Author Topic: where to get CD rates? (Read 5975 times)

Jay the PRESIDENT · « **on:** September 02, 2010, 03:25:31 PM »

any bank got good CD rate or promo???

any ideas plz??

anyone c that offer from fluhing bank btw?? free netbook wen open biz accnt dunno details

Jay the PRESIDENT · « **Reply #1 on:** September 02, 2010, 03:26:51 PM »

https://www.flushingbank.com/FlushingBizChkPromo.aspx

Emily · « **Reply #2 on:** September 02, 2010, 06:12:09 PM »

I am looking for a good short term cd

AsherO · « **Reply #3 on:** September 02, 2010, 06:15:33 PM »

Quote from: Jay the PRESIDENT on September 02, 2010, 03:25:31 PM

any bank got good CD rate or promo???

any ideas plz??

anyone c that offer from fluhing bank btw?? free netbook wen open biz accnt dunno details

Interesting netbook offer. As per the fine print, account has to remain open for 6 months or they charge you for the netbook.

As for CDs, Ally.com has good rates. You can also check bankrate for a comparison.

Emily · « **Reply #4 on:** September 02, 2010, 06:30:46 PM »

Uch you need to put $1000 into the account...

AsherO · « **Reply #5 on:** September 02, 2010, 06:40:44 PM »

Quote from: Emily on September 02, 2010, 06:30:46 PM

Uch you need to put $1000 into the account...

Ally has a No-penalty CD where you can withdraw early with no penalty.

If you're depositing less than $1,000 and you're looking for short term, then you really can't hope for more than (at most) a dollar or two in interest.

Dan · « **Reply #6 on:** September 02, 2010, 06:42:07 PM »

Quote from: AsherO on September 02, 2010, 06:15:33 PM

Interesting netbook offer. As per the fine print, account has to remain open for 6 months or they charge you for the netbook.

As for CDs, Ally.com has good rates. You can also check bankrate for a comparison.

Ally also has a .25% retention bonus when you renew your CD.
And they only have a 60 day penalty for early withdrawals.

My strategy that I'm in middle of is open a 3 month CD with $500, get the retention bonus, and roll it into 5 year CD and put more money in the account.
If I ever need the money or if rates go up I can close the CD for just 60 days interest penalty.

AsherO · « **Reply #7 on:** September 02, 2010, 06:45:08 PM »

Quote from: Dan on September 02, 2010, 06:42:07 PM

Ally also has a .25% retention bonus when you renew your CD.
And they only have a 60 day penalty for early withdrawals.

My strategy that I'm in middle of is open a 3 month CD with $500, get the retention bonus, and roll it into 5 year CD and put more money in the account.
If I ever need the money or if rates go up I can close the CD for just 60 days interest penalty.

.25% credited immediately? That's amazing!

bosoxfan · « **Reply #8 on:** September 02, 2010, 06:54:21 PM »

moneyaisle.com

Emily · « **Reply #9 on:** September 02, 2010, 06:57:57 PM »

Quote from: Dan on September 02, 2010, 06:42:07 PM

Ally also has a .25% retention bonus when you renew your CD.
And they only have a 60 day penalty for early withdrawals.

My strategy that I'm in middle of is open a 3 month CD with $500, get the retention bonus, and roll it into 5 year CD and put more money in the account.
If I ever need the money or if rates go up I can close the CD for just 60 days interest penalty.

What's the retention bonus? and can you give me a link for this deal? also what does it mean 60 days interest penalty? sounds cool

bosoxfan · « **Reply #10 on:** September 02, 2010, 07:03:43 PM »

Quote from: Emily on September 02, 2010, 06:57:57 PM

What's the retention bonus? and can you give me a link for this deal? also what does it mean 60 days interest penalty? sounds cool

the rep i just spoke with said you can only roll it into a higher rate with the 24 months and higher cd's.

Dan · « **Reply #11 on:** September 02, 2010, 07:06:29 PM »

Quote from: bosoxfan on September 02, 2010, 07:03:43 PM

the rep i just spoke with said you can only roll it into a higher rate with the 24 months and higher cd's.

Please explain?

Quote from: Emily on September 02, 2010, 06:57:57 PM

What's the retention bonus? and can you give me a link for this deal? also what does it mean 60 days interest penalty? sounds cool

You have to ask for a retention or loyalty bonus when your CD is up to renew instead of close it.

I calculated the interest penalty as follows, based on the current 3% APY on a 5 year CD with the retention bonus.

$10,000 5 year CD at 3% APY after 5 years =$11,589.26
$10,000 5 year CD at 3% APY after 1 year with 2 month penalty=$10,248.87, or 2.49% effective APY.
$10,000 5 year CD at 3% APY after 2 years with 2 month penalty=$10,555.70, or 2.74% effective APY.
$10,000 5 year CD at 3% APY after 3 years with 2 month penalty=$10,871.72, or 2.83% effective APY.
$10,000 5 year CD at 3% APY after 4 years with 2 month penalty=$11,197.30, or 2.87% effective APY.

bosoxfan · « **Reply #12 on:** September 02, 2010, 07:12:06 PM »

he said the bonus only starts after rolling over a 24 month lease

bosoxfan · « **Reply #13 on:** September 02, 2010, 07:17:29 PM »

*cd not lease

Dan · « **Reply #14 on:** September 02, 2010, 07:20:38 PM »

Quote from: bosoxfan on September 02, 2010, 07:12:06 PM

he said the bonus only starts after rolling over a 24 month lease

I'll find out for sure soon enough, my 3 month CD matures in October.

Dan · « **Reply #15 on:** September 15, 2010, 04:03:14 PM »

Quote from: Dan on September 02, 2010, 07:20:38 PM

I'll find out for sure soon enough, my 3 month CD matures in October.

Confirmed.
I just extended my 3 month CD for 5 years and will be getting a .25% bonus.
If you have a CD with ending 12/31 or earlier you can chat with them online to get the same bonus as well!
I can also add as much funds to the CD as I want.
The penalty for closing the CD is very small, so I'll be getting between 2.5-3% depending on if I keep it open for 1-5 years as I calculated above.

moe · « **Reply #16 on:** September 15, 2010, 04:19:01 PM »

Quote from: Dan on September 15, 2010, 04:03:14 PM

Confirmed.
I just extended my 3 month CD for 5 years and will be getting a .25% bonus.
If you have a CD with ending 12/31 or earlier you can chat with them online to get the same bonus as well!
I can also add as much funds to the CD as I want.
The penalty for closing the CD is very small, so I'll be getting between 2.5-3% depending on if I keep it open for 1-5 years as I calculated above.

didnt you say that you wont know till oct? Did they allow an early renewal? And what do you mean by 12/31? if it matures past that its no longer available? This does seam to be a decent rate...

moe · « **Reply #17 on:** September 15, 2010, 04:20:34 PM »

Quote from: Dan on September 15, 2010, 04:03:14 PM

Confirmed.

Dan, This was your 4444th post! (I know that makes me sound bored here...)

Dan · « **Reply #18 on:** September 15, 2010, 04:34:08 PM »

Quote from: moe on September 15, 2010, 04:19:01 PM

didnt you say that you wont know till oct? Did they allow an early renewal? And what do you mean by 12/31? if it matures past that its no longer available? This does seam to be a decent rate...

Yes, they always allow an early renewal, but the previous loyalty bonus was only good for account maturing by 09/30.
Now that they extended the bonus to accounts maturing by 12/31 I was able to renew for 5 years with the bonus and add funds.

It's an ongoing bonus, but they can of course stop it in the future.

moe · « **Reply #19 on:** September 15, 2010, 04:43:46 PM »

Quote from: Dan on September 15, 2010, 04:34:08 PM

Yes, they always allow an early renewal, but the previous loyalty bonus was only good for account maturing by 09/30.
Now that they extended the bonus to accounts maturing by 12/31 I was able to renew for 5 years with the bonus and add funds.

It's an ongoing bonus, but they can of course stop it in the future.

so if i open an account in the next 15 days for a 3 month cd, i can renew it a week later (with more money as well) and get the higher rate plus .25??! that sounds too easy of a trick....