Forbright Bank is offering 5.25% APY on a 12-month CD. 3-month penalty for early withdrawal.

Peakmaster

Mar 16, 2023 2:53 PM

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PeakmasterMar 16, 2023 2:53 PM

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Great timing...because banks touting their focus on things other than banking are doing so well right now

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ValueRanger

Mar 16, 2023 4:20 PM

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ValueRangerMar 16, 2023 4:20 PM

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With 'softer' assets like pure financing, coming into more destabilized conditions; harder assets are more preferable in investments. One of the mainstays in hard assets is real estate; and this institution is far more vested in real estate financing, as opposed to outright ownership in ratio to financing. If they had a solid commitment to baseload energy competition to fossil fuels; they'd get more of my attention.

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mcattack86

Mar 16, 2023 5:01 PM

633 Comments

Joined Jan 2007

mcattack86Mar 16, 2023 5:01 PM

633 Posts

I'd have to agree with other comments. You can get 5% from more reputable banks - don't think the extra quarter percent is worth the risk

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fw10001

Mar 16, 2023 6:00 PM

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Joined May 2013

fw10001Mar 16, 2023 6:00 PM

366 Posts

Quote from ValueRanger

:

With 'softer' assets like pure financing, coming into more destabilized conditions; harder assets are more preferable in investments. One of the mainstays in hard assets is real estate; and this institution is far more vested in real estate financing, as opposed to outright ownership in ratio to financing. If they had a solid commitment to baseload energy competition to fossil fuels; they'd get more of my attention.

Can you please rephrase/explain that in a way that a dummy unfamiliar with the finance world (me) would understand. Thanks.

Moooshe

Original Poster

Mar 16, 2023 6:20 PM

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Moooshe

Original Poster

Mar 16, 2023 6:20 PM

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Quote from mcattack86

:

I'd have to agree with other comments. You can get 5% from more reputable banks - don't think the extra quarter percent is worth the risk

Fair enough, but with FDIC insurance, does it really matter which financial institution your money is with?
Checking out the banks that provide a 5% return, the only one that stands out as more reputable is Barclays. They have a similar penalty of 3 months' interest for early withdrawal.

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mohicans

Mar 17, 2023 12:32 AM

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Joined Sep 2014

mohicansMar 17, 2023 12:32 AM

721 Posts

I'd rather get a 3 year multi year guaranteed annuity from athene or Lincoln Financial or some insurer that's backed by a massive financial institution which won't collapse and collect 5.5% principal protected coupon which is basically a certificate of deposit from an insurer versus a CD from one of these fly by day no name banks after what's happened during the past week

Last edited by mohicans March 16, 2023 at 05:35 PM.

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pranrasvij

Mar 17, 2023 3:27 AM

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pranrasvijMar 17, 2023 3:27 AM

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check out fidelity brokered CDs. I got 5.45 for 6 mnths at schwab.....

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loki_l77

Mar 17, 2023 4:23 PM

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Joined Dec 2004

loki_l77Mar 17, 2023 4:23 PM

70 Posts

Quote from pranrasvij

:

check out fidelity brokered CDs. I got 5.45 for 6 mnths at schwab.....

Can u pls share link. I couldn't find similar rate.

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qwertyaas

Pro

Mar 17, 2023 7:50 PM

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qwertyaas

Pro

Mar 17, 2023 7:50 PM

4,031 Posts

Quote from loki_l77

:

Can u pls share link. I couldn't find similar rate.

You have to search through your brokerage for Brokered CDs, You're buying other bank CDs through your brokerage.

Be sure it's non-callable.

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tialfred1

Mar 17, 2023 7:53 PM

646 Comments

Joined Apr 2010

tialfred1Mar 17, 2023 7:53 PM

646 Posts

not sure what all banks do HP. Not worth it if HP is done.

dj12gauge

Mar 18, 2023 12:22 AM

618 Comments

Joined Aug 2011

dj12gaugeMar 18, 2023 12:22 AM

618 Posts

5% is less than inflation

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hhh_1234

Mar 18, 2023 12:47 AM

53 Comments

Joined Aug 2009

hhh_1234Mar 18, 2023 12:47 AM

53 Posts

Quote from pranrasvij

:

check out fidelity brokered CDs. I got 5.45 for 6 mnths at schwab.....

Isn't the 5.45 for 6 months at schwab marked as Primary CD?

I read the investor doesn't get the interest for primary CDs, instead it goes to the bank/brokerage.

barrelroller

Mar 18, 2023 1:52 AM

71 Comments

Joined Nov 2011

barrelrollerMar 18, 2023 1:52 AM

71 Posts

Quote from MaroonManatee4823

:

PASS!! I want my bank to BANK, not virtue signal about fossil fuels...thats whats killing banks right now. Go woke, go broke.

Exactly! That's why I only invest in the mafia. I know i'll get a return and they'll break knees to do it.

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Redmont

Mar 18, 2023 1:15 PM

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Joined Feb 2017

RedmontMar 18, 2023 1:15 PM

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Quote from Peakmaster

:

Great timing...because banks touting their focus on things other than banking are doing so well right now

Exactly what I was goi g to say. Steer clear of any bank or investment fund with a political agenda— especially any bank or investment company that uses —or even mentions —ESG or ESG ratings.

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drivenZ

Mar 19, 2023 2:09 AM

574 Comments

Joined May 2007

drivenZMar 19, 2023 2:09 AM

574 Posts

Quote from Redmont

:

Exactly what I was goi g to say. Steer clear of any bank or investment fund with a political agenda— especially any bank or investment company that uses —or even mentions —ESG or ESG ratings.

this is the most ridiculous thing. You do remember 2008 right? WaMu, Lehman, etc? What about Signature Bank and now CS?

All banks nowadays have ESG components and diversity officers and all that good stuff. Goldman, JPM, all of them. If it wasnt good for business they wouldnt do it.

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Forbright Bank is offering 5.25% APY on a 12-month CD. 3-month penalty for early withdrawal.

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