A branch visit is required to open the accounts. Also unlike Wilshire there is an 18month penalty for early withdrawal. edit: for California-based accounts the penalty is only 2 months of interest.
HEPennypacker said:It seems to pick up where Wilshire leaves off in contract terms. The 18-month penalty reduces its usefulness as a hedge though.
This looks good if you don't need money for 4 years, better than any CD out there. Will use both, wilshire and Woori. Really surpise me if CD people have not jumping on this at all.
Message edited by: internetle on 2009-04-17 11:41:01 CDT
Normally these deals are for the lucky few, but OMG, there is a location 3 miles from my office! I don't have a ton of extra money, but I can get in on this. Green to you.
PhrugalPhan said:Normally these deals are for the lucky few, but OMG, there is a location 3 miles from my office! I don't have a ton of extra money, but I can get in on this. Green to you.
Remember, you don't need cash upfront, this is an installment saving account, just make sure you have the cash each month to cover your saving goal.
internetle said:HEPennypacker said:It seems to pick up where Wilshire leaves off in contract terms. The 18-month penalty reduces its usefulness as a hedge though.
This looks good if you don't need money for 4 years, better than any CD out there. Will use both, wilshire and Woori. Really surpise me if CD people have not jumping on this at all.
What are your thoughts on the possibility of inflation and thus rising cd rates in the 4-5 years? Anybody considering the 120month term?
2stepsbehind said:internetle said:HEPennypacker said:It seems to pick up where Wilshire leaves off in contract terms. The 18-month penalty reduces its usefulness as a hedge though.
This looks good if you don't need money for 4 years, better than any CD out there. Will use both, wilshire and Woori. Really surpise me if CD people have not jumping on this at all.
What are your thoughts on the possibility of inflation and thus rising cd rates in the 4-5 years? Anybody considering the 120month term?
that is why I called to find the rates for 1, 2 and 3 years. IMO, inflation will be tame for atleast 2 years. Of course, I would be rich if I know the number for sure,
Message edited by: internetle on 2009-04-17 12:09:53 CDT
internetle said:PhrugalPhan said:Normally these deals are for the lucky few, but OMG, there is a location 3 miles from my office! I don't have a ton of extra money, but I can get in on this. Green to you.
Remember, you don't need cash upfront, this is an installment saving account, just make sure you have the cash each month to cover your saving goal. Gotcha. As long as they allow money to be pushed to the account (say from FNBO for example), this will work fine. Getting to their office every month to make a deposit would make me reconsider this.
As for the appropriate time frame, I'm probably going to hedge my bets with one short (12 mo.) one mid (36 mo.) and one long (60 mo.). Even if rates go up, it will probably only hurt me on the long one, and truthfully not that much that I need to worry about it.
for folks in CA penalty is only 2 months (The early withdrawal penalty will be assessed as follows: NY, NJ, PA, VA, and MD: 18 months loss of interest, CA: 2 months loss of interest)
I just spoke to someone in their GG office and from what I was able to understand (her english was hard to understand) you have to fund the installment account from your checking account.
Opened account at Broadway, NYC, NY branch, took 15 mins. One needs a free chcking with them that can be funded either in person/DD before each transfer to sav.
fixed for the term amount. did not ask for the max amount. probably will split my DD with some money going to their free checking to have it automatically transfered to this sav account.
Actually, their 10y term is a nice hedge againsr long period of deflation and/or low rates (a-la Japan). If I would not have had a looming expense increase before 10y term due to end of the property tax abatement and HELOC going into amortizing from IO - I would have totally gone for it.
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