|
Post by fixitguy on Dec 10, 2022 2:53:29 GMT
I went to do some online banking today. On a pop up screen, they are offering 18 month CD's @ $1000 min with 3.65% interest. Less than 18 months are 1.75% and over 24 months are 2.00%.
I haven't had a CD for a long time ,but 3.65% seems like a good deal. My kiddo has some savings bonds that matured, this CD seems like a good deal for him. Thoughts? He has other investments I started long ago, so the CD would be more of a fund balance and not needed as income on a short term or long term right now.
|
|
|
Post by farmrbrown on Dec 10, 2022 3:39:51 GMT
|
|
|
Post by joebill on Dec 10, 2022 3:54:15 GMT
A friend of mine just dumped 50K into a investment scheme offered him by a credit card company. Sounded way too good to be true to me. The very idea gives me goosebumps and I am just waiting to hear that the whole thing was a scam. It was an online offer and he jumped on it like it was manna from heaven. I may later wish I had joined him but it scares the crap out of me... Joe
|
|
|
Post by fixitguy on Dec 10, 2022 4:27:25 GMT
farmrbrown, I loosely read the interest rates may go up again after next weeks meeting. I just don't know how fast the banks follow on some thing like CD rates. It's not pressing if he gets in next week or next month. The bank only pays .40% APR on a savings account currently.
|
|
|
Post by BrewDaddy on Dec 10, 2022 4:29:50 GMT
Crypto currency. Put everything you gotz into BitCoin................. If nothing else, it will be entertaining..... bd
|
|
|
Post by solargeek on Dec 10, 2022 4:55:03 GMT
So I read through most of every page. Then I searched Chase, and BMO Harris -/ both humongous banks Their highest rate of return was 1% no matter how long you left your money in. Could some financial guru on here tell me why banks that I’ve never heard of are offering gigantic interest rates of 3.5 to 5% interest. And Sallie Mae is also?
|
|
|
Post by fixitguy on Dec 10, 2022 4:57:34 GMT
BrewDaddy, He was pretty heavily invested in reselling video games and console's when he opened his E-bay store in 2018. That seemed to slow after a few years. Recently the video game sector reemerged for him. Today 150 size B padded mailers showed up. I don't ask questions, but my guess is a few large boxes of video games and console's will be showing up next week from a pawn shop or goodwill store from the south side of Chicago. He buys a few bulk boxes per year. Last year a box of 750 or more new and used fit-bit type gadgets showed up on the door step.
|
|
|
Post by farmrbrown on Dec 10, 2022 5:10:26 GMT
So I read through most of every page. Then I searched Chase, and BMO Harris -/ both humongous banks Their highest rate of return was 1% no matter how long you left your money in. Could some financial guru on here tell me why banks that I’ve never heard of are offering gigantic interest rates of 3.5 to 5% interest. And Sallie Mae is also? To be honest I quit paying close attention to the U.S. financial markets around the turn of the century, when the nat'l debt was still in single digits. After that I figured we were on our way to repeating history and it was every man for himself, lol. But to answer your question, I'd say it was because the BIG banks have been buying Treasury Bonds to prop up the gov't and are stuck with 1% or less interest rates on their money until the bonds mature or they can dump them on another poor sucker. So there's no way they are gonna pay OUT 3 or 4% to anyone else right now.
|
|
|
Post by Jolly on Dec 10, 2022 14:13:20 GMT
I went to do some online banking today. On a pop up screen, they are offering 18 month CD's @ $1000 min with 3.65% interest. Less than 18 months are 1.75% and over 24 months are 2.00%. I haven't had a CD for a long time ,but 3.65% seems like a good deal. My kiddo has some savings bonds that matured, this CD seems like a good deal for him. Thoughts? He has other investments I started long ago, so the CD would be more of a fund balance and not needed as income on a short term or long term right now. My credit union is offering 3.50% / 36 months, minimum $500.
|
|
|
CD Rates
Dec 10, 2022 14:13:32 GMT
via mobile
Post by solargeek on Dec 10, 2022 14:13:32 GMT
@farmerbrown
That makes perfect sense; thank you!
|
|
|
Post by Ozarks Tom on Dec 10, 2022 15:44:22 GMT
solargeek, There might be another answer too. If you look at what some municipal bonds pay versus others you have to wonder why some pay nearly twice as much. Then you look into the financial stability of those municipalities and find their unfunded pension obligations are way over their ability to pay. They're desperate for cash now, and know some time in the future their Ponzi scheme will collapse, sending them into bankruptcy. The same could be true of some banks who've invested or loaned poorly, and need cash to meet their mandated reserve funds. I remember in the late '70s and early '80s banks were calling notes like crazy, including mine, when the mandated reserves were increased from 5% to 10%. I steer clear of "too good to be true" deals. joebill, Does your friend's deal have anything to do with Dinars?
|
|
|
Post by paisley2 on Dec 10, 2022 17:15:21 GMT
Ozarks Tom,for about 5years after 79 I was pumping money in to long turn 10+ interest for 20 years and the banker looked at me fresh out of college and stated that I really needed to understand he penalties to crack it open early...I knew what I was doing. Now IS THE TIME for 20 something to invest!
|
|
|
Post by Ozarks Tom on Dec 11, 2022 0:06:11 GMT
Ozarks Tom ,for about 5years after 79 I was pumping money in to long turn 10+ interest for 20 years and the banker looked at me fresh out of college and stated that I really needed to understand he penalties to crack it open early...I knew what I was doing. Now IS THE TIME for 20 something to invest!
Sorry, but I have to disagree. Investing in anything right now would seem to be having way more optimism regarding this country's financial stability than is reasonable.
If I were advising a young person as to what to do with their extra cash, I'd tell them to buy 1oz silver coins, US mint, and keep them both well hidden and quiet.
There are no honest offers out there paying 10% on anything anymore.
Oh, I'd also suggest to that young person to put at least 10% of their discretionary cash into lead.
|
|
|
Post by farmrbrown on Dec 11, 2022 1:07:58 GMT
Ozarks Tom ,for about 5years after 79 I was pumping money in to long turn 10+ interest for 20 years and the banker looked at me fresh out of college and stated that I really needed to understand he penalties to crack it open early...I knew what I was doing. Now IS THE TIME for 20 something to invest!
If I were advising a young person as to what to do with their extra cash, I'd tell them to buy 1oz silver coins, US mint, and keep them both well hidden and quiet.
Oh, I'd also suggest to that young person to put at least 10% of their discretionary cash into lead.
Would 1/2 oz. nuggets of lead be ok?
|
|
|
Post by paisley2 on Dec 11, 2022 19:11:40 GMT
Historical CD Rates from 1984-2018 | DepositAccounts Sep 2, 2022Average CD rates: 1984-1989 CD rates in the 1980s reached record highs. Savers had access to double-digit yields as inflation soared. The U.S. faced two recessions in the early 1980s....
I had no expenses but my personal car, smokes, entertainment.dental ...I just looked over my finance log...dental was not in my health that covers annual visits. Add in I had a great full time job and I was hustling for all side gigs. Medical & health insurance, food housing, gas for the car was included for my full time job. Plus the income from my full time was well above average with a yearly bonus. I layered the terms for the cd's.
Right now I am watching my son spending money like my peers did...getting all the latest wastes of the day only to sell it a year later for the new and improve & impressive model that is a want not a need. These phones will add on feature and he and his peers jump inline.
|
|