Comments on: High Yield Savings & CDs at Struggling Banks

By: Cathy @ Chief Family Officer

Cathy @ Chief Family Officer — Tue, 09 Dec 2008 05:02:42 +0000

Thanks for the info on a new bank’s obligations when taking over accounts. Fortunately, Chase seems to be honoring the promotional CD rates for the time being

By: Ken

Ken — Mon, 08 Dec 2008 23:10:44 +0000

Even though a new bank that takes over a failed bank can choose to end the CD, they don’t charge you any early withdrawal penalty. So you’ll be paid the full interest at least up to the day of the closure.

Also, sometimes the new bank will allow you to do an early closure of the CD even if they decide to continue to honor the original rate to maturity. However, for the case of WaMu, Chase did not allow a penalty-free closure.

By: Cap

Cap — Mon, 08 Dec 2008 22:42:47 +0000

Good to know that they don’t have to honor rates.. never knew that.

Also +1 to konex for letting us know that Chase is so far honoring the 5% APY rate. Lets hope they continue to do so…

By: konex

konex — Mon, 08 Dec 2008 21:11:44 +0000

My Wamu CD was honored at the 5% APY rate

By: Amy

Amy — Mon, 08 Dec 2008 19:07:47 +0000

My husband, because he is a Chase customer, got a postcard that offered a $100 bonus for opening up a WaMu checking account. No direct deposit required, free checks, etc. I opened the account with leftover Christmas money the day after we got the postcard. I love free money!

By: jim

jim — Mon, 08 Dec 2008 18:13:41 +0000

You’re right! Thanks Kathy, I get all the failures mixed up.

By: Kathy

Kathy — Mon, 08 Dec 2008 17:54:40 +0000

Wells Fargo bought Wachovia.