IndyMac Becomes Rate Leader on 3 Month and 1 Year CDs

Indymac just raised their rates on 3 month and 1 year CDs and is currently the rate leader according to the BestCashCow CD Rate Tables.

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

Ari Socolow
Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to financial literacy and bank transparency. Since co-founding this website in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.

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Comments

  • Cliff

    June 23, 2008

    Good rates. Thanks.

  • BankMan

    July 09, 2008

    They have raised the rate on their 12 month CD to 4.45% APY. This is the best rate in the country. Their savings account is now at 4% APY, one of the best in the country.

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