Burning HOT: 5.51% APY World Savings, 10,000 min, 7 month CD

[Deleted member 4644]

Burning HOT: 5.51% APY World Savings, 10,000 min

This is a limited time, limited scope offer, and may not be offered at all branches, call to find out. 7 month CD.

 

[astrocase]

Although this is great, what are the chances that "next week" the money market rates rise above the 7 mo CD's again? Did the quarter point increase by the fed stop that from happening?

 

[imported_nocturne]

Not as good as 4.5% esavings account at citibank with no minimum balance... IMHO

 

[toneman]

Originally posted by: nocturne
Not as good as 4.5% esavings account at citibank with no minimum balance... IMHO

Perhaps...if you're one of those types who can't afford to lock away fairly large sums of money that can't be touched (w/o penalty) for a period of time...

Not slamming anyone who doesn't have a lot of money to sock away, but let's be honest here--if you want to earn any significant amount of money, you need a fairly significant amount of capital in order to do so...

 

[Deleted member 4644]

Originally posted by: astrocase
Although this is great, what are the chances that "next week" the money market rates rise above the 7 mo CD's again? Did the quarter point increase by the fed stop that from happening?

Actually, quite small.

It's possible that rates will come close to matching this offer, but IMHO I don't think you will see anything other than 12 MO CDs that surpass it any time soon. The Fed has indicated that the rate hikes may slow down now.

Keep in mind that most CDs right are offering 4.9-5.25..

 

[imported_misternapps]

Originally posted by: nocturne
Not slamming anyone who doesn't have a lot of money to sock away, but let's be honest here--if you want to earn any significant amount of money, you need a fairly significant amount of capital in order to do so...

Obviously its the rich-get-richer at work here, and i agree to some extent - however; you dont necessarily need a lot of money, unless you want 0 risk. Having more $ definately helps, and i'm sure most/all of us WANT more money , but if you diversify into mutual funds/stocks/ ETF's, you can earn returns in the 10-12% area with some slight research. Pull up some 10-k forms from EDGAR, do a little research on the company and the market trend of the industry, and check out investopedia, which has some GREAT resources.
That said, if you're scared about risk or dont want to do research then, you're not going to earn much more than 4.5%

The FMOC (who sets rates) is meeting again in june, and they've given a pretty good indication that they're bumping the rates up again. If you've noticed, >90% of the stocks are down today....Thing is, it takes several months for the rates to come into play, but still. That is a good rate, provided its FDIC insured, and its only for 7 months which isnt to bad. Even with the rates up to 5% (provided they do raise them next month), might be a good bet for a risk free inv.

 

[astrocase]

Forget risk, money market accounts are about liquidity, and 7 months is nothing so even this CD is relatively liquid in the short term. If you're investing in stocks and mutual funds you're looking at keeping money in there for years and decades.

 

[Deleted member 4644]

I should have mentioned, this is in theory for new money only, but you might be able to get it for old money if you have a lot and can talk to the bank manager.

 

[Taggart]

link?

 

[TrueBlueLS]

Have less than 10 grand laying around? Stop on by to Huntington National Bank for a 13 month 5.30% APY CD. Must be at least $2,000 to open.

 

[Deleted member 4644]

Sorry, Taggart -- no link. This is a stealth deal. You must go into a branch or call their corporate line to get this promo. It is a direct mailer.

 

[toneman]

Originally posted by: Deleted member 4644
I should have mentioned, this is in theory for new money only, but you might be able to get it for old money if you have a lot and can talk to the bank manager.

Well I'll see if this is possible, as I have a World Savings 6-mo CD that matured yesterday, and I'm gonna head over to my local branch later on today and ask them if they can just roll it over to their current 5-mo Internet CD 5.16% APY promo (apparently my branch isn't offering the 5.51% promo). If they won't--well I'll just close the CD and then "reinvest" it into their 5.16% deal--there's almost nothing World can do to prevent me from doing that.

 

[probzy]

Nice post.

 

[toneman]

Well I stopped by my local branch; just as I figured, they can't roll it over. However, the teller did say that I can fill out the application online, then print it out--making sure that the referral code is clearly shown--and bring it back to the branch w/ money in hand. So...that's what I'll be doing...