Wanted to start a thread so people could post the best rates they come across…

I just noticed that Wamu is offering 4.25% on an 8-month CD right now.  You can sign up online, not sure about in branch.  Downey’s 4.15% APR is near the top on 6-monthers.  Vineyard Bank is offering 4.25% on a six-month CD right now.

Lots of rates here:

Bankrate.com

Dunno how accurate they are tho.

The Wamu CD rate looks attractive.
Their money market rate is pretty good as well.
Recently opened a money market account with Countrywide.
Felt secure knowing they’re backed by BoA.
Opened it online but make deposits at the branch off Culver and Barranca.
Pays 3.5%, which isn’t bad for a liquid account.

tenmagnet - 19 August 2008 02:22 PM

The Wamu CD rate looks attractive.
Their money market rate is pretty good as well.
Recently opened a money market account with Countrywide.
Felt secure knowing they’re backed by BoA.
Opened it online but make deposits at the branch off Culver and Barranca.
Pays 3.5%, which isn’t bad for a liquid account.

I had been using the Countrywide Savingslink at 3.5% to store cash as well, but fired up a Wamu one for the 3.75% recently.  Fortunately Countrywide never funded my 7-month CD with them (after multiple calls to do so) so I popped the cash out of there and fired up a $97K Wamu CD today.

Corus Bank and Indymac are offering money markets at 3.85% APY right now.  Methinks I might hook up some Indymac Federal action….

We heart ipoplaya.  He has single-handedly kept our bank afloat.

Love, Wamu

Trooper - 19 August 2008 05:23 PM

We heart ipoplaya.  He has single-handedly kept our bank afloat.

Love, Wamu

I feel so dirty preying on weak banks with exorbitant deposit rates.  Ooo la la I like it!

Everbank is offering a money market with a 4.76% intro rate (3 months) that drops to 3.5% after the initial period.  Nice place to park funds and wait for the next round of CD rate increases…

ipoplaya - 20 August 2008 01:11 PM

Everbank is offering a money market with a 4.76% intro rate (3 months) that drops to 3.5% after the initial period.  Nice place to park funds and wait for the next round of CD rate increases…

Wow!  I am there.  Thanks for the tip Ipo.

IPO,

Thanks for starting this thread. I was also wondering where i can do a little better than the savings link with countrywide bank. I heard good things about Everbank as you can also hold money in different currencies. Do you know if i can transfer Canadian dollars from a Canadian bank into Everbank’s in Canadian currency without incurring any transaction fees?

I would carefully read the fine print for any account with Everbank.  I do not have personal experience with Everbank, but have heard about exhorbitant fees, especially associated with currency exchange.

I’m with Countrywide on a 7-month, 4.10% APY.

No, I don’t expect it to mature.  I’ll get the money back in the form of a check from the FDIC.

effenheimer - 21 August 2008 08:40 AM

I’m with Countrywide on a 7-month, 4.10% APY.

No, I don’t expect it to mature.  I’ll get the money back in the form of a check from the FDIC.

I think you’ll be fine .. BofA now?

awgee - 21 August 2008 06:22 AM

I would carefully read the fine print for any account with Everbank.  I do not have personal experience with Everbank, but have heard about exhorbitant fees, especially associated with currency exchange.

I opened an account with them a few months back when they first introduced the 4.76 intro rate.
They banged me with an incoming wire charge to fund the account.

tenmagnet - 22 August 2008 01:07 PM

awgee - 21 August 2008 06:22 AM

I would carefully read the fine print for any account with Everbank.  I do not have personal experience with Everbank, but have heard about exhorbitant fees, especially associated with currency exchange.

I opened an account with them a few months back when they first introduced the 4.76 intro rate.
They banged me with an incoming wire charge to fund the account.

That’s why I funded with a check

I don’t anything about their fees Panda other than you need to keep $1500 in the money market to avoid the monthly service charge…

Calculated Risk is reporting that WaMu is offering 5% 12 month CDs

I will still keep my float at Farmers & Merchants and I think they pay the least.

ipoplaya - 19 August 2008 04:50 PM

tenmagnet - 19 August 2008 02:22 PM

The Wamu CD rate looks attractive.
Their money market rate is pretty good as well.
Recently opened a money market account with Countrywide.
Felt secure knowing they’re backed by BoA.
Opened it online but make deposits at the branch off Culver and Barranca.
Pays 3.5%, which isn’t bad for a liquid account.

I had been using the Countrywide Savingslink at 3.5% to store cash as well, but fired up a Wamu one for the 3.75% recently.  Fortunately Countrywide never funded my 7-month CD with them (after multiple calls to do so) so I popped the cash out of there and fired up a $97K Wamu CD today.

Corus Bank and Indymac are offering money markets at 3.85% APY right now.  Methinks I might hook up some Indymac Federal action….

Corus Bank in Chicago seems to be have competitive rates with a 6 mo CD at 4.25 APY and money market rates at 4.0 APY. Anybody have an opinion if this bank is safe to park your cash? I am a little paranoid these days with all these bank failures.

I currently have money in Country Wide Savings Link and majority with Charles Schwab for the past ten years. Is there any risk having your money with Charles Schwab?

Which of the banks mentioned here are the safest to park your cash for money market and CDs and which banks are not safe? I’m definitely going to move forward with some of IPO’s recommendations because i know that brother does his homework. I am afraid that there are going to be many more bank failures popping up in the near future. We should start some type of watch list for different banks.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a7dn3iRmUDCQ&refer=home

Integrity Bank Becomes 10th U.S. Failure This Year

This is what i am talking about.

Good find Panda.  Make sure to post it in “It’s Friday, Has Your Bank Failed Today”.

The FDIC this week said 117 banks are classified as ``problem’‘ in the second quarter, a 30 percent jump from the first quarter. The agency doesn’t identify ``problem’‘ lenders.

``Like any shrinking industries, we are going to see the exit of some major players,‘’ Rogoff told Bloomberg, declining to name the banks he expects to fail. ``We’re really going to see a consolidation even among the major investment banks.‘’

Hmmmm….is it worth it to risk putting your money at Wamu for an extra 30-40 bps?

Wamu is one of the higher risk banks around.

Optimus,

In your opinion, which do you think are the 5 safest banks currently?

Panda.

optimusprime - 02 September 2008 07:00 AM

Hmmmm….is it worth it to risk putting your money at Wamu for an extra 30-40 bps?

Wamu is one of the higher risk banks around.

Where’s the risk if you stay below FDIC insurance limits?  Do you really think the FDIC would be allowed to fail?

PANDA - 02 September 2008 07:18 AM

Optimus,

In your opinion, which do you think are the 5 safest banks currently?

Panda.

Wells
B of A
Chase Bank (JP Morgan)
HSBC
ING

Those are the safest but also have the lower yields except for ING & HSBC which you can get around 3.75%+ on their 6 month CDs

If I were you, I would do research on mom and pop banks…see when they opened and ask how much of their business is involved in Mortgage lending.

I found one mom and pop with a 5, 6, 7 month term for around 3.88% ...fits my outlook since I do think rates will be raised in about 6-12 months from now.

ipoplaya - 02 September 2008 08:26 AM

optimusprime - 02 September 2008 07:00 AM

Hmmmm….is it worth it to risk putting your money at Wamu for an extra 30-40 bps?

Wamu is one of the higher risk banks around.

Where’s the risk if you stay below FDIC insurance limits?  Do you really think the FDIC would be allowed to fail?

You’re fine under $100k…my trade off is..do you want to go thru the paperwork to get your funds back?

If you have had to file for FDIC to get your money back…please share with us your experience.

For me, I rather not go thru the trouble.

optimusprime - 02 September 2008 08:33 AM

ipoplaya - 02 September 2008 08:26 AM

optimusprime - 02 September 2008 07:00 AM

Hmmmm….is it worth it to risk putting your money at Wamu for an extra 30-40 bps?

Wamu is one of the higher risk banks around.

Where’s the risk if you stay below FDIC insurance limits?  Do you really think the FDIC would be allowed to fail?

You’re fine under $100k…my trade off is..do you want to go thru the paperwork to get your funds back?

If you have had to file for FDIC to get your money back…please share with us your experience.

For me, I rather not go thru the trouble.

I’ve had my money at about 4 different failed banks in my lifetime.
There wasn’t any paperwork involved on my part.
My money stayed at the same bank.
The only difference to the consumer is the bank name.
For example, Indymac Bank’s name changed to Indymac Federal Bank.
 
Just keep your money under the FDIC limit.

And what if the FEDs don’t take over your bank and your bank becomes insolvent?

Reading some of these comments are a bit alarming.

http://answers.yahoo.com/question/index?qid=20071026143017AANIspv

http://consumerist.com/5030701/

optimusprime - 02 September 2008 08:44 AM

And what if the FEDs don’t take over your bank and your bank becomes insolvent?

Reading some of these comments are a bit alarming.

http://answers.yahoo.com/question/index?qid=20071026143017AANIspv

http://consumerist.com/5030701/

There are more reputable websites to research financial matters than Yahoo!Answers.