Corus Bank raised the rates on their 6 month and 12 month cds and they now have best 6 month cd rate. Their 6 month CD is now paying 4.25% APY, up from 4.05% APY while their one year CD increased from 4.36% APY to 4.75% APY. The 1 year CD is second on the BestCashCow rate chart behind Washington Mutual. Corus also has the top 3 month CD rate.
The minimum deposit to open a CD is $10,000. Accounts can be opened online from any state and funding can be done via check or wire transfer.
Like many other banks, Corus is hungry for deposits to help build capital on its balance sheet. The bank's lending went primarily to commercial real estate loans, including condominium construction and conversion loans; residential real estate loans; and other commercial loans. Its lending is focused in various metropolitan areas in Florida and California, as well as in Atlanta, Las Vegas, New York City, and the District of Columbia. The first four areas are at the epicenter of the wave of the foreclosures.
Its stock has fallen from a 52 week high of 16 down to a little above 2. This is bad, but not as bad as companies like Indymac before its insolvency, or WaMu, which dropped from the mid-thirties down to $2.
As with all banks, be sure to stay below the FDIC limit to ensure your money is fully protected.
Related Articles:
Element Financial by BestCash Admin - Sep 11, 2007
CD and Savings Rates Poised to Drop Further by BestCash Admin - Sep 18, 2007
October 19 CD Rate Update - Some Banks Increasing Rates by BestCash Admin - Oct 19, 2007.
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