Joined Jul 2019
L4: Apprentice
Popular
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.
59 Comments
Your comment cannot be blank.
Sign up for a Slickdeals account to remove this ad.
What is the incentive here? A slower loss of money?
But if you put your money in your mattress (or do nothing) you are losing 7% of your money each year. So a 4% account saves you 3%. Unless you have a lucrative investment...
What is the incentive here? A slower loss of money?
No, it's 5% APY and this is over 27 months. You would get $1,160 in interest if you kept it over the 27 month period without withdrawing early.
You should also look at I bonds that currently have a higher interest rate 6.89%. Moreover, the interest from CDs is taxable by the Federal & local governments, while the interest from I bonds is only taxable by the Federal gov't. Be sure to read the ins and outs of I bonds as you are locked-in for a year, and there is an early redemption premium.
There is a long stand I bond thread here https://slickdeals.net/f/15758386-us-treasury-series-i-savings-bonds-inflation-rate-earnings-may-oct...
Sign up for a Slickdeals account to remove this ad.
You should also look at I bonds that currently have a higher interest rate 6.89%. Moreover, the interest from CDs is taxable by the Federal & local governments, while the interest from I bonds is only taxable by the Federal gov't. Be sure to read the ins and outs of I bonds as you are locked-in for a year, and there is an early redemption premium.
There is a long stand I bond thread here https://slickdeals.net/f/15758386-us-treasury-series-i-savings-bonds-inflation-rate-earnings-may-oct...
You should also look at I bonds that currently have a higher interest rate 6.89%. Moreover, the interest from CDs is taxable by the Federal & local governments, while the interest from I bonds is only taxable by the Federal gov't. Be sure to read the ins and outs of I bonds as you are locked-in for a year, and there is an early redemption premium.
There is a long stand I bond thread here https://slickdeals.net/f/15758386-us-treasury-series-i-savings-bonds-inflation-rate-earnings-may-oct...
Why don't you do a little self research instead of asking random people on the internet to educate you on personal finance. You'd be a lot better served, and more knowledgeable.
Yes, that has been my experience as well.
If you have children, you can gift them an I bond. They just need a SSN & a Treasury account. Similarly, you can gift your wife.
The new rate starts in May. But, if you wait until the middle of April when the CPI is reported, the variable part will be determined for the next 6 months. Basically, you have advanced notice of the interest rate before it is announced. If you buy in the later part of April, you will received 6.89% for 1st 6 months and you will pretty much know what the interest rate will be 2nd 6 months.
Sign up for a Slickdeals account to remove this ad.
https://www.salliemae.c