The success of the SavingsLink has exceeded our expectations and contributed greatly to Countrywide Bank's rapid growth over the past year
Thousand Oaks, Calif. (Vocus) May 18, 2007
Countrywide Bank, FSB, a member of the Countrywide Financial Corporation (NYSE: CFC) family of companies, today reached a key milestone as it marked the one year anniversary of the launch of its successful high-yield online savings account known as SavingsLink (SM). With savings rates among the highest in the nation, SavingsLink is an ideal savings account for individuals who want the flexibility to easily transfer money to and from their checking, money market or investment* account at another financial institution. With a minimum balance of $50,000, consumers can earn 5.40 percent annual percentage yield (APY).
"The success of the SavingsLink has exceeded our expectations and contributed greatly to Countrywide Bank's rapid growth over the past year," said Countrywide Bank President and Chief Operating Officer Timothy Wennes. "What it also shows us is that consumers today are drawn to high-yield online savings rates that allow their money to grow at a much faster pace than traditional passbook and statement savings accounts, which on average pay less than one percent annually."
However, even with the phenomenal growth of SavingsLink and similar online savings products in the marketplace, recent data from a Countrywide Bank-commissioned survey indicate that while 42 percent of U.S. households surveyed took time to shop for high yielding savings rates, only eight percent bothered to move their money for a better rate. In contrast, Countrywide Bank's typical customer smartly moved their money to Countrywide for a better savings rate.
*Investment products offered through Countrywide Investment Services, Inc., Member NASD/SIPC. Insurance products offered through Countrywide Insurance Services (not available in all states).
Not FDIC Insured; Not Guaranteed By Any Bank; Not A Deposit; May Lose Value; Not Insured By Any Federal Government Agency; Countrywide Bank
SavingsLink has many distinctive features, including free next business day internal transfers, safe and secure anytime access, and the ability to schedule one-time or recurring transfers between your account and a linked external account at another financial institution. Additionally, account holders are able to conduct up to six withdrawals each month, interest is compounded daily, and deposits are insured to the regulatory maximum by Federal Deposit Insurance Corporation (FDIC).
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, 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.
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.
The Annual Percentage Yields (APY) and Interest Rates are effective as of Friday, May 18, 2007. SavingsLink (SM) APY's and Interest Rates may change at anytime without prior notice, including after account opening. APYs apply to only individual and joint consumer accounts opened via the internet. The minimum deposit to open an account is $1,000. Fees could reduce earnings on the account. Tiered APYs for balances are as follows: $1000-$10,000 is 4.00%; $10,000-49,999 is 5.25%; $50,000-$99,999 is 5.40%; $100,000-$2,499,999 is 5.40% and $2,500,000 and over is $1.50%.
Media Contact Information
pressroom @ countrywide.com