beautyt42 said:Is Indymac bank going to be like the Fremont bank? Will it be heading for trouble?

http://www.ocregister.com/news/percent-class-loose-1795605-year-loans

I live near by it but I still doubt about it. I am too like to hear more comment about its 5.55 CD is good and the 5.75% Internet Tier MM (will it stay longer than 3 months?).

How much lower do you expect your investment risk to ever get?

Figured there would be more discussion here.

I should probably give them a shot. Ive got over 100k with both GMAC and ING.

sushiosushi said:dudetheobscure said:Indymac raised the in-branch 1st Rate Money Market Rate to 5.75% APY (> $25K).

Just checked the website again and this one has been removed for in-branch (still there for online). I logged into my account and still see 5.6% rate for the account so I'll have to check again tomorrow to see if it reset to a lower rate.

I still see the inbranch rate here

mnsweeps said:
I still see the inbranch rate here

Wierd. Your link works but if you click on the "internet rates" link from that page then you can't click on the "branch rates" link as it doesn't show. Also, if you go to the Branch rates page it is not listed. I stopped by my local branch on Sat. and it wasn't on the rate sheet there either.

Let's check again on Monday as that is when they get new rates from corporate.

Sleepbum,

Mine was opened over phone with branch CSR (when it was still listed in branch rate section on website). Online account access shows it classified as "checking" which is probably due to it allowing up to 3 checks per statement cycle.

Did you get free checks? Did you ask if Cashier's checks were free in branch? For a MMA account, I would want the ability to deposit/withdraw money easily.
I don't know if they give them automatically or not for the MM and I didn't specifically ask for them as I don't plan on using them. Never asked about cashier check fees. When I plan to move $ I will just use ACH.

My worst fear is that they classify this type of account as checking, then lower the rate on it, and then say there's an early termination fee if closed.
Guess, I'll watch one more week to see if the rate is stable.
Last time I was in branch, I wanted to open a CD with the internet rate, but they wouldn't do it.
Supposedly some types of accounts can be recoded and some cannot. I was able to get a regular MM recoded to top tier but wasn't able to recode the top tier to first rate. You'll need to ask them if the top tier can be recoded to the other ones to avoid the closing fee.

Alright, finally got through on the phone to a CSR. Seems they're using an Indian call center. Called earlier in the day and was on hold for 20 min before my phone ran outta battery.

CSR said the Internet First Rate Money Market can only be opened on the phone/internet and not in branch. Said no free checks. Temp checks are $1 each or a box for $10. Can make transactions in branch. Said have free withdraws checks in branch. But if I get a check in branch is still counts as one of my 3 check transactions per month. Need to confirm with a branch.

There is an early termination fee of $10 if less than 90 days. Think the min without fees is $1000.

There's also a 7-days Liquid CD (min $5,000) mentioned in 01LX's post.
5.26% rate 5.40% APY guaranteed till Dec 31, 2007.

No terms on it, can make one transaction (withdraw, deposit, close) every 7 days. Must keep minimum of $5,000 at all times.

CSR said free incoming wires. Outgoing is $30. Web site says only initial funding wire is free. They said they can mail checks as a method to withdraw if you don't have any braches nearby.

Will go down to double check at a branch tomorrow.

Alright... Went down to a branch today to open that Internet First Rate Money Market. Seems the CSR knows about it. Fairly easy to open as I had accounts there before. Wasn't able to fund it because they close at 4pm... Ggrgrgrgrggr~~~

First box of check will be free, but doesn't know the exact amount (40 or 150 or more). CSR said I can also have some temp checks. Free in-branch cashier check withdraws, and doesn't count towards the 3 check per month limit. No early termination fee. Forgot to ask about wire transfer costs.

7-day Liquid CD is offered in branch, but the APY seems to be 5 basis points lower, 5.35% APY. But the min is also lower, $1000 vs online $5000.

Has anybody successfully opened a Internet First Rate Money Market account online without also getting a CD? What type of ACH transfers do they allow from their website? The information online is really skimpy.

MikeR397 said:This rate looks great, but too bad they can't guarantee it for at least 90 days. They do have a tendancy to change rates a lot and with thier fees involved, I'm not sure I'm going to hop in.4 month CD option looks tempting @ 5.75 APY