Top CD Rates

Wachovia Bank is featuring a 4.75% C.D. with a 5 year maturity. The CD features:

• Minimum balance of $5,000
• FDIC insured
• Wachovia Security PlusSM
• Automatic renewal option
• Regular CD interest payments—monthly or quarterly

Aside from this 5 year promo CD, their other CD rates are quite low, ranging from 1.00% to 1.80%. These should definitely be avoided.

GMAC Bank has some great deals on several of their CDs, with yields of over 4.00% APY. 12 month, 2 year and 3 year CDs have rates of 4.10% APY, and 4 and 5 year CDs have 4.35% APY.

Minimum deposit on GMAC Bank CDs is $500. Deposit term will begin upon receipt of initial deposit. Your interest rate will be the one in effect on that date. Interest is compounded daily. Fees could reduce the earnings on account, and there are penalties for early withdrawal.

Wachovia is now listing its featured 4.75% APY 60-month CD on their website. You can see it listed at Wachovia’s Savings Accounts & CDs page. The minimum deposit is $5,000, and a checking account is required.

To see the rate, you still have to enter your zip code. It appears you can apply online, by phone or at a branch.

Countrywide Bank has recently raised their long term CD rates by several basis points. All CDs over 18 months have been increased. 18 month CDs now yield 4.10% APY, while 3-5 year CDs yield 4.50% APY, some of the highest rates available. Countrywide CD’s all have a $10,000 minimum balance and are FDIC insured up to $100,000.

• 91 days of interest early withdrawal penalty for terms under 12 months
• 180 days of interest early withdrawal penalty for terms of 12 to 60 months
• Grace period at maturity when you can close without penalty is 10 calendar days
• No hard credit inquiries for opening CDs or savings accounts
• CD funding options: mail a check, wire transfer, or drop off check at a CW financial center

Countrywide has had its share of subprime mortgage problems recently, and Bank of America is supposed to be buying out Countrywide. However, with continually deteriorating credit conditions, it would be wise to keep your deposits less than the FDIC insured amount.

Indymac Bank made some big changes on its Internet CD rates. The yields on all of the terms under one year (even the 4-month Internet Special) are now under 3%. However, they did raise the yield on the 12 and 18 month CDs. Both now have a competitive yield of 4.05% APY.

For those who have CDs maturing at Indymac, be sure you don’t let the CDs automatically renew. About 6 months ago, Indymac was offering 6-month CD yields of 5.70%. If you opened one of these last year and now let it automatically renew, you’ll be stuck with their new low rate of only 2.75% APY.

Bank of America currently has a special 5.20% APY CD available. It will only be available for a short time after this, so be sure to lock it in as soon as possible. This CD is also being advertised in San Francisco (see ad). It’s also available in Texas, Florida and New York. It might be a nationwide promotion; Please contact Bank of America to see if it’s available in your state (800-900-9000).

Countrywide bank currently has the highest CD rate available in the 6 month certificate category, with a 5.30% APY. They also offer 5.25% for 3 month CDs and 5.10% for 1 year CDs. Minimum deposit on all CDs is $10,000.

Countrywide is offering higher rates for business certificates of deposits, with 5.35% APY on their 6 month CDs and 5.30% and 5.15% for 3 and 9 month CDs, respectively.

Countrywide Bank has some of the best current CD rates available online, with rates ranging from 5.00% APY to a high of 5.40% APY for their 6 month CD. A look at their rate table shows some pretty high rates across the board. Minimum balance on Countrywide CDs is $10,000, with balances that can go up to $250,00 and higher.

Part of the reason Countrywide’s rates are so high is because of their recent troubles with the subprime lending crisis. However, if you stay below the FDIC insured $100,000, there shouldn’t be any problems.

WAMU currently has a 5.00% APY rate on their 6 month online CDs, and a 4.50% APY rate on 5 year CDs. While this is a pretty high rate, WaMu also has a great deal on their 5.00% APY savings account that would allow you to get a high return on your CD while being able to withdraw whenever you want. The caveat, of course, is that the rate on the savings account can go down while the CD is locked.

Minimum balance on all CDs is $1,000, and are only available online. Opening in person will yield lower rates, so it’s probably a better idea to open a CD online.