Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We're looking at putting my mom's IRA in a one year CD. It's held at Chase now but their 1 year rate is 0.15%. I've seen a few rates over 1% online, but they are either banks like CIT bank that have no physical presence or at least they have no presence in Portland. She wants to use a bank that has an actual physical location in the Portland, metro area. I've been shopping around a little and the banks/credit unions for which I can find rates seem to be paying 0.5% or lower, probably not even worth switching. This money can't have any risk of principal, so need the FDIC guarantee.
Anyone used CIT bank? What are one year CDs paying in your area for banks that have an actual brick and mortar store?
both are online only, the online ones have the best rates, and follow the same rules..... no risk FDIC insured
there is really no advantage to a "Brick & Mortar" local location
I agree with you- my Mom likes the idea of being able to walk in to the location if there is a problem. I'm working on her. CIT is paying 1.22% right now vs. 0.15% for Chase. Her IRA isn't very large, but still, it all counts. I doubt we will be able to get more than 0.3 or 0.4% from a place that has a brick and mortar.
both are online only, the online ones have the best rates, and follow the same rules..... no risk FDIC insured
there is really no advantage to a "Brick & Mortar" local location
I was looking for complaints about CIT bank. It seemed like some people have had issues with not getting their tax information sent out and other customer service issues. In her case, it's just to hold a CD, so shouldn't be a big problem. I mean, it's a regular IRA, when she liquidates she'll be paying tax on the whole amount anyway, so I don't see how there could be any big record keeping issues.Whatever is in there, apply your marginal rates, and you have your tax burden. Not sure what the issue is.
I've had an account with them for some time for savings and have had zero issues either moving money in or out, tax forms of anything. I have money automatically drawn from my checking multiple times a month and make a handful of withdrawals a year
I've had an account with them for some time for savings and have had zero issues either moving money in or out, tax forms of anything. I have money automatically drawn from my checking multiple times a month and make a handful of withdrawals a year
Thanks! I think if we can just get through the initial transfer, moving the account from Chase to CIT, it will be fine. I won't be surprised if she chooses not to though.
both are online only, the online ones have the best rates, and follow the same rules..... no risk FDIC insured
there is really no advantage to a "Brick & Mortar" local location
How long would it take to transfer her IRA from Chase to CIT? I mean as far as her actual involvement. Can this be done in an hour or less? I think if it can, I might be able to pull it off. Otherwise, given that the IRA has a small amount in it, she doesn't seem interested. Oh well.
I'm not familiar with CIT but Ally.com has excellent customer service and is currently offering 1.20% to 1.30% on an 18 month IRA CD depending on what dollar amount you deposit.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
