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3.30% APY No Penalty 14 month CD (Certificate of Deposit) Sallie Mae Bank

7 26 October 5, 2022 at 09:35 PM in Finance (7)
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Last Edited by zhangzheng | Staff October 6, 2022 at 06:55 PM
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Savebetter.com has a No penalty CD @ 3.30% APR. You can break this CD anytime after 30 days. With Fed Reserve increasing rates, CDs in the near future will pay better. So lock in 3.3% for now; if you find a better higher earning CD in the future, break it and lock in. Otherwise, you have a minimum of 3.3% APY for 14 months. There's no minimum and FDIC insured to $250,000

For people that want a higher earning CD they also offer a regular 2 YR CD @ 3.8% through a different bank.


https://www.savebetter.com/cd-acc...y-cd-rates
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10-06-2022 at 04:15 AM
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#3
Not that good of a rate
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#4
Quote from Slickd3aler :
You only make money if you got enough money to stash to begin with. Like the old adage, "you gotta have money to make money."
Money makes money
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#5
Quote from Truth-Serum :
Not that good of a rate
agree with this.
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#6
Quote from Truth-Serum :
Not that good of a rate
Post something better?
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#7
*******"Closing the account early is permitted without penalty. Earnings may be affected by early withdrawal. Partial withdrawals of funds are not permitted

translation is you cannot access the money unless you want to break the term (which is essentially just like a regular CD). This one also mentions your earnings could be impacted, which translates in English to the word fee. This is not worth all this hassle for a couple extra dollars in exchange for tying up your resources.
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#8
Quote from nevergoodenough :
*******"Closing the account early is permitted without penalty. Earnings may be affected by early withdrawal. Partial withdrawals of funds are not permitted

translation is you cannot access the money unless you want to break the term (which is essentially just like a regular CD). This one also mentions your earnings could be impacted, which translates in English to the word fee. This is not worth all this hassle for a couple extra dollars in exchange for tying up your resources.
This means that if you close your account you won't get the full interest of 3.3 APY. It would be prorated. If you break the account, you will get paid out as interest is compounded daily and they will prorate you the money.
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Last edited by fgitsin October 6, 2022 at 07:13 AM. Reason: typo

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#9
Quote from Truth-Serum :
Not that good of a rate
Please show me a no penalty CD that has a higher APY. Remember, no penalty means you can withdraw any time after 30 days.
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#10
There are multiple savings accounts that are paying out over 3% now. For example, elements financial is paying 3.25% on a FDIC insured savings account.

Setting up a CD just for a 0.05% bump may not be worth it. Even mainstream banks like ETrade are paying 2.75% now. At this point, I would just keep my money in one of these savings accounts and wait for the fed to increase their rates again.
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#11
Quote from coolcoder :
There are multiple savings accounts that are paying out over 3% now. For example, elements financial is paying 3.25% on a FDIC insured savings account.

Setting up a CD just for a 0.05% bump may not be worth it. Even mainstream banks like ETrade are paying 2.75% now. At this point, I would just keep my money in one of these savings accounts and wait for the fed to increase their rates again.
The difference is a guaranteed return. Savings accounts often have a high introductory rate that decreases but when rates drop the savings rate will go down. Market is speculating maybe the beginning of easing in 2023 with rates. Savings accounts will go down accordingly. Here you are locked for 14 months if you choose to and then can move if you want to after 30 days.
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#12
Quote from fgitsin :
The difference is a guaranteed return. Savings accounts often have a high introductory rate that decreases but when rates drop the savings rate will go down. Market is speculating maybe the beginning of easing in 2023 with rates. Savings accounts will go down accordingly. Here you are locked for 14 months if you choose to and then can move if you want to after 30 days.
Good point, but it's unlikely rates are going down anytime soon. I won't be surprised if we see 4+% rates over the next few months.
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#13
Quote from fgitsin :
The difference is a guaranteed return. Savings accounts often have a high introductory rate that decreases but when rates drop the savings rate will go down. Market is speculating maybe the beginning of easing in 2023 with rates. Savings accounts will go down accordingly. Here you are locked for 14 months if you choose to and then can move if you want to after 30 days.
Correct. No one has the crystal ball. For example, 5 year CD rate was at 2.25% in 2017 but CD rates went up to like 2.65% in 2018? So it seemed like a mistake to get the 2.25% CD. However afterwards it crashed to like 1%.for several years. The market rallied this week because some people expect Fed to slow down the rate hikes. However, it can go either way, no one knows what would happen until afterwards.
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#14
just get inflation bonds 9-10%
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#15
Quote from koge811 :
just get inflation bonds 9-10%
Max $10k per person, penalty for withdrawal, not allowed to touch for 1 year. No limit here, 30 day cooling off period.
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