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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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Quote:
Originally Posted by otterhere
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.
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!
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 08:41 AM..
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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