Indymac is Back

After making news as one of the largest bank failures in US history, Indymac is back as a Federal Savings Bank now run by the FDIC. They are looking for deposits. Is there a safer place to put your money than an FDIC run bank? The rates are competitive. Just remember that all bank deposits are insured up to $100,000 per person.

After making news as one of the largest bank failures in US history, Indymac is back as a Federal Savings Bank now run by the FDIC.  They are looking for deposits.  Is there a safer place to put your money than an FDIC run bank?  The rates are competitive. 

They are offering a 9 Month CD at 4.15% APY.  This is for new money only with a minumum balance of $5,000.  They are also offering an e-money market account that pays 3.70% APY for new money on balances over $50,000.  The BestCashCow Best Money Market Rate Table shows that is also a compelling offer.  

Just remember that all bank deposits are insured up to $100,000 per person.

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

  • goglar

    July 29, 2008

    Does the $100k limit apply to a FDIC run bank? Any body have issues getting a CD with FDIC run bank?

  • Brad

    July 29, 2008

    According to this on their website the $100K limit does apply.

    http://www.indymacbank.com/Individuals/banking/page.asp?pSection=FDIC

  • goglar

    July 30, 2008

    I think this is generic page especially designed when Indymac is sold and FDIC no longer runs it. But while it is being run by the FDIC and it "fails" who would take over?

  • Sam Cass

    July 30, 2008

    I don't think it can fail if it's being run by the FDIC. The FDIC is a part of the Federal Government so unless the government goes broke, the FDIC won't let it fail.

    From the FDIC website:

    An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure.

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