While doing a little rate checking, I found an interesting phenomenon - higher rate cd's for people over 55. Below are a few examples:
South Carolina Federal Credit Union This credit union gives a .25% bump to members with Senior Service checking. A 5 year jumbo($50,000) cd would currently yield 5.51%apy, not to shabby.
Farmers Insurance Group Federal Credit Union This credit union offers rates .01% higher for every year you are over 55. The older you get, the hotter your rate(My 94 year old grandmother is psyched!). Their rates aren't as high as SCFCU currently, but you can get a 5 year jumbo($100,000) for 4.59%apy before the old timer's bonus.
Yes there are CU's that give a bonus on youth acounts as well. Kent County Credit Union gives higher rates on some cd's for youth club members 17 and under. Their youth club 3 year cd yields 4.65%apy vs 4.33%apy for their regular 3 year cd.
If you're 18 - 54, apparantly you are out of luck. No bonus rates for you.
Obviously you must be meet the field of membership to join any of these CU's and take advantage of their bonus offerings. Post any similar deals here!
edit: 9/6 Kent County CU's rates are now the same or lower for their youth accounts
Zer92780 said:Nifty idea. I like the idea of giving seniors an edge. Also think veterans deserve an edge. -ZerAs opposed to what? -Giving mid career people a slap who pay into Social Security and never collect? -Or who paid into defined benefits plans that collapsed? -Or who subsidized corporate health insurance for people with families, and then, when they had families, suddenly health insurance payments were based on family size?
People in their 30's - 40's are caught in a huge squeeze. Having subsidized the social security pyramid scheme and one size fits all payments for benefits when they were younger - and then had the rules changed on them just as they were in a position to benefit
No question new starts have problems as well, but at least the rules are clear - you're on your own and will pay for what you consume.
And... mark my words, when people in their 30's -40's are at an age where they could get these senior benefits - they'll be gone
The idea stinks - its blatant age discrimination - and, IMO, should be illegal
Hibernia bank offers a "Celebration CD" an 18 month CD that pays 3.35 for three months, and 2+(your age*.01) so your age determines how hard they slap you in the face. On the plus side, if you manage to open an account for you manage to open an account for a rock that you can prove is 1 billion years hold you will have a an 18 month CD that pays a pretty decent rate. Hibernia is a regional bank based in New Orleans.
"The Celebration CD is an 18-month CD that celebrates Hibernia's age and the age of the individual opening the CD. The Celebration CD rate is the base rate (2.00%) plus Hibernia's age (1.35%) for the first three months. Then for the remaining 15 months, receive the base rate plus a bonus rate for the account owner's age (ie. if age 60 = .60% bonus)."
ellory said:As opposed to what? -Giving mid career people a slap who pay into Social Security and never collect? -Or who paid into defined benefits plans that collapsed? -Or who subsidized corporate health insurance for people with families, and then, when they had families, suddenly health insurance payments were based on family size?
People in their 30's - 40's are caught in a huge squeeze. Having subsidized the social security pyramid scheme and one size fits all payments for benefits when they were younger - and then had the rules changed on them just as they were in a position to benefit
No question new starts have problems as well, but at least the rules are clear - you're on your own and will pay for what you consume.
And... mark my words, when people in their 30's -40's are at an age where they could get these senior benefits - they'll be gone
I couldn't agree with you more on this one. Organizations like the AARP are lobbying for senior rights at the expense of the younger worker. It is really frustrating me, and something ought to be done about.
The idea stinks - its blatant age discrimination - and, IMO, should be illegal
The idea stinks for us young folks, but can be a boon for banks. Typically, old people hoard their cash. As for age discrimination: From a legal perspective, age discrimination applies only to employment law, and only if you are 40 years or older. The courts have struck down the idea of "reverse age discrimination".
Zer92780 said:Nifty idea. I like the idea of giving seniors an edge. Also think veterans deserve an edge. -Zer
Let's just say, seniors and veterans need all the help they can get. Yes, charity you say but so is senior and military discounts which B&M are so fond of...
OP - thanks for the interesting thread, possibly of use to older readers. I like the idea of giving seniors an edge. Also think veterans deserve an edge. -Zer Personally I think regular FWF contributors should get an edge, with a special edge to those who choose penguins as their icon and user names starting with X. Let's not confuse self-interest with some sort of moral authority here.
Premier FCU Special 6 Month Youth Certificate (Must be newborn to 22 years of age to qualify - one per member) - ($1,000.00 Minimum Deposit - $5,000 Maximum ) 5.10% apy.
Rate good as of September 1, 2005. Minimum balance of $50. Maximum of $2,500 for the12 Month Term. The APY is based on the assumption that dividends will remain in the account until maturity. Certificate must reside in child’s account. Limit per child capped at $2,500. Child must be under the age of eighteen when opening certificate. A penalty may be imposed for early withdrawal. Rewards rates do not apply. 12-Month Kid’s Certificate will renew upon maturity into a regular 12-Month Certificate.
Your very own Birthday CD! If you're 55 or older, you can participate in our Birthday CD! Just purchase a one-year certificate with newly deposited funds from another financial institution, and we'll give you a bonus rate equal to your age. For example, if you're 60, and the normal rate on a one-year certificate is 2.20%, your rate would be 2.85%.
Call us today for more details!
Five year cd rate as of 8/30 is 4.55%. My 94 year old grandmother would be looking at 5.49%. Not bad.
Free standard size safe deposit box Free American Express Traveler’s Checks Free Money Orders Preferred rates on loans and lines of credit (¼% discount
Plus
MembersFirst Plus Certificates
Not only do you enjoy preferred rates on loans but also on your Certificates of Deposit. Enjoy the following features: Flexible maturities from three months to five years Low minimum deposits Competitive dividend rates ¼ % increase on certificates A one time step-up rate on certificates with a term of 2 years or longer
FME FCU offers a great bonus for members of their 55 plus club. These members add a hundreth of a percentage point to cd rates for each year that they are old( 75 years old = .75% bonus). This CU also offers great incentive's for rolling over 401k and ira balances, a full percentage point bonus on cd's(36 month max term for 401k rollover, 12 month for ira rollover).
Related topic for youth savers, at Grand Valley Co op CU KIDS LOVE THE PIG!. From their site:
What a great way to help kids save...give them a GVCCU piggy bank! Stop by any location of Grand Valley Co-Op Credit Union and pick up a free piggy bank. Once the piggy bank is full, have your child bring it into the credit union and we will match their savings deposit up to $5. Whether the deposit is made into an existing account or a new account is opened, this is a great deal for any child. Plus, the child will receive another piggy bank for future savings. Hurry in...quantities are limited!
Zer92780 said:Nifty idea. I like the idea of giving seniors an edge. Also think veterans deserve an edge. -Zer
I like the idea of disallowing 84 year-olds from driving an automobile. Or, at the very least, being required to pass a vision and reaction test, to the same level as 16 year-olds.
I agree with RV that it's not illegal, but giving seniors higher cd rates based on age is ridiculous.
XNAredsox said:I like the idea of disallowing 84 year-olds from driving an automobile. Or, at the very least, being required to pass a vision and reaction test, to the same level as 16 year-olds. Most states already require all licensed drivers to take a vision test every so often. How would you administer a "reaction test" though?
I agree with RV that it's not illegal, but giving seniors higher cd rates based on age is ridiculous. What's so ridiculous about it? It's a marketing trick designed to appeal to a certain demographic and is no different from other targeted marketing campaigns.
AllenK said:XNAredsox said:I like the idea of disallowing 84 year-olds from driving an automobile. Or, at the very least, being required to pass a vision and reaction test, to the same level as 16 year-olds. Most states already require all licensed drivers to take a vision test every so often. How would you administer a "reaction test" though?
Retrovirus said:As for age discrimination: From a legal perspective, age discrimination applies only to employment law, and only if you are 40 years or older. The courts have struck down the idea of "reverse age discrimination". I hate to get this thread off track but the statement above is incorrect. The US Supreme Court held in General Dynamics Land Systems, Inc. v. Cline that the Age Discrimination in Employment Act (ADEA), a federal statute, was not intended to prevent an employer from favoring an older employee over a younger one. This does not, however, mean that reverse discrimination cannot be actionable under state laws. There is a distinct possibility that at least some reverse age discrimination claims are cognizable under statutes such as the New York State Human Rights Law (for instance, I believe that NY's Division of Human Rights has ruled that restaurants could not deny server positions to individuals between 18 and 21 to avoid potential problems with the age 21 drinking law), the Michigan Elliott-Larsen Civil Rights Act, the Minnesota Human Rights Act (see, for instance, Ace Electrical Contracts v. IBEW, which was decided 2 months ago), etc...
...and now back to our regularly scheduled programming . Chiphone Federal Credit Union is offering a "It's your birthday certificate promotion". From their website,
"Open a new share or IRA certificate and add your age to the rate! Example: If the rate is 4.15% APR and you are 45 years old, your rate would be 4.60% APR. If the rate is 4.65% APR and you are 70 years old, your rate will be 5.35% APR. This offer applies to all terms and must be new money. Ask us for details!!! Minimum certificate deposit is just $500."
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