Countrywide Bank Raises Rates Again on CDs and Savings Account
read and submit comments for this post
Countrywide Bank once again made some increases to its CD and Savings Account rates. The 6-month yield was increased from 5.50% to 5.55% APY for balances of $10K and over. The 12-month CD yield was increased from 5.65% to 5.75% APY, but this is only for balances of over $250K. Likewise for the Savingslink account, the yield was raised from 5.50% to 5.65% APY, but only for balances over $250K.
With the issues Countrywide has been having in its mortgage business (see post), it seems prudent to stay below the FDIC insurance limits. Note, there are many ways to extend your FDIC coverage over $100K. However, you have to be careful, especially if you use POD's. Please see this post for more info.
For more info on Countrywide's savingslink account and CDs, please see this post.
To review Countrywide Bank's FDIC information, please see their FDIC page.
With the issues Countrywide has been having in its mortgage business (see post), it seems prudent to stay below the FDIC insurance limits. Note, there are many ways to extend your FDIC coverage over $100K. However, you have to be careful, especially if you use POD's. Please see this post for more info.
For more info on Countrywide's savingslink account and CDs, please see this post.
To review Countrywide Bank's FDIC information, please see their FDIC page.
Labels: certificates of deposit, Countrywide Bank, nationally available, savings accounts
posted by Banking Guy at
8/24/2007 07:17:00 AM
5 Comments: Post a Comment
comment policy end of commentsOh freaking great, I just got my account insured for $200k. Back to the drawing board
By
scott, at 8:08 AM, August 24, 2007
A few months ago I spoke to a rep, asking about a POD on the Savingslink account. She said they were trying to set that up.
I just called & the rep said no, that hasn't happened yet. I asked how long does it take & she said they should not have told me that info.
I asked when it happens how would one know? Is the information somewhere on the site? She said there isn't, perhaps they will send a notice to customers.
So if anyone discovers this has occurred, please post the info.
By
Anonymous, at 10:48 AM, August 24, 2007
That is misinformation. The phone number for Savingslink is 1-800-601-2218. I just talked to them and PODs are fine on the Savingslink. And here is a message I got from them the other day about changing my Beneficiaries to official PODs
Message Dear Valued Customer,
Thank you for banking with Countrywide Bank. Your account has been updated such that the beneficiaries are listed as POD's. For further information regarding FDIC insurance coverage please refer to our website at https://bank.countrywide.com/fdic.aspx?pageID=6.
We appreciate your business
Customer Care Team
By
scott, at 11:12 AM, August 24, 2007
scott,
Where do you see that phone number?
That is not the one on their site or the one that is on my statements.
By
Anonymous, at 12:04 PM, August 24, 2007
I was given that number when I called the regular Countrywide number. They told me it's the direct line for the savingslink account. When you call it no dumb phone menu and you get connected right to a savinglink specialist
By
scott, at 12:24 PM, August 24, 2007
Post a Comment
<< Home