Top CD Rates

On October 3, 2008, President Bush signed the Bail-out plan into law. Part of the package was an increase in the FDIC insurance limit to $250,000.00. At this time, however, it is only temporary. This part of the plan is set to expire on 12/31/2009.

In the meantime, as long as you keep the maturity of any new CDs before or on 12/31/09, you can increase your deposits at banks you already have funds at to a maximum of $250,000.00. Review your portfolio of CDs. Many of the current bank rates you have will still be paying a top CD rate. Go ahead and put more funds there.

If you are opening up jumbo CDs, just make sure you keep the principal and interest below the new FDIC insurance limit of $250,000.00. That way it is all insured.

Good luck and happy jumbo CD rate hunting.

CD Rates In USA

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.