Countrywide Bank's sneaky 4.80% 5-Month CD

This past Sunday Countrywide offered special 5 month CD's at 4.8% APY in a few lucky states, like New York.  Bankdeals.BlogSpot has a write-up about it, here it is for you CD hunting folks:

Countrywide Bank is advertising 4.80% APY 5-month CDs in papers today in several parts of the country. This is available at Countrywide's financial centers or by phone. It's not listed at Countrywide's CD webpage even if you type in your zip code. Here's an online Dallas ad with this special CD. I've also seen similar ads in Chicago and California. In Florida the yield is 4.70% APY.

The highest yield for a Countrywide CD that's available online is 4.75% APY for a 6-month term.

Countrywide has been coming out with local CD deals on a regular basis. The rates have been going down. Last week the yield was 5%.

As I mentioned last week, the worries of the financial condition of Countrywide may be a moot point if its acquisition by Bank of America goes through. But the acquisition is not a sure thing (see MarketWarch article). However, latest reports indicate the merger is on track to close in the third quarter.

As with any bank, it's always a good idea to stay below the FDIC limits. Please refer to this post for what you can expect from the FDIC when a bank fails.

Kudos to Bankdeals.BlogSpot on such a great post.

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