Joined Jul 2019
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Sallie Mae 27 month CD 5% through Savebetter
January 18, 2023 at
04:48 PM
in
Finance
(4)
Deal Details
Last Edited by dimjim | Staff January 18, 2023 at 08:01 PM
First time using Savebetter, they are essentially a broker that works with various banks. Application and funding of this CD was amazingly simple, took less than 5 minutes.
https://www.savebetter.
https://www.savebetter.
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With the non-penalty, I'm honestly not seeing any downside unless I am missing something...
https://dsusprd01pubassets.blob.c...d573e1.pdf [windows.net]
All deposits and withdrawals are completed within one to three (1-3) business days. After the initial deposit a withdrawals limitation for the first few business days may exist.
Business days are Monday through Friday excluding U.S. bank holidays.
2. What happens when one of my CDs reaches maturity?
You can decide how you would like to proceed before the CD matures. (The equivalent product offered by a credit union may be named "certificate.") Log in to your SaveBetter account and select your desired choice from the available options, or contact customer service. Depending on your specific product, if you do not make a selection before your CD matures you will either be automatically renewed into the same product and term at the current offered interest rate (or dividend rate for credit union products) or your full deposit, including the interest you earned, will be transferred to your external bank account on file with SaveBetter.
You'll need to call to request early redemption, after the initial 30 days have passed.
What is the incentive here? A slower loss of money?
What is the incentive here? A slower loss of money?
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$3000 at 4.88% apr compounded daily (which is 5% apy) would work out to $348 after 27 months
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What is the incentive here? A slower loss of money?
Inflation ain't 7% any more. Look at the MoM numbers for the last 6 months. The annualized 6.5% number is deceptive if you're looking forward.
I think tbills 17w tbills are around 4.5%. which is also state tax advantaged.
I'm leaning towards 17w and Ally for money that i need in a couple years.
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