CD Accounts at Wamu, rates remain at Chase??? (purchase, bank, work)

[taurus430]

If you have CD's at Wamu, which had some good rates, can Chase change the rate? ING took over Netbank and the rate remained, over 5%.

[Wirelessany1]

When JP Morgan Chase purchased the assets (deposits), they bound themselves to the terms of the CDs not in grace period.

Don't look for the CD rates on new CDs to remain as high. I have a feeling JP won't be looking to increase their deposits by much more, hence possibly less aggressive CD rates in the future.

When a bank needs to increase their deposits they increase their rates; when they don't, rates go down.

take care, ana

[foma]

I think the way CDs work is your rate is locked for the period of the CD.

[taurus430]

Thanks, I thought my rates were locked in, for 5 years.....