DollarSavingsDirect, an online division of Emigrant Bank is offering a 16 month CD at 4% APY. That's slightly below the best 18 month CD rate of 4.40% APY and also slightly below the best 12 month CD of 4.25% APY. Still, the rate is competitive and DollarSavingsDirect has gotten high marks for its account opening process based on user comments.
The minimum balance to open the account is $1,000.
The offer is also available via Emigrant's other online division, EmigrantDirect where it's called a "My Way" Certificate of Deposit. DollarSavings and EmigrantDirect share the same parent so deposits at both insitutions count towards FDIC insurance limits. As an example if you put $100,000 in DollarSavings, and $200,000 in EmigrantDirect, your total deposited at Emigrant would be $300,000 and currently, $50,000 would not be covered. Please also note that FDIC insurance while currently at $250,000 per person per bank, is set to revert to $100,000 on December 31, 2009. That means that if you take out $250,000 on a 16 month CD, $150,000 will lose coverage with approximately 3 months remaining on the term.
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Related Articles:
October 19 CD Rate Update - Some Banks Increasing Rates by BestCash Admin - Oct 19, 2007
A No-Brainer Among No-Brainers by JRodgers - Nov 28, 2008
DollarSavings Direct Cuts Savings Rate to 3.5% APY But Still Competitive by BankMan - Jan 23, 2009
Dollar Savings Direct / Emigrant Starts to List Its Foreclosed Homes on Its Online Banking Site by JRodgers - Aug 25, 2009
Newspaper Ads with Very High CD Rates and the FDIC's Crack Down by ktexas - Jun 20, 2009.
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