IndyMac Bank Takes a Turn for The Worse
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.
| 3-Month CD | 3.70% |
| 9-Month CD | 4.00% |
| 10-Month CD | 4.00% |
| 2-Year CD | 4.65% |
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.