Indymac just raised the rate on their 12 month CD to 4.10% APY and on their 6 month CD to 3.75% APY. These are both top rates for their respective terms according to the BestCashCow CD Rate Tables. There have been quite a few rate increases over the last couple of days. Everbank recently raised the rate on their 1 year and 3 year CDs and now IndyMac has beaten the Everbank 1 year rate. Rates on CD terms of one year or greater are now well above 4% and could be heading higher.
Banks are moving up rates in anticipation of future rate cuts and also to compete for deposit dollars. As alternate forms of off balance sheet financing have disappeared in the credit crunch, banks are turning to deposits to finance their future lending and to recapitalize balance sheets that have been damaged or weakened. That means there should be more future competition for your money. The competition seems to be heating up.
IndyMac is a major West Coast bank. All deposits are FDIC insured up to $100,000 per person. For customer insight on IndyMac, please visit the BestCashCow IndyMac page.
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