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Indymac Raises 12 Month CD Rate to 4.30% APY

Indymac Raises 12 Month CD Rate to 4.30% APY

Author: Ari Socolow on July 1, 2008 - modified on September 26, 2018

Indymac raised the rate on its 12 month CD to 4.30% APY make it the clear rate leader on the BestCashCow rate table.

Indymac raised the rate on its 12 month CD to 4.30% APY making it the clear rate leader on the BestCashCow rate table. The rate is up from 4.25% APY. This follows a rate increase last week (June 24).

As with any bank, be sure to stay within FDIC limits of $100,000 per person.

Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to bank transparency and the climate crisis. Since co-founding BestCashCow in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.

Comments

ktexas

July 01, 2008

Looks like Indymac Bank had a mini bank run over the weekend due to recent concerns about their health that were aggravated by Senator Schumer.

Their corporate blog post has some interesting details:
http://theimbreport.com/?p=158

"as a result of Sen. Schumer making his letters public and the resulting press coverage, we did experience elevated customer inquiries and withdrawals in our branch network last Friday and on Saturday of roughly $100 million, about ÃÂ½ of 1% of total deposits."

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ktexas

July 01, 2008

Indymac's special 12mo CD is now up to 4.35% APY, and they now have a 5.00% APY 36-month CD.

In the state they're in now, they'll have to offer very high rates to overcome people's worries, but at the same time, they can't look too desperate.

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