Downey Savings Bank 4.60% APY 18 Month CD Special

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.

Today's Highest Online CD Rates

Bank	Product Term	Interest Rate (APY)
Finworth, a division of InsBank	1-Year	5.38% APY with $50,000 minimum
TotalDirect, a division of City National Bank of Florida	1-Year	5.35% APY with $25,000 minimum
Rising Bank, a division of Midwest BankCentre	1-Year	5.31% APY with $1,000 minimum
Dollar Savings Direct, a division of Emigrant Bank	3-Year	5.00% APY with $1,000 minimum
First Internet Bank of Indiana	3-Year	4.66% APY with $1,000 minimum
IncredibleBank	3-Year	4.58% APY with $1,000 minimum
First Internet Bank of Indiana	5-Year	4.55% APY with $1,000 minimum
BMO Alto, a division of Bank of Montreal Harris	5-Year	4.50% APY with no minimum
Department of Commerce	5-Year	4.34% APY with $500 minimum

Bank

Product Term

Interest Rate (APY)

Finworth, a division of InsBank

1-Year

5.38% APY with $50,000 minimum

TotalDirect, a division of City National Bank of Florida

1-Year

5.35% APY with $25,000 minimum

Rising Bank, a division of Midwest BankCentre

1-Year

5.31% APY with $1,000 minimum

Dollar Savings Direct, a division of Emigrant Bank

3-Year

5.00% APY with $1,000 minimum

First Internet Bank of Indiana

3-Year

4.66% APY with $1,000 minimum

IncredibleBank

3-Year

4.58% APY with $1,000 minimum

First Internet Bank of Indiana

5-Year

4.55% APY with $1,000 minimum

BMO Alto, a division of Bank of Montreal Harris

5-Year

4.50% APY with no minimum

Department of Commerce

5-Year

4.34% APY with $500 minimum

Comments

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 Ca.open one for me in my name?Thank you.

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