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.
I looked at bankrate and Capital One has a 2 percent 5 year CD. The early withdrawal penalty is 6 months of interest. I wonder if it makes sense to get that now.
Interest rates are supposed to start rising, slowly.
the projection is rates will be at 2% 5 years from now so that is how long it may take to get to that level so 2% starting today is a better deal than waiting
the projection is rates will be at 2% 5 years from now so that is how long it may take to get to that level so 2% starting today is a better deal than waiting
Ok, thanks.
Right now I have a TFCU 5 year $110k CD at 1.9 percent.
I have 3 savings or money market accounts, each over $100k, at under one percent.
I have a TIAA traditional account, over $100k, at 3 percent. This one can be converted to a lifetime income of about 6.2 percent.
So if I can increase the interest on the $300k in low interest accounts, I could get about $3,000 more a year.
No one can really predict what the fed will do. The increase will probably be slow. But who knows.
If interest suddenly increases dramatically, I would just have to pay the penalty. That would be about $1,000 on a $100k CD.
My Crystal Ball is nowhere near clear enough to see where Rates will be in 2022. For my own use, I have a shorter term CD Ladder and will adjust to longer CD's when the time comes. I think rather than tying up money for 5 years, I'm willing to take a fraction less Interest and be nimble about renewals. On a $10K CD....0.5% is only $50 bucks.
I agree with V8 Vega. Adding "ing" completely changed the meaning. "Interest" by itself kind of speaks for itself and would attract those who wanted financial information. I don't fall under that heading.
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.
