Countrywide Bank Launches New Online Savings Account
Countrywide Bank, N.A., a subsidiary of Countrywide Financial Corporation, has announced the launch of a new high yield online savings account, SavingsLink, offering a rate of up to 5.00% APY. Unlike most existing products on the market, Countrywide's SavingsLink uses a tiered interest rate model that rewards customers who save more by offering higher interest rates for higher balances: currently $1000-$49,999 is 4.25%; $50,000-$2,499,999 is 5.00%; $2,500,000 and over is 1.50%.
"Countrywide Bank is taking the tremendous success experienced with high-yield CD and money market account offerings and expanding that model to the burgeoning world of online savings accounts," said James S. Furash, president and chief executive officer of Countrywide Bank. "The SavingsLink account adds another way for customers to reap the rewards of our low-cost business model."
SavingsLink accounts require $1,000 minimum to open. The tiered APYs for balances are as follows: $1000-$49,999 is 4.25%; $50,000-$2,499,999 is 5.00%; $2,500,000 and over is 1.50%. Rates are subject to change at any time without notice, including after account opening.
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