Is your bank/credit union safe? Bankrate.com has the answer

[The Kin]

You can now look up your bank on bankrate.com

Every bank is assigned a rating from 1-5. One being the most desirable and 5 being Washington Mutual. Interesting stuff.

http://www.bankrate.com/brm/safesound/ss_home.asp

 

[RiceRocket]

I think it's opposite, 1 is bad, 5 is the best. Bankrate.com evaluates the financial condition of institutions and assigns a 1-to-5 rating with five stars representing the highest rating.

 

[The Kin]

Safe & Sound CAEL rating Definition Star rating
1 Superior «««««
2 Sound ««««
3 Performing «««
4 Below peer group ««
5 Lowest rated «
No Report Complete data not available Not Rated "NR"
Closed Institution is closed Closed
G Designates high growth --

 

[jeb9999]

My credit union gets 4 stars and ranking of 2. I only keep $75 there because they pay near zero interest on savings and checking accounts, but they also have zero fees. Makes a great account to link with banks like ING Direct that pay higher interest rates.

 

[The Kin]

Quote from RiceRocket:

I think it's opposite, 1 is bad, 5 is the best. Bankrate.com evaluates the financial condition of institutions and assigns a 1-to-5 rating with five stars representing the highest rating.

Oh you're right. They have some backward nonsense. Giving both a numerical rating with corresponding stars. Good information, but shockingly poor designed.

 

[The Kin]

Anyway, my credit union is 2 CAEL rating and 4 stars. (Sound)

 

[Thermactor]

amazing how Wamu gets the same rating as IndyMac Bank.
I used to have a big (for me) account with them, but gradually dissolved it to $130 or so. Now I'm worried about my hundred and thirty bucks. That's a tank of gas for my Lexus.