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| Investing & Banking stocks, bonds, banking interest rates, CDs and all other investment vehicles you want to talk about |
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This is an offer I received from the AAA:
12 month CD no minimum deposit at 2.00% No penalty withdraw of balance including incidents if you unvoluntarily loose your job. What do you think? |
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I think 2% for 12 months is about the best you're going to get today. I looked a few days ago and Ally Bank was at 1.96% so basically the same.
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going. |
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Are you aware of any 12-month CDs paying more than that? If you are, please share.
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going. |
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Radiance - Looks like a pretty sweet deal to me! The no minimum balance and the ability to withdraw without penalty under circumstances are what make it sweet.
There are a few CD's out there paying higher rates, but not with those kind of terms: Bank Deals - Best Rates and Deals On the "no penalty" clause, that could be a mixed blessing. Certainly if you lose your job and can't pay the rent or buy groceries, it would be nice to be able to get at the money without penalty. On the other hand, it might make the money TOO easy to get at. A nice thing about CDs with penalties is that they are a way to self-impose savings discipline. When I first started getting serious about saving (a couple decades ago), I would open small CDs ($50 or $100). I knew the money was there if I really needed it, but I also knew I'd incur that penalty. I never did cash out a CD early; I just wasn't willing to pay that penalty. The CDs helped me be more disciplined than I would have been otherwise. Now the discipline comes naturally, but it was something I had to learn and the CDs really helped. Let us know if you decide to open the CD. |
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My bank pays 2% on a checking account with a $1000 minimum. I do know a bank that is paying 2.65 on a one year c.d. and it is fairly local also. (about 20 miles away)
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I'm a bit wary of locking up money at a fixed rate for any considerable length of time right now.
If the Fed exerts their independence, and does what they need to do to stave off inflation, rates will probably need to go up soon. This past week Big Ben & Co all but declared the recession over, so this could be sooner rather than later. I'd sit on liquid cash and wait for rates to rise (as well as making sure you don't have all that much in cash, since it's also possible that they will allow significantly more inflation). |
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going. |
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I locked some money up in a c.d. paying 4% and so far I am pretty happy with that.
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Julie, can you please post the info for that CD.
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going. |
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Yes, it is Community Bank and Trust in Hiawassee, Georgia. I have my 4% C.D. there. I got it in January.
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It is true that the amount involved makes a difference. I just finished opening a $6,000 CD at 2.05%. That's about an extra $45 over an account earning 1.3%. Plus, the 2.05% is fixed and guaranteed for 12 months. The 1.3% could possibly go down. Since it is money I won't be needing, I'll take the higher rate.
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going. |
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I figure though- if rates were to climb significantly higher (maybe 6-8% range?), I'll take the risk and lock at least some of it up for quite some time. |
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I would love to buy shares of a bank that has a 13% interest spread. lol.
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__________________
Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going. |
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