Corus Bankshares, the parent company of Corus Bank may be taken over by an investment consortium, with the financial support of the FDIC. Corus has long offered competitive CD rates and currently has rates that are at the top of the BestCashCow rate charts. The bank may be seized by the FDIC as soon as August 6.
Corus Bankshares, the parent company of Corus Bank may be taken over by an investment consortium, with the financial support of the FDIC. Corus has long offered competitive CD rates and currently has rates that are at the top of the BestCashCow rate charts. For example, it currently has the third highest 18-month CD rate.
"New York developer Related Cos., Thomas Barrack’s Colony Capital LLC and J.C. Flowers & Co. are also mulling bids for Corus. The 51-year-old bank’s fate rests with the FDIC because the lender and its financial adviser, Bank of America Corp., haven’t been able to find a buyer willing to complete a deal without government assistance."
For those that have deposit accounts with Corus, rest easy as long as your money is below FDIC insurance limits. The FDIC will make sure depositors do not lose money below the proper limits.
Corus lost $301 million in the first quarter of 2009 mainly on bad condo loans. The bank has a commercial loan portfolio of $5.4 billion of which $997 million was tied up in condo developments in Southern Florida.
Many expect that the bank will be seized as soon as August 6 by the FDIC.
WTDirect is at it again, offering $150 to open a savings account. This is similar to a promotion they ran last year.
WTDirect is at it again, offering $150 to open a savings account. This is similar to a promotion they ran last year.
Deposit $50,000 into a WT Direct savings account by July 31, 2009, keep the money in their through October and the $150 will be added to your account balance. WT Direct is paying a lower bonus for smaller deposit amounts:
Bonus amounts start at $25 for the first $10,000 and increase by $25 for each additional $10 deposited, up to the $150.
WT Direct is currently offering 1.76% APY on its savings accounts for the first 60 days. If your balance falls below this amount after the 60 days, the rate falls to .15% APY. Compare WT Direct's rate to other savings and money market rates on the BestCashCow rate tables.
iGOBanking has just launched a new money market savings account. I checked their website and it has the same rate as their traditional savings account.
iGOBanking has just launched a new money market savings account. I checked their website and it has the same rate as their traditional savings account. The main differences between this new account and their existing savings account are:
The money market has a $25,000 minimum balance versus a $0 minimum balance for the savings account.
The money market comes with an ATM card versus no card for the savings.
The rate quote on the email was 2.02% APY. Today, their website is only showing a rate of 1.91% APY. Did the rate already drop by 11 basis points one day after sending out an email announcement? As a comparision, their savings account is also paying 1.91% APY.
So why launch a new account that pays the same as the old account but has a $25,000 minimum balance?
The major difference between the two accounts is access. You get a debit card with the money market savings account while funds in the savings account can only be withdrawn via electronic or wire transfers. So, the money market has some of the advantages of a checking account.
The CSR on the phone seemed a bit confused about how much access the account provided. Apparantly, you will receive an ATM card with the account, not a debit card as is listed on the website. She stated you can do six withdrawals from the account online each month but an unlimited number of ATM withdrawals. Maybe that's true but I'd double check. It's a new product and they seem a bit unsure about its withdrawal features.
If anyone has any additional insight about this account, please post it below.
