Joined Jul 2019
L4: Apprentice
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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.
59 Comments
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Which banks have 4%...?
I wouldn't go with them. They are part of the bank that also owns emigrantdirect and dollarsavingsdirect. You will notice they all have different rates. They do this to avoid having all their customers with the best available rate. As rates were rising emigrantdirect was first to rise. Then dollarsavingsdirect and now mysavings is their top rate. Just choose someone that keeps up thieir rate at one single account. I recommend baskbank or CFG They both have been near the top since rates started rising.
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.
Ufbdirect.com has 4.11% right now
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If you buy in April at the 6.89% rate, you will receive that rate for 6 full months (Apr to Sep) but will also know the rate for the following 6 months, Oct to Mar.
For example, we bought I bonds in the 3rd week of October 2022 when the rate was 9.62%, These bonds have and will receive 9.62% from Oct 2022 to March 2023. In April 2023 we will receive 6.48% for next 6 months, Apr thru to Sept.
If you buy in April at the 6.89% rate, you will receive that rate for 6 full months (Apr to Sep) but will also know the rate for the following 6 months, Oct to Mar.
For example, we bought I bonds in the 3rd week of October 2022 when the rate was 9.62%, These bonds have and will receive 9.62% from Oct 2022 to March 2023. In April 2023 we will receive 6.48% for next 6 months, Apr thru to Sept.
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