The data is now through 7/31/08. As everyone knows, rates tumbled starting in December 2007. With the continued weaknesses in banks and continuing mortgage problems, it is unlikely the Fed will be changing rates soon.

Naturally, since 2008 rates are lower, the average rates came down a bit as well, but not that much. Our rate information goes back to 1993.

One thing to note is our rate information is based on CDs that were actually invested into.

I was reading the newspaper Saturday Evening and was shocked to see IndyMac was taken over by the FDIC late Friday. Depending how you do the math, this was the 2nd or 3rd largest closure in history. IndyMac was over $32B in assets. IndyMac saw a $1.3Billion dollar run on the bank eleven days prior to Friday. The FDIC was concerned they wouldn’t be able to meet demands. Much of this run stemmed from Senator Charles Schumer. Him and the OTS have traded back and forth barbs.

Of course none of that helps the employees or the depositors of IndyMac. Anyone holding $100,000 or less will receive their deposits fairly quickly. On Monday you can call the FDIC Call center at 866-806-5919. There where also probably be more info posted at IndyMac’s website, but at the moment it just has general info.

Here is the link fo info from the FDIC. Call us on Monday if we can be of any service.

View their website, here.

Peer-to-Peer lending basically cuts out the bank and you lend directly to the borrower.  For obvious reasons, it is also known as Person-to-Person lending.  Prosper is one of the premier services in this area.  Your funds aren’t insured like an FDIC insured CD, and you can lose principal, but Prosper goes along way to make sure you know the background of the borrower. 

Check out the new section, let me know what you think.  Peer-to-Peer Lending.

cd :O)

Given the looming rate cut, I’m sure I will have some updates tomorrow as well.  We don’t work directly with the instutitions listed, but they should all be available nationwide.  Please leave a comment if you run into any problems.  I don’t want to link to an institution that provides poor service.

If you want to view the rates we have available go to our Certificate of Deposit Rates page.

NewBank was formerly part of Stockmans Bank based in Elk Grove, CA.  Stockmans merged into PremierWest which is based in Medford, OR. 

The CD Rates are competitive if you are comparing banks.  1-Year at 3.65% APY and 2-year at 3.50% APY.

The Savings Rate isn’t bad either for our current enviroment.  It stands at 3.50% APY.  There are some higher ones out there though.

The checking account has a bonus feature of $50 if you maintain a $2,500 balance for 90-Days.

Click here for all of the details. 

Rate is 5.55% / 5.706% APY.  This is with an FDIC insured bank.  This is a net rate, no fees.  The bank is paying us to refer people directly to them.

Call us at 800-234-4605 or visit our main CD Rates site.

cd :O)

If you aren’t so sure about going that long we have a 3-year to 7-year that will net you 5.75% APR / 5.92% APY after our fees.

Call us for details at 800-234-4605 or visit our Rates page.

cd :O)

MoneyCafe has a nice historical graph on the Fed Funds Rate.

Our 10-year special is up to a 5.95% APY.