bank rates

IndyMac Bank 5.50% 6-Month CD Rate

CD Rates have been on a slow decline over the last few months, so it’s nice to see that IndyMac Bank is bumping the interest rate of its 6-month certificate of deposit to 5.50% APY. Minimum deposit for the online account is $5000. This is a pretty high rate from a very reputable bank. Also, they have many brick and mortar locations in case you are wary of online banking.

My family has used IndyMac Bank in the past, and they have had no problems with them.

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Comments (22)
1 Star2 Stars3 Stars4 Stars5 Stars (17 votes, average: 3.53 out of 5)
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22 Existing Comments
  1. Sam said:
    on April 12th at 07:09 am

    Dude, you gotta say how much the minimum deposit is. It’s a pretty important piece of info that you’re making me search and click a few more times to find.

  2. Bankaholic Admin said:
    on April 12th at 06:54 pm

    Hey Sam,
    Sorry about that, I posted it in a hurry. I’ve fixed the post. They have a $5000 minimum deposit to open.

  3. Robert T. Nelson said:
    on April 13th at 06:09 pm

    Would like to deposit $28,000. IRA money. I pay & transfer monies from my Bank of America account. How, can I transfer that amount to your new 6 month 5.50% CD? I would like to do this without having to go into BofA> Possible? Thanks RNelson

  4. charles said:
    on April 17th at 10:08 am

    Be carefull of this bank. They dont have the best rating.

    INDYMAC BANK, F.S.B.
    PASADENA, California

    Bankrate.com Star Rating: **

    Safe & Sound CAEL Rating: 4

    Thrift institutions are graded via assessments of profitability, asset quality, capital adequacy and liquidity. We have come to believe that, as of December 31, 2006, this institution exhibited a below average condition, characterized by normal overall, sustainable profitability, good asset quality, below standard capitalization, and lower than normal liquidity.

    Safe & Sound CAEL rating system

    Safe & Sound CAEL rating Definition Star rating
    1 Superior *****
    2 Sound ****
    3 Performing ***
    4 Below peer group **
    5 Lowest rated *
    No Report Complete data not available No Report “U”
    Closed Institution is closed Closed
    G Designates high growth

    http://www.fdic.gov/bank/individual/bank/

    Bankrate, Inc.
    Website: http://www.bankrate.com/
    11760 US Highway One
    North Palm Beach, FL 33408
    (561) 630-2400
    e-mail: customerservice@bankrate.com

    Product: Bankrate.com’s Safe & SoundĀ® service measures and rates the strength of financial institutions. Safe & Sound is a proprietary, analytical product that assesses the financial condition of 17,000 banks, thrifts and credit unions. Bankrate.com evaluates the health of institutions and assigns a 1-to-5 rating, with five stars representing the highest rating. Institutions with satisfactory performance will generally receive a rating of three or better stars, with the majority of banks falling into the three- to four-star range. The Bankrate.com Safe & Sound rating feature provides comprehensive information to depositors, borrowers, creditors, industry professionals, and regulators needing information regarding financial conditions of banks, thrifts and credit unions. The Star Rating, CAEL Rating, and Memorandum, detailing an institution’s financial standing, are all FREE and available on our website at: http://www.bankrate.com/brm/safesound/ss_home.asp

    Institutions Rated: All U.S. Federally Insured Banks, Thrifts, and Credit Unions.
    Primary Rating Method: Bankrate.com’s Safe & Sound considers four components, represented by CAELĀ® (Capitalization, Asset quality, Earnings and Liquidity). Using publicly available, quarterly data from the Federal Deposit Insurance Corp., Office of Thrift Supervision and the National Credit Union Administration, our systems assign values to each of the Safe & Sound CAEL categories and calculate composite ratings for individual institutions. The Safe & Sound CAEL ratings listed here should not be confused with ratings used by the FDIC or any other third party.
    Other Contents: Financial Summaries for each institution listed

  5. Paul said:
    on April 17th at 07:02 pm

    These guys suck. I have two CD’s with them. Good luck getting your money back once the CD matures. You have to send them a letter requesting the funds and attach with the letter a seperate letter of acknowledgement from a notary public, signed and sealed. What a nightmare…..AmTrust Direct pulls the same crap. Funny thing is that they have no problem taking your investment electronically, but won’t let you redeem it the same way. They suck.

  6. Paul said:
    on April 17th at 07:04 pm

    You can do almost as well with NO NONSENSE by investing in 4-week T-bills via the Treasury Direct website — also 100% RISK FREE

  7. Bankaholic Admin said:
    on April 19th at 05:34 am

    Paul,
    Can you explain more about the advantages of T Bills?

  8. Bettye said:
    on April 20th at 06:49 pm

    How can I contact someone about your interest rates on CD’s I would like to talk to someone?

    Thanks,
    Bettye

  9. stapler said:
    on April 25th at 09:28 pm

    To get the 5.50% APR rate for the 6 month CD, you must also have (or open) both a Savings and Checking account with IndyMac.

    The minimum balance on the 5.50% CD is $1,000 (not $5,000)

    If just a checking or savings account, CD rates drops to 5.45%

    No checking or savings accounts, rate drops to 5.40%

    (Read the fine print)

  10. Thrifty SGT said:
    on April 26th at 10:34 pm

    Bankaholic Admin

    You can go on the below website to get all the info on T-bills also known as treasury bills

    http://www.savingsbonds.gov/

  11. Naomi said:
    on April 27th at 09:19 pm

    I represent a nationwide notary signing service. How do I get on the list with these banks as a preferred vendor to handle out of the area signings?

  12. Bankaholic Admin said:
    on May 14th at 12:18 pm

    UPDATE: Rate has dropped to 5.40% APY

  13. charlie Carter said:
    on June 1st at 06:09 pm

    Paul complained that he couldn’t get his money without a notarized signature. That is ONLY for those who did not send in a signature card when they opened an account. This seems a sensible precaution since they won’t have your signature on file,
    I checked with Indymac about what Paul wrote, because I was able to get my money without notarizing my signature. That is what they explained. In fact I got the money very easily, with faxing a letter with my signature. However, with another bank’s CD, I had forgotten to send in the signature card and had to get my signature notarized.

    So, remember to send in the signature card when you get your CD and you won’t have Paul’s problem.

  14. Bankaholic.com said:
    on June 3rd at 09:42 am

    Charlie,
    Thanks for clearing that up for us!

  15. Philip Bielski said:
    on July 25th at 07:56 am

    We have 6 month / $10,000 / 7%-8% fully backed by FDIC & 1yr / $1,000,000 / 10%-11% also 100% insured by FDIC

  16. FishWisher said:
    on August 14th at 10:22 pm

    Would IndyMac hassle me upon maturity (3 mo. CD just bought) when I wish to move out via my broker through whom I bought the CD electronically?

  17. szitz said:
    on August 22nd at 05:00 pm

    Bank of America

    I had a CD with another bank that Bank of America took over.
    When this CD matured, they refused to redeem my CD. I had to go to several branches before I could redeem my money. This took over 2 weeks before I received my money.

    Bank of America is not customer oriented and their service is poor.

  18. C.Cole said:
    on September 8th at 05:48 am

    I have my savings in a CD at Indymac because their rate was the best. But now, with the sub-prime mortgage fallout (Countrywide), is there any danger of losing my CD? That rating above worries me. It matures in Oct, can I wait until then to withdraw and take it elsewhere?

  19. brion said:
    on September 11th at 07:33 pm

    c cole- i had $200K CD that i pulled early from IM in Sep.
    They and Countrywide are very exposed to the mortgage mess. I put my $ in 1 mo. T-bills.

  20. Greg said:
    on September 18th at 04:40 pm

    Thanks C.Cole, I was unaware that IM was heavily involved in the mortgage mess. They didn’t receive the publicity here on the east coast as did Countrywide Bk. I will invest elsewhere.

  21. Andrea said:
    on March 26th at 12:22 am

    I am having a fit trying to get my $$ from a CD that matured 3/23/08. I faxed a letter on 3/17 that I do not want to renew [according to Indymac’s direction] and then they say they cannot “find” the signature card I sent in at the start of the 6/mo CD. They say get a notary stamp next to my signature on the letter – I do, I fax it today [I now only have 3 biz days before it auto-renews] and they say not acceptable because I have to have a “letter of acknowledgement” from the notary – I have already put in a complaint to the FDIC and will head back to WAMU and their notary here in Dallas TX tomorrow morning to now do this instruction – I suppose I have nothing better to do then try to accomplish the same goal 5x over. Bottom line, do not do biz with them, they will hold your money “hostage.” Every time I am on the phone for the same reason to close the CD, they try to talk me into renewing – I am thinking they “misplaced” the sig card, then give me incorrect directions to close so it auto-renews before I can get this all done – not proper behavior for a bank.

  22. Rebecca said:
    on December 12th at 11:50 am

    Indy Mac OneWest bank sucks!! They are the most dysfunctional, messed up bank ever. Do not put your money into this bank. They will screw you over.

    Indy Mac mortgage customers are planning a protest in front of the corporate offices for January 4 2010 at noon. Come by 151 N. Lake Ave Pasadena CA to protest unfair business practices, fraudulant lending practices, failure to disclose fees, charges, these people need to go DOWN.