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Hello; I am trying to find someplace to park my IRA for awhile and have it get interest without me putting it into the stock market. This group called the Federally Insured Security Network offfers better rates than the banks. But I don't know anything about it. Does anyone else use this and could you tell me if its legit?
You realize that they are a broker of CDs? You are paying then a fee to place your money with an FDIC insured institution. You can then decide if you also want them to hold your CD in a brokerage account. That account will have fees.
If you realize those things, then yes, they are legit, but I really don't think your returns after fees will be any better than just calling around for the best terms on a CD.
Calleable CDs and step-up CDs are not overly complex, but probably A LOT more confusing than the sort of CDs you buy from the neighborhood bank. If you are not sophisticated in understanding WHY and HOW these make sense for the bank than I woulk caution against putting your money into these...
FISN was originally set up by women to help women with solid investments. It had a tremendous reputation. A few years ago, someone else bought them, changed the words in FISN, and they are now a brokerage firm. Originally there were no fees for buying a CD. Now there is a yearly...or monthly fee...ASK ABOUT FEES before you buy.
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