Countrywide Bank Encourages Savings with New Community Savings Accounts

With only $25 needed to open, accounts are designed to benefit low- to moderate-income households in Dallas/Fort Worth, Washington, D.C.

Thousand Oaks, CA (Vocus/PRWEB ) May 14, 2007 -- Countrywide Bank, FSB, a member of the Countrywide Financial Corporation (NYSE: CFC) family of companies, today announced the launch of its Community Savings Account product, an effort intended to encourage savings among consumers with household incomes designated as low-to-moderate. The product is making its debut in the Dallas/Fort Worth and Washington, D.C. metropolitan service areas.

Saving is one of the most important steps you can take to ensure your financial future. We are eager to work directly with consumers and community-based organizations to grow the personal savings of individuals and families

Establishing a savings routine is often more important than how much you initially deposit in a savings account.

Beyond working toward financial goals, a savings plan is also an excellent way to build a

fund so that you are prepared for life's unexpected expenses

"Saving is one of the most important steps you can take to ensure your financial future. We are eager to work directly with consumers and community-based organizations to grow the personal savings of individuals and families," says Countrywide Bank President and Chief Operating Officer Timothy Wennes. "Establishing a savings routine is often more important than how much you initially deposit in a savings account."

Wennes also notes that by consistently putting money aside each month people can move closer to fulfilling their goals, such as savings for college, buying a car or a home. "Beyond working toward financial goals, a savings plan is also an excellent way to build a "rainy day" fund so that you are prepared for life's unexpected expenses," says Wennes.

Community Savings Account Features

• No monthly service fees or charges, unless the balance falls below $25
• Tiered interest rates that reward savings by offering higher rates on higher account balances
• Unlimited monthly deposits and up to six withdrawals per month
• $25 minimum deposit to open the account

Countrywide Bank Background
Since its launch in 2001, Countrywide Bank has steadily expanded the reach of its financial centers to 13 states including: Arizona, Arkansas, California, Colorado, Florida, Illinois, Massachusetts, Michigan, Ohio, New Jersey, New York, Pennsylvania and Texas. Its 100th financial center opened in January 2007 in Smithtown, New York, on Long Island. Located within many Countrywide Home Loans branches, Countrywide Bank employs a unique, low-overhead strategy of offering expertly staffed financial centers designed to meet the diverse savings and investment needs of its customers. With $86 billion in assets, Countrywide Bank is the third largest federal savings bank in the country.    

Countrywide Bank offers consumers diverse financial products, including SavingsLink SM a high-yield online savings account; high-rate CDs; and money market and retirement accounts, as well as quality investment and insurance products through Countrywide Investment Services, Inc.* With SavingsLink, individuals can earn interest rates among the highest in the nation on their savings, and maintain the flexibility to easily transfer money to and from their checking, money market or investment account.

About Countrywide Bank
Countrywide Bank, FSB, is a member of the Countrywide Financial Corporation (NYSE: CFC) family of companies. Countrywide Bank offers consumers highly competitive rates on certificates of deposit and money market accounts and, through its family of companies, also offers investment and insurance products. Customers can review banking products and services, check rates on deposits, and apply for new accounts by phone, online, or at one of the financial centers located throughout the country. In addition, the company offers the same superior rates and unsurpassed personalized service to its business customers through its Premier Business Banking and Commercial Banking Divisions. For more information about Countrywide Bank, visit http://www.countrywidebank.com. Member FDIC. Equal Housing Lender.

Countrywide Investment Services and Countrywide Insurance Services Products
Not FDIC Insured
Not Guaranteed By Any Bank
Not A Deposit
May Lose Value
Not Insured By Any Federal Government Agency

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