5.25% APY CDs at Countrywide Bank going, going, soon

Last week you could have picked up an FDIC-insured 6-month CD from Countrywide Bank at 5.45% APY. This week they are down to 5.25%. And no telling how soon they will fall down into the 4% range now that Bank of America has agreed to buy Countrywide.

Countrywide Bank is part of Countrywide Financial which has all of these mortgage problems, but it is a bank and bank deposits up to $100,000 are insured by the FDIC.

Personally, I do not have enough free cash that the difference in rate would make a big annual difference and be worth the hassle of having some of my cash off in a bank they I am not doing any other business with.

-- Jack Krupansky