Downey Savings Bank 4.60% APY 18 Month CD Special - Savings - Checking - CDs Article - downey savings, high rate cd

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Downey Savings Bank 4.60% APY 18 Month CD Special

Article Submitted by: BankMan
Savings - Checking - CDs

Tags: Downey savings, High rate cd.

Downey Savings Bank is offering a whopping high rate of 4.68% APY on an 18-month CD. The bank has suffered in the mortgage meltdown as the its stock has gone from a 52 week high of $63 to a little over $2 today.

Submitted: Aug 22, 2008 Views: 1683 Comments: 0 Likes: 1

Downey Savings Bank is offering a whopping high rate of 4.68% APY on an 18-month CD. That's over 22 basis points higher than the next best 18 Month CD rate on the BestCashCow CD Rate Table. There is a relatively low minimum balance requirement of $1,000.

Downey Savings is based in California and while you don't have to be a California resident to take advantage of the offer, it can only be opened via one of their branches - which are all in California.Downey has experienced some financial problems lately as its stock has dropped from a 52 week high of $63 to a little over $2 today. On August 18, California thrift regulators imposed some restrictions on Downey including limits on dividends, asset growth and new borrowing. Downey also stated that it experienced an increase in deposit withdrawals after the bank posted a $219 million net loss in the second quarter of 2008.

If you do decide to take advantage of this offer, be sure to stay within FDIC insurance limits. Downey's recent history reads a bit like Indymac's in the days before they were taken over by the FDIC.

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Related Articles:

Regulators Put Restrictions on Downey Financial Corp. As Company Offers Competitive Rates by BankMan - Aug 11, 2008
3 Banks Failed Today - Downey and PFF in California and a Small Bank in Georgia by ktexas - Nov 22, 2008.

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