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

10 50 October 5, 2022 at 08:35 PM in Finance (7)
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Score +27
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Last Edited by zhangzheng October 6, 2022 at 05:55 PM
+27 Deal Score
18,145 Views
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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3.30% APY No Penalty 14 month CD (Certificate of Deposit) Sallie Mae Bank
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Joined Nov 2010
Hustler
> bubble2 240 Posts
61 Reputation
davital
10-07-2022 at 06:59 AM.
10-07-2022 at 06:59 AM.
Quote from koge811 :
https://www.bloomberg.com/markets...t-bonds/us [bloomberg.com]
people need to shut up about the CDs they suck

buy CDs only if they can beat 1 -2 yr treasury bills at the bare min

this deal cannot even beat the 3 month yield. = 3.29 3.37%
def not the 6 month yield = 3.87 4.00%
1 yr = 3.98 4.16%
2 yr = 100.06 4.22%
5 yr = 100.32 4.05%
10 yr = 91.14 3.84%
30 yr = 85.66 3.81%

note do not touch 30 yr its worthless
best one is likely 6 month as a balance between time and rate hikes.

very likely rate hike to 4.6 and they will realize they need to raise rates more.
dont bother with anything longer than 3-6 months ignore the cds only this worth buying in bonds or cds is inflation bonds and ignore 99% of cds they pay lower than 3 m treasuries
The rates are annual, so for 3 months you don't get a rate of 3.37%, but only 3.37/4 = 0.84%.
In that case you can just open an AMEX HYSA which has annual rate of over 2%
3
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Last edited by davital October 7, 2022 at 08:27 AM.
Joined Dec 2007
L10: Grand Master
> bubble2 10,658 Posts
398 Reputation
boosterjm
10-07-2022 at 08:49 AM.
10-07-2022 at 08:49 AM.
Quote from keung :
You can buy it from TD same place where you buy iBond

https://tipswatch.com/2022/07/04/...ury-bills/
https://tipswatch.com/2022/09/21/...ctive-now/
I have posted countless tipswatch website on the iBond thread , a lot of good info there
thanks. can you send a link to the ibond thread?
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Joined Jan 2004
L6: Expert
> bubble2 1,394 Posts
855 Reputation
seawolf
10-07-2022 at 09:35 AM.
10-07-2022 at 09:35 AM.
Quote from fgitsin :
Not a no penalty CD.
It may be marketed as "no penalty" but that's not really accurate as you are already paying a penalty of 0.8% (fair market rate of 4.1%-3.3%) buying the Sallie Mae CD. When compared with the 4.1% CD, you would actually being paying a penalty of about 2-3 month worth of interest going with the "no-penalty" Salle Mae CD.

Quote from fgitsin :
The difference is you're not locking in. It's no penalty to break it. When a better rate is available, you move the money.
You can sell the CDs offered by Fidelity on the secondary market. Depending on future rates you may make additional profit or loss (aka penalty) when selling it prior to maturity.
1
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Last edited by seawolf October 7, 2022 at 09:51 AM.
Joined Aug 2016
L2: Beginner
> bubble2 165 Posts
442 Reputation
Truckee
10-07-2022 at 11:29 AM.
10-07-2022 at 11:29 AM.
Thanks for the post, OP. Since one is opening a CD, does the fund returns to the funding account if one were to break the CD prior to its maturity?
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Joined Mar 2010
L3: Novice
> bubble2 116 Posts
72 Reputation
sticknmove1
10-07-2022 at 02:37 PM.
10-07-2022 at 02:37 PM.
Stocks have been taking it on the chin lately. Don't try to time the bottom. If you're young and have money to put away, consider just buying an S&P index fund.
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Joined May 2007
Quarterback
> bubble2 679 Posts
136 Reputation
Conservative1
10-07-2022 at 05:10 PM.
10-07-2022 at 05:10 PM.
I went with one of these, changed my mind 1 month later and ran out with 150 bucks in interest. Money was back in my account within 3 days. Phone call to cancel took less than a minute.
1
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Joined Jun 2014
L4: Apprentice
> bubble2 310 Posts
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thomas_coker
10-09-2022 at 08:38 PM.
10-09-2022 at 08:38 PM.
Team I-Bonds here
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Joined Aug 2018
New User
> bubble2 17 Posts
18 Reputation
Crunchy_deals
10-16-2022 at 09:46 PM.
10-16-2022 at 09:46 PM.
FYI the savebetter online platform is clunky. They manage the account, you don't actually have the cd through a bank. It would not let me add a join account owner (the page refused to load then sent me back to login). The customer service rep was rude, blaming me for things I didn't do, said they had no tech support and to simply try again (which I did several times with no avail). The money took 5 days to clear. I did not feel comfortable leaving a significant chunk of money with such slow, unhelpful service. Closed my account as soon as my money transferred out.
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