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forum threadMoooshe posted Mar 16, 2023 02:34 PM
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forum threadMoooshe posted Mar 16, 2023 02:34 PM

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

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FDIC insured up to 250k. 3 months penalty for early withdrawal. This is the highest offer I could find.

https://www.forbrightbank.com/con...nline-cds/
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FDIC insured up to 250k. 3 months penalty for early withdrawal. This is the highest offer I could find.

https://www.forbrightbank.com/con...nline-cds/

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Mar 16, 2023 02:53 PM
1,824 Posts
Joined Jun 2008
Mar 16, 2023 02:53 PM
PeakmasterMar 16, 2023 02:53 PM
1,824 Posts

Our community has rated this post as helpful. If you agree, why not thank Peakmaster

Great timing...because banks touting their focus on things other than banking are doing so well right now
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Mar 16, 2023 04:20 PM
2,810 Posts
Joined Nov 2014
Mar 16, 2023 04:20 PM
ValueRangerMar 16, 2023 04:20 PM
2,810 Posts
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.
2
Mar 16, 2023 05:01 PM
628 Posts
Joined Jan 2007
Mar 16, 2023 05:01 PM
mcattack86Mar 16, 2023 05:01 PM
628 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
2
Mar 16, 2023 06:00 PM
337 Posts
Joined May 2013
Mar 16, 2023 06:00 PM
fw10001Mar 16, 2023 06:00 PM
337 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.
Original Poster
Mar 16, 2023 06:20 PM
2,828 Posts
Joined Nov 2007
Mar 16, 2023 06:20 PM
Moooshe
Original Poster
Mar 16, 2023 06:20 PM
2,828 Posts
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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Mar 17, 2023 12:32 AM
721 Posts
Joined Sep 2014
Mar 17, 2023 12:32 AM
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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Mar 17, 2023 03:27 AM
597 Posts
Joined Sep 2017
Mar 17, 2023 03:27 AM
pranrasvij
Pro
Mar 17, 2023 03:27 AM
597 Posts

Our community has rated this post as helpful. If you agree, why not thank pranrasvij

check out fidelity brokered CDs. I got 5.45 for 6 mnths at schwab.....
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Mar 17, 2023 04:23 PM
70 Posts
Joined Dec 2004
Mar 17, 2023 04:23 PM
loki_l77Mar 17, 2023 04:23 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.
Mar 17, 2023 07:50 PM
3,945 Posts
Joined Jul 2007
Mar 17, 2023 07:50 PM
qwertyaasMar 17, 2023 07:50 PM
3,945 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.
Mar 17, 2023 07:53 PM
643 Posts
Joined Apr 2010
Mar 17, 2023 07:53 PM
tialfred1Mar 17, 2023 07:53 PM
643 Posts
not sure what all banks do HP. Not worth it if HP is done.
Mar 18, 2023 12:22 AM
610 Posts
Joined Aug 2011
Mar 18, 2023 12:22 AM
dj12gaugeMar 18, 2023 12:22 AM
610 Posts
5% is less than inflation
1
Mar 18, 2023 12:47 AM
53 Posts
Joined Aug 2009
Mar 18, 2023 12:47 AM
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.
Mar 18, 2023 01:52 AM
70 Posts
Joined Nov 2011
Mar 18, 2023 01:52 AM
barrelrollerMar 18, 2023 01:52 AM
70 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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Mar 18, 2023 01:15 PM
3,055 Posts
Joined Feb 2017
Mar 18, 2023 01:15 PM
RedmontMar 18, 2023 01:15 PM
3,055 Posts
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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Mar 19, 2023 02:09 AM
544 Posts
Joined May 2007
Mar 19, 2023 02:09 AM
drivenZMar 19, 2023 02:09 AM
544 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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