Compare CD Rates

IndyMac Bank is currently offering some very competitive short term certificate of deposit rates. Their 3 month CD yields 5.00% APY and their 6 month CD yields 5.05% APY. IndyMac has always had some of the highest CD rates available online, but recently after the Fed rate cuts they have dropped their rates significantly.

Minimum balance on all of their internet certificates is $5,000. Terms range from 90 days to 5 years. A penalty with be incurred for early withdrawal. Indy Mac Bank is FDIC insured.

Wachovia’s current best CD rate is a 5.15% APY rate 4 month certificate of deposit. The minimum balance on this CD is $5,000. Their other rates are not as high, ranging from 3.31% to 4.61% APY on 3 to 24 month CDs. Wachovia Bank also offers IRA CDs with similar rates and terms.

They also offer a “Liquid CD” which allows you to make deposits of $500 or more up to a $250,000 maximum balance regardless of the term. In addition, you can withdraw amounts of $500 or more as long as you maintain the minimum balance. Rates for these liquid certificates range from 3.31 to 4.01% APY. Minimum deposit on these is also $5,000; a withdrawal below account minimum will result in a penalty.

Bank of Internet has some competitive CD rates along with very flexible maturity terms ranging from 1 month to 5 years. While their CD rates used to be higher, they are currently competitive, with a 5.11% APY. Their CDs features:

• $1000 minimum to open
• No fees
• Compounded Daily
• Paid Monthly, Into Account, By Check or Wired to Your Checking Account
• Certificate accounts can be opened up to a maximum of $100,000

Bank of Internet doesn’t have IRA CDs. They seem very flexible with their CDs; you can also email customerservice@BankofInternet.com with your desired term, if it is not found on the table, and they will provide you with an interest yield. Visit their rates page for more information.

While Wells Fargo is still lagging behind many online banks in terms of CD interest rates, their rates have been steadily increasing over the past few months. However, after the recent Fed rate cut, Wells Fargo and other brick and mortar banks such as Bank of America and WaMu have cut their rates as well. Looking at Wells Fargo’s certificate of deposit rate table, it shows a high of 4.20% APY but only if you have more than $100,000 and then only for 72-144 month maturity CDs.

While it may be convenient for those who already have a Wells Fargo bank account, there are several better interest rate deals available. Capital One Direct has a great rate on their money market savings account. WaMu has a great rate on their checking/savings account combo promotion. As a consumer you should definitely consider all your options before committing yourself to a bank or institution.