Countrywide bank is currently offering the highest yielding 6 month CD at 4.75% APY. The minimum deposit required to open this account is pretty high at $10,000 with compounding daily interest. Monthly checks are also available but account earnings and balances are usually paid in full at maturity. The interest rate is guaranteed for the term of the CD meaning this isn’t a callable CD.
Membership for this high yielding CD is only available when you apply online. If you call or do branch visit to sign up, the rate falls to 4.15% APY.
There is a 90 day simple interest penalty for early withdrawal. If there is any possibility of withdrawaling the principle before the CD maturity, it’s better to invest your money in something more liquid like a savings account.
The Daily Banker mentioned about the worrying financial condition of Countrywide Bank and Bank of America’s acquisition negotiations in the past. If all of this goes through it will definately becomes a moot point in the banking industry.
Countrywide is FDIC insured, (Certificate # 33143). As with any bank, it’s always safe to stay under the FDIC limits of $100,000, especially one with financial problems.
For more information regarding opening an account, please visit Countrywide Bank’s deposit homepage.