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Old 04-24-2015, 12:44 PM
 
14,258 posts, read 23,979,216 times
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Quote:
Originally Posted by otterhere View Post
A friend tipped me off to "distance" banking. A two-year $250k CD at 1.35% interest rate (whoo-hooo!) would yield a $7k gain by the time I retire and with a lot less work and stress than landlording (even at a distance). Can also withdraw it, if absolutely necessary...

Either Synchony or CIT. Have never heard of either or banked anywhere but locally, but FDIC insured.

Recommended?

Synchrony Bank is the old GE Financial and dates back to 1932.

CIT Financial has been around for years and is best known for providing business leasing deals on their IT purchases.


The very critical fact is that your deposits are FDIC protected up to $250k.
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Old 04-24-2015, 12:54 PM
 
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Quote:
Originally Posted by jlawrence01 View Post
Synchrony Bank is the old GE Financial and dates back to 1932.

CIT Financial has been around for years and is best known for providing business leasing deals on their IT purchases.


The very critical fact is that your deposits are FDIC protected up to $250k.
So either should be safe enough; any reason to choose one over the other? And thanks for the input!
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Old 04-24-2015, 02:13 PM
 
Location: in the miseries
3,302 posts, read 3,578,241 times
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Quote:
Originally Posted by otterhere View Post
A friend tipped me off to "distance" banking. A two-year $250k CD at 1.35% interest rate (whoo-hooo!) would yield a $7k gain by the time I retire and with a lot less work and stress than landlording (even at a distance). Can also withdraw it, if absolutely necessary...

Either Synchony or CIT. Have never heard of either or banked anywhere but locally, but FDIC insured.

Recommended?
Vanguard has 3% CDs.
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Old 04-24-2015, 02:19 PM
 
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Looks suspiciously like the stock market... https://personal.vanguard.com/us/funds/bonds/bonddesk
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Old 04-24-2015, 03:33 PM
 
14,258 posts, read 23,979,216 times
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Quote:
Originally Posted by otterhere View Post
Looks suspiciously like the stock market... https://personal.vanguard.com/us/funds/bonds/bonddesk

NO, they are FDIC-insured CDs issued by commercial banks sold on the primary market. However, it is a 10-year CD. The two year rate is 0.85%.

As for selecting one bank, there is no reason. Both are perfectly fine. Which is more convenient to you?
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Old 04-24-2015, 03:35 PM
 
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I'm looking for a two-year investment only... Looks like 1.35 is the best out there currently. This is pretty much what I signed onto the thread looking for, but hadn't considered; thanks!
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Old 04-24-2015, 06:35 PM
 
Location: Idaho
1,452 posts, read 1,153,447 times
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Our local credit union is offering 2% for 2 year CD

https://www.hvfcu.org/
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Old 04-25-2015, 07:27 AM
 
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Ours isn't, or I'd be all over that! .55% for a 24-month here. And my money's currently just sitting in "high"-yield savings/money market at a pathetic .20% return after I liquidated some property, yet I'm not ready for more rental/residential property yet; it's been driving me crazy! This may work; thanks.

Last edited by otterhere; 04-25-2015 at 07:41 AM..
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Old 04-28-2015, 09:21 AM
 
Location: Myrtle Creek, Oregon
12,228 posts, read 12,491,644 times
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Quote:
Originally Posted by luvmyhoss View Post
Vanguard has 3% CDs.
Doesn't Vanguard charge a commission?
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Old 04-28-2015, 09:24 AM
 
7,795 posts, read 4,383,926 times
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I'm going with CIT. Are interest rates likely to rise anytime soon? And is it really safe to just mail a personal check for a quarter of a million dollars???
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