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IndyMac Bank has an attractive 5.35% 4-Month Internet special CD account. This is a special Internet promotion, so it is not available in local brick & mortar branches. Also note that there is a $5,000 minimum deposit to open an account.
Interest is compounded daily and paid or reinvested into the account monthly or at maturity.
Because of the recent brutal federal reserve rate cuts, interest rates on liquid funds like money market and savings accounts have been dropping like flies, making certificates of deposits a more attractive alternative.
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