Countrywide bank is offering a great 5.45% APY on their 6 month and 1 year CDs. Part of the reason they are offering such high rates is to ensure that they have enough deposits, especially given their problems with the recent subprime mortgage lending crisis. Minimum deposit for Countrywide’s CDs is $10,000 for regular CDs and $2,500 for IRA CDs.

They also have excellent business CD rates of up to 5.70% for 6 month and 1 year CDs. The deposits on these however are quite a bit higher and are probably not insured to the same degree as the personal CDs are.

Despite their financial problems, Countrywide is still a reputable bank, and is still FDIC insured. If you feel uncomfortable about their financial situation, just make sure that your deposits are within FDIC coverage ($100,000).