rate is listed at OneWest's rate table as of 4/07/09 (Update 6/01/09: See new rates at bottom) There's a $7/month service charge for balances under $1,000. Also, no interest is earned when the balance falls below $1,000. Also note, this should really be called a savings account since there is no check writing or check card.

I have more details on IndyMac's CDs and E-Money Market Account in this 2008 post which includes my experience when I opened an IndyMac CD. I don't know how much has changed since then. I hope OneWest stays committed to offering an internet bank with not only competitive rates but strong internet features that make it easy to open and manage online accounts.

OneWest Bank now has an entry in the FDIC database. The established date is listed as 3/19/2009. No website is listed in the FDIC page. I would guess they're planning a new website name to replace IndyMac.com. I have more details of this change from IndyMac to OneWest in this March 20th post.

E-Money Market Rate History (APYs):
06/01/09: 0.75% $1K-$10K, 1.25% $10K-$25K, 1.50% $25K-$50K, 2.10% $50K-$100K, 2.15% $100K+
04/07/09: 2.25% $1K+

Related Pages: OneWest Bank N.A. (Pasadena, CA), Los Angeles, Palm Springs, San Diego, CD rates, savings account

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Anonymous   |     |   Comment #1
I hope OneWest is better at online funding than IndyMac was. I ended up taking a check over to an IndyMac office to fund the online CD because their system just wouldn't pull the money from my checking account.
Anonymous   |     |   Comment #2
Just renewed an IndyMac CD. They were willing to match a rate better than 2.65% which I found on the web.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #3
Glad to see they're still willing to match rates. I'll have to remember to mention this in future posts.