IndyMac Bank once again tops the charts for 6 and 12 month CDs with a 4.15% APY for both maturity yields. All other CDs have yields below 3.00% APY. Minimum balance on IndyMac CDs is $5,000.

• Minimum to open is $5,000
• Interest is compounded daily and paid or reinvested into the account monthly or at maturity
• A penalty will be assessed for early withdrawal
• For your convenience, your CD renews automatically for the same term at the current rate at that time
• CD can be funded by mail, wire transfer, or electronic funds transfer (ETF) via ACH from a checking account at another bank.
• If you fund by check, the rate is locked for 12-days from the date you open the account
• The online application can be done completely online with nothing to print out

IndyMac is another bank that has been hurt by the subprime mortgage lending problems. Because many of these banks are their deposits because of worried customers leaving, they are offering higher rates to help maintain their deposit levels. There is nothing to worry about as long as you keep your deposits lower than the FDIC insured amount.