Top CD Rates

Alliant Credit Union has decent CD Rates. As rates were coming down they continued to have rates above market. However, as rates have begun to come back up they have been slow to respond and are being left behind.

Their Certificate of Deposit Rates are as follows:

Like some credit unions out there they do allow for nationwide membership by joining an association. In Alliant’s case it is the National PTA. Another thing to note is that the interest is only paid out at maturity. You can not receive the interest on a monthly basis, so this CD is not good for those seeking monthly income.

Alliant’s NCUA# is 67955. They are federally insured just like an FDIC insured bank. They currently have about $5.3BB in assets and are fairly large as far as credit unions go. Unlike many banks, they do currently have a healthy profit and have a nice Equity/Asset ratio of 11.79%.

The website address for their rates is www.alliantcreditunion.org/services/rates/.
The main site is www.alliantcreditunion.org

They also currently have a nice savings rate of 3.75% APY.

[Update: 7/11/08, 11:35 PM PST] — As I read through the press release, it appears that the FDIC plans on running the new bank until they can find someone to purchase the assets. It mentions normal bank services and hours will resume on Monday at all branches. However, uninsured deposits will still need to make a claim, but they are also paying a 50% dividend on those. I’ll post more info as it becomes available.

The FDIC took control of IndyMac bank late Friday. They love to make these end of Friday annoucements so as to prevent panic at the bank.

The Bank will reopen on Monday as IndyMac Federal Bank, FSB. IndyMac had a $1.3 Billion dollar run on the bank over the last eleven days and the FDIC was concerned it would not be able to meet demands.

One news sourced indicated ATM Machines, debit cards, and checks would be honored over the weekend. People with uninsured deposits could begin making appointments on Monday to file a claim.

It isn’t clear what the “new” FDIC controlled bank will do, but I would suspect, the insured deposits would be paid out. I’ll keep you posted. I’m sure if you call the toll free # on Monday, better information will be available. Here is the number for the FDIC Call center, 866-806-5919.

Here is info from IndyMac’s website:

On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Conservator. All non-brokered insured deposit accounts have been transferred to IndyMac Federal Bank, F.S.B., Pasadena, CA (”assuming institution”) a new FDIC-insured Federal Mutual Savings Bank. No advance notice is given to the public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution.

Please select the link below to read more about this event:

FDIC Bank Closing Information for IndyMac

The IndyMac websites are expected to be available Monday, July 14, 2008.

If the balance in your account(s) (this includes any accounts in which you have an ownership) is less than $100,000, no action is required on your part at this time. Your entire insured account(s) will be transferred to IndyMac Federal Bank and will be available for business as usual during regular business hours.

FDIC CALL CENTER
866-806-5919

CALL CENTER HOURS OF OPERATION:
Friday, 7/11/08, 3:00 p.m. – 9:00 p.m. Pacific
Saturday, 7/12/08, 8:00 a.m. – 8:00 p.m. Pacific
Sunday, 7/13/08, 8:00 a.m. – 6:00 p.m. Pacific
THEREAFTER
Monday through Friday, 8:00 a.m. – 8:00 p.m. Pacific

I really thought they would pull through.

Also check out jumbo CD Rates.

Bank of America has very low CD rates. They also are dependent on what area of the country you live in. Bank of America also just completed the acquisition of Countrywide Bank. It will be interesting to see how that plays out. However, at the moment the banks will be operating separately.

The current CD rates for BofA are a 7-month CD at 3.10% APY.

Bank of America is $1.35 Trillion dollars in size. That is ginormous. They made more money, about $1.2 Billion, than most banks have in assets. That is just scary.

The FDIC# is 3510.

Please visit our Best Certificate Deposit Rates

IndyMac Bank has taken a turn for the worse, but they are confident they will whether this storm as they have weathered others. Of course, they have to be confident or all of the stockholders would sell their shares. They already had a small run on the bank. Here is a link to the most recent press release, as well as, one from about a week ago.

July 7, 2008 Press Release
June 30, 2008 Press Release

One thing to note, is for the moment they are unable to accept brokered deposits. This may mean some nice internet only rate specials. Keep a watch out. (some are noted below)

They are currently offerning a special on-line only money market account for 4% APY.

They also have high interest CD Rates.

As noted, they are having financial problems. Be sure to stay under the FDIC insurance limits. They are a very large bank and I’m sure the FDIC is doing everything they can to ensure they don’t fail. But, be wise. IndyMac’s FDIC# is 29730 and you can view their current CD rate here.

Before sending any money to a bank or credit union make sure they are federally insured. To ensure the safety of your deposits, bank should carry FDIC insurance and credit unions should carry NCUA insurance. Certificates of Deposit are a popular investment because your funds are insured by the governement up to $100,000 for an individual. Certain account types may be able to be insured above that. For instance, IRA CDs are insured up to $250,000.

First, check the financial institution’s website. A bank should display the FDIC logo and a credit union should display the NCUA logo. Second, visit the FDIC Institution Directory or the NCUA Credit Union Query respectively. You can also call the FDIC at 877-ASKFDIC (877-275-3342) and the NCUA at 800-755-5999.

Both sites allow you to search by city, state, and/or name. After verifying they are federally insured you can also look up their financial standing. This data is usually about 3-months behind. If you want to read a report about the bank or credit union BankRate.com offers a pretty good one at Safe&Sound Rating.