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Last Update: July 3, 2008
The 2007 “credit crunch” has made life hard for lending institutions like IndyMac Bank. The business of banking grinds to a halt without funds to lend.
However, this bad situation for banks has presented a tempting situation for savers.
IndyMac Bank and other cash strapped lenders, like Countrywide, have pumped-up rates on savings, money market, and CD accounts to entice savers to send in their money.
People who can handle some risk (the risk that a bank won't find enough funding and end up insolvent) can find some high rates on FDIC insured bank products.
IndyMac Bank has had good rates on money market and certificate of deposit accounts for the last few years, but yields on these accounts got supersized in August 2007. I'm talking 5.70% annual percentage yield (apy) on CDs when the rest of the Internet banks were offering 5.40% as their highest rates.
The future of IndyMac Bank is still uncertain. Its financial health remains precarious. Exercise some caution with respect to the amount of money you have on deposit.
Balance to
Obtain APY | Annual Percentage Yield | Interest Rate | Minimum Initial Deposit | $0 - $999 | 0.00% | 0.00% | $1,000 | $1,000 - $9,999 | 1.35% | 1.34% | $1,000 | $10,000 - $24,999 | 3.85% | 3.78% | $1,000 | $25,000 - $49,999 | 3.90% | 3.83% | $1,000 | $50,000 - $74,999 | 3.95% | 3.87% | $1,000 | $75,000 - $99,999 | 4.00% | 3.92% | $1,000 | $100,000 - $249,999 | 4.00% | 3.92% | $1,000 | $250,000 + | 4.00% | 3.92% | $1,000 |
- Minimum to open is $1000
- Interest is compounded daily and paid or reinvested into the account monthly.
- No interest is paid for each day your balance falls below $1,000 during the month. Fees may reduce earnings.
- Monthly fee is $7 if your balance falls below $1,000 during the month.
- Check writing and Visa Check Card are not available.
- ATM access is available. Indymac Bank will not charge you a fee for using any ATM.
- Three checks per statement cycle are allowed.
 Countrywide Bank
VirtualBank
Displaying comments 1 to 7 out of 7
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Thursday, 06-12-08 19:15
"I've had a CD account with IndyMac for the last year or so now and have not had any problems yet..."
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Tuesday, 05-20-08 13:52
YOU CAN'T FUND VIA ACH TRANSFER
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Friday, 05-16-08 11:03
This bank is VERY customer unfriendly. Count on at least a 30 minute wait to speak to someone on the phone. They also make it VERY difficult for you to make deposits and withdrawls. For instance they impose limits of $2000/day and $25000/month on deposits. I can't figure out why they want to ENcourage deposits with competitive rates yet DIScourage them with awkward restrictions. Maybe they want lots of tiny accounts, but tiny accounts are more costly to service. Very strange thinking.
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Wednesday, 03-19-08 08:28
Customer Service with Indymac has been an issue with my Money Market account recently. They locked my access to transfer funds out of the account and after 2 phone calls (one for a whole hour with a completely useless rep in India who refused to put a supervisor on the phone) and 2 emails, I still don't have access to my money. In addition, the "Safe and Sound" rating on Indymac published by bankrate.com has put them in the lowest rating category. (See http://www.bankrate.com/brm/safesound/rating.asp). I plan to get my money out of there before the whole thing collapses.
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Tuesday, 02-12-08 14:48
Just opened a 7 month CD with IndyMac over the phone. It was quick and easy, and I got a grate interest rate. In fact, they gave me a rate that was higher than when I initially opened the account. This happened when I called to make some inquiries about my account. Other family members of mine also have accounts with IndyMac and made the suggestion to me that I open up a CD with them. Very glad that I did.
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Sunday, 11-25-07 23:20
Are this CD free of charge is balance remains at $1,000? Or are there addditional fees such as to open a CD account or for monthy statements?
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Friday, 10-12-07 13:43
Forgot to mention they charge 14.95 min for checks so consider Zions where they are free. Indy must not want new money as bad as they say if they try to make it on on junk fees.
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