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Countrywide Bank dropped their 12 month CD’s to 5.50% from 5.65% (APY)
They are still at 5.50% for liquid accounts $10K+ and FDIC insured.
Countrywide makes me nervous, I know I shouldn’t since it’s FDIC insured. Their website has the same 5.5% rate for a 12 month CD and a savings account. Can you say “inverted yield curve”? Well I guess the only benefit would be to lock in the rate but still…
CW liquid rate was 5.40% a few months ago, it’s gone up.
IF you have faith in FDIC, it doesn’t matter who makes you nervous.
There is a benefit to an institution regarding their reserves level that they get from a 12 month CD, which is why 12 month pays higher than anything longer.
They are still paying 5.65% on accounts with $250K+