World Savings 5.16 APY 5 mo CD $10k min

[Deleted member 4644]

http://www.worldsavings.com/servlet/wsa...322&KW=world%20savings&LP=WeChFiEH2324

Should have read APY, not APR.

 

[onelove]

nice - thanks for posting OP

 

[matrix5646]

thanks!

 

[Aztech]

ING has a 5.25% CD for 12 months. I don't know the minimum, but probably not that much. That's a better deal, but if you're maxed out at ING, then maybe go for this.

 

[Sparke]

It depends how you look at it. I imagine the 5.16 APR is close to the same as ING (does 5.16 APR = 5.25 APY ?) And it's a shorter term. It depends how much you want to put away and for how long.

 

[kinkeads]

World Savings always has great rates. Thanks!

 

[TripleAAA]

So how much money would one make if they put 10k in one of these accounts?

 

[astrocase]

multiply it by the APY and that's what you'd get in a year.

 

[scandalousjack]

EmigrantDirect (http://www.internetsavings.us/) is another bank out there with extremely good rates. My friend began investing with them a while back and he's extremely pleased. You know, I'd jump in an this deal if only I had the 10 grand.

 

[TripleAAA]

Originally posted by: astrocase
multiply it by the APY and that's what you'd get in a year.

So on a five-monther, with a 10k deposit you are looking at a couple hundred bucks. Not bad if you don't plan on needing it for anything.

 

[astrocase]

$215

 

[usernamemax20charact]

Not bad, but etrade bank has a APY of 5.21% for a 6 month CD and only requires a minimum deposit of $1,000.00

 

[BoldAsLove]

stocks ftw

 

[probzy]

Nice post.

 

[toneman]

Originally posted by: usernamemax20charact
Not bad, but etrade bank has a APY of 5.21% for a 6 month CD and only requires a minimum deposit of $1,000.00

Not slamming you and/or your post or anything like that, but--and I might get flamed for this--exactly what purpose is achieved by allowing a minimum deposit requirement of just $1K? I mean, anyone looking to make some quick but decent amount of money would put in way more than a grand or two. Heck--if you put in just $1K, in 6 months all you'd earn is roughly $26; depending on your lifestyle, you could "earn" just as much--if not more--in less time than that just by temporarily giving up vices like smoking and drinking; or, just by renting one less movie per month (for you non-Netflix-type folks) you'd save almost as much...and the best thing about giving up stuff like this is that the money you'd save from doing so is already tax-free!

Yeah, not everyone has $10K or so lying around that they can afford to part with for a short period of time...but let's get real here--putting a grand or two into a 6-month CD probably won't earn you enough after-tax earnings to even fill the gas tank of your car.

 

[usernamemax20charact]

I think the purpose of setting the minimum deposit at $1k allows almost anyone to get a CD at a very good rate. As you mentioned, not a whole lot of people have $10k lying around. It's basically a low entry fee. Not too many other places have a high yielding 6 month CD.

Of course, you're right that only putting $1k is not really worth it, but say I only have $5k or $6k to put into a CD right now and want to maximize my return on it with minimum risk for a short period of time. The world savings CD would be out as an option for me, but the etrade one wouldn't be.

It shows that etrade want my business more than world savings does. At least that's the way I see it.

 

[jrichrds]

Originally posted by: Aztech
ING has a 5.25% CD for 12 months. I don't know the minimum, but probably not that much. That's a better deal, but if you're maxed out at ING, then maybe go for this.

But considering you have to have the money locked up for an additional 7 months for that 0.9% increase in the rate, I think 5.16%APY/5mo is a better deal since interest rates are likely still on the way up. Aren't there better rates out there if you want a 12 month CD?

 

[mikelish]

i got an etrade 6month CD this afternoon. i think it's 5.21% APY. I knew the name, and another company wanted me to mail in some stuff, and I wanted to do it all electronically so I chose etrade

 

[TripleAAA]

Do these type of CD accounts automatically raise the APY if interest rates go up? I know there are some out there that do that.

In other words, your rate wont drop, but it can go up at any time.

 

[toneman]

Not to say that one doesn't exist, but I've never heard or seen an adjustable-rate CD; I mean--if there were such a thing, it'd be kinda hard to accurately calculate the CD's APY over a fixed period, wouldn't it?

 

[jrichrds]

TripleAAA is probably thinking of "upgradeable CDs," which allow you to change to the then-current interest rate a set number of times (typically only once) during the term.

 

[onelove]

this is now 5.31% APY. I'm in.