So I saw this this morning, http://finance.yahoo.com/banking-budgeting/article/110946/worst-credit-card?mod=bb-creditcards, discussing secured credit cards. At the bottom it mentions a Citi secured credit card that is secured by a deposit into an 18 month CD that earns 4.07%. Even with a $29/yr fee, that's a great rate.
TheKa said: So I saw this this morning, http://finance.yahoo.com/banking-budgeting/article/110946/worst-... discussing secured credit cards. At the bottom it mentions a Citi secured credit card that is secured by a deposit into an 18 month CD that earns 4.07%. Even with a $29/yr fee, that's a great rate.It's been listed in the quick summary for at least half a year (I updated it on 9/27).
Funny that you just asked about the early withdrawl, because that's what I was just coming here to post about. Do we want some way to indicate in this thread that a longer term CD is a good value even if you close it early? Myself, I just invested in the 7 year penfed CD. The early closure penalty on this CD is 365 days of interest. By my calculations, that makes this CD effectively:
18 months @ 1.15% 2 years @ 1.73% 30 months @ 2.08% 3 years @ 2.31% 4 years @ 2.61% 5 years @ 2.78% 6 years @ 2.90%
That makes this CD better than any of the options for 2.5, 3, 4 or 6 years, and makes it the 2nd best option for 5 years (and 6th best for 2 years).
Sounds about right for the early withdrawal from penfed CDs. That's why I reserved the 10-yr CDs at 5% a couple of months back. After 1 yr interest penalty for breaking the CD early, it was looking like this:
Justice FCU (www.jfcu.org) has a 45 days CD for 7.5% interest, $500 minimum $25K maximum. JFCU is supposedly for law enforcements and DOJ people, but also covers contractors, families, etc... This is a anniversary special rate for new money only and not sure when it ends (so the sooner the better).
ck90211 said: Justice FCU (www.jfcu.org) has a 45 days CD for 7.5% interest, $500 minimum $25K maximum. JFCU is supposedly for law enforcements and DOJ people, but also covers contractors, families, etc... This is a anniversary special rate for new money only and not sure when it ends (so the sooner the better).
I know it's easy to forget the focus of a thread when it seems to want to go on forever. So, I wanted to drop in a quick reminder: This thread is for rates only. For further commentary and conversation, we have a dedicated discussion thread. And thanks everyone for keeping this thread up to date.
THE GOOD: can open online, can join the following association as part of the application process: Northern Virginia Athletic Directors, Administrators, and Coaches Association
THE BAD: penalty for early withdrawal is steep at 1095 days of interest
I have a 60-month certificate with them. The early withdrawal penalty for 25-60 month certificates is 180 days. 0-24 months is 90 days, and 61+ months is the 1095 days. The maximum penalty in all cases is earnings-to-date.
BTW, I recently received a notice from Apple that says the Certificate Penalty schedule changes on March 1, to the following. Some of the early-withdrawal penalties stay essentially the same (including for the 60-month), while others get either better or worse:
Term Up to 6 months: Dividends earned up to 90 days 7-60 months: Dividends earned up to 180 days > 60 months: Dividends earned up to 365 days
iLoveTahoe said: Updated the yields for all the 5 year CDs. Possible good news... while most of the yields were unchanged... of those that did change - more went UP than down. First time I've seen that in a looong time. Sovereign bank 5 yr CD is @2.80%. Available nationwide.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Our customer experience team is here around the clock - real people ready to assist.