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Countrywide Financial is having a rough month.

With the recent stock market correction and focus on subprime lenders, Countrywide has been hit hard, laying off 500 employees and borrowing $11.5 billion to continue making home loans.

They currently offer the savingslink online savings account paying 4% APY on balances up to $10,000 and 5.50% above that.

Should you worry about Countrywide's problems if you have an online savings account? What happens if, as a Wall Street analyst has said, Countrywide declares bankruptcy?

For what it's worth, Countrywide's savingslink is FDIC-insured up to $100,000, the maximum federal allowance.

So, if Countrywide goes bankrupt, the FDIC may be appointed the "receiver."

The Federal Deposit Insurance Corporation (FDIC) provides deposit insurance to financial institutions and depositors of these institutions. If a financial institution is closed, by a regulatory agency, the FDIC is appointed as Receiver and i responsible for the payment of insured deposits and the liquidation of the remaining assets.

You would then need to claim your funds from the FDIC (again, up to the $100k maximum).

Is Countrywide going to go bankrupt? I couldn't say.

Should you move your money out? Maybe. It all depends on your risk tolerance.

Is the chance of Countrywide shutting down worth the extra .2% APY? That's your call. But be prepared for whatever may come.