Downey Savings Bank 4.60% APY 18 Month CD Special

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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.

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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  • Bill Butler

    August 16, 2011

    too bad the 4.68/18 monthw cd can only be opened @ a Downey office in Ca.I would love to be able to take advantage of this offer.To bad that I live in Idaho.
    Can I have relatative that lives in one for me in my name?Thank you.

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