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VirtualBank or Synchrony bank CD?

2,565 221 January 24, 2018 at 08:36 AM
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I am looking for a 1 year CD for $250K and VirtualBank has 2.11% APY ..Sync has 2 %APY but I don't have any experience dealing with any of them. Any inputs would be appreciated. Thanks

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#2
isnt cd only 250k FDIC insured? so wouldnt the interest you gain not be protected in case of collapse.

also there are high yield accounts offering 1.60 with no handcuffs. is it worth the extra .40 to be locked in? what if an investment opportunity pops up and you need the money? or an emrgency?

just things to consider.
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#3
I have a decent amount at Synchrony and it has worked well. For a while they had the highest high yield savings and I created a CD ladder by basically opening a cd every month.

Pros: (1) it was the highest yield savings APR about 2 years ago. (2) they give you an atm card. I used it once when in a bind and it worked. (3) easy to open cds in it. (4) transfer in and out relatively painless

Cons: (1) only works on my phone when using chrome browser (2) must call in to not renew a CD

Now that the online savings rates are all competitive again, I'm thinking of moving to Fidelity cash management. They have access to other banks CDs and can easily create a CD ladder of every month, minimum for a CD is 1k. They also have atm fee reimbursement which is nice because Chase and Capital 360 just arent cutting it lately. And they have a free trade bonus which will work out nicely for my other Fidelity accounts.

Like the previous poster. Think about what amount you might need sooner than later. Then I suggest creating a ladder of CDs starting with a reasonable timeline that has a decent rate maybe 9 months are your first. Then 1 year? Then open one every qtr? Or a monthly ladder would be good, basically open a new 1 year CD every month. It'll take a whole year to get it all setup but after that just let it ride. Fidelity has had fairly fast bank transfers in the past.
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#4
Quote from Switching2Geico
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isnt cd only 250k FDIC insured? so wouldnt the interest you gain not be protected in case of collapse.
Agree with the rest of your post, but this is not something I'd worry about for one second. My understanding is that the FDIC limit has never been applied in any bank failure. In the event of a financial collapse so large that people are only getting pennies on the dollar for their bank accounts from the FDIC we probably have larger things to worry about than the missing 2.11% interest.
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#5
Quote from mnsweeps
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I am looking for a 1 year CD for $250K and VirtualBank has 2.11% APY ..Sync has 2 %APY but I don't have any experience dealing with any of them. Any inputs would be appreciated. Thanks
I just called to renew my 12m CD and the rate from Feb 1st is ony 1.85%, was it 2% yesterday?
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#6
Quote from DKTVPN
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I just called to renew my 12m CD and the rate from Feb 1st is ony 1.85%, was it 2% yesterday?
yes Sync was at 2 %apy but I ended up with Virtual Bank and Live Oak bank
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