bank rates

Corus Bank 2.89% 12-month CD

Chicago’s Corus Bank is offering a respectable 2.89% APY on a 12-month CD with a minimum deposit of $10,000.

Although the minimum deposit is a bit steep, you’ll earn nearly twice the national average for one-year CDs.

Corus is a member of the FDIC, so your money should be safe.

But anyone taking advantage of this deal should realize it’s in big trouble and operating under special oversight by the Federal Reserve Bank of Chicago and Office of the Comptroller of the Currency.

Corus poured way too much money into condominium construction loans during the housing boom in Florida, Nevada and Arizona. Now the developers of those projects are defaulting because they can’t sell the units.

(Don’t miss the latest on our personal finance blog, including a new report on how badly the markets have battered baby boomers’ savings just a few years before they’re supposed to retire. Just click on the “finance” tab at the top of the page or here to go Bankaholic’s Personal Finance Blog.”)

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (3)
1 Star2 Stars3 Stars4 Stars5 Stars (11 votes, average: 4.18 out of 5)
Loading...
3 Existing Comments
  1. Michael Dunton said:
    on March 9th at 07:09 pm

    I have serious doubts that Corus will be around in a year to payoff the CD–you’ll most likely get paid back by the FDIC.

  2. APY Hunter said:
    on March 9th at 07:31 pm

    Yeah, I closed my Corus money market account after the most recent round of negative headlines. Sure, the money is FDIC insured. But with the APY having dropped from 4% to less than 2.5%, what is the point?

  3. BloggingBanks said:
    on March 10th at 04:12 am

    Bankaholic,

    Deals like this one is one of the main reasons why I read your blog every day!

    Michael,

    As long as you keep the maximum amount in a Corus CD up to the 100K FDIC insurance limit, you should be ok.