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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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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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Created 03-16-2023 at 07:34 AM by Moooshe
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Joined Jun 2008
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Peakmaster
03-16-2023 at 07:53 AM.

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03-16-2023 at 07:53 AM.
Great timing...because banks touting their focus on things other than banking are doing so well right now
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ValueRanger
03-16-2023 at 09:20 AM.
03-16-2023 at 09:20 AM.
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
03-16-2023 at 10:01 AM.
03-16-2023 at 10:01 AM.
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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Joined May 2013
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fw10001
03-16-2023 at 11:00 AM.
03-16-2023 at 11:00 AM.
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.
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Original Poster
Moooshe
03-16-2023 at 11:20 AM.
03-16-2023 at 11:20 AM.
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
03-16-2023 at 05:32 PM.
03-16-2023 at 05:32 PM.
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
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Last edited by mohicans March 16, 2023 at 05:35 PM.
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pranrasvij
03-16-2023 at 08:27 PM.

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

03-16-2023 at 08:27 PM.
check out fidelity brokered CDs. I got 5.45 for 6 mnths at schwab.....
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loki_l77
03-17-2023 at 09:23 AM.
03-17-2023 at 09:23 AM.
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
03-17-2023 at 12:50 PM.
03-17-2023 at 12:50 PM.
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
03-17-2023 at 12:53 PM.
03-17-2023 at 12:53 PM.
not sure what all banks do HP. Not worth it if HP is done.
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dj12gauge
03-17-2023 at 05:22 PM.
03-17-2023 at 05:22 PM.
5% is less than inflation
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hhh_1234
03-17-2023 at 05:47 PM.
03-17-2023 at 05:47 PM.
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.
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barrelroller
03-17-2023 at 06:52 PM.
03-17-2023 at 06:52 PM.
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
03-18-2023 at 06:15 AM.
03-18-2023 at 06:15 AM.
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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