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forum thread Posted by Moooshe • Mar 16, 2023
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forum thread Posted by Moooshe • Mar 16, 2023

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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30 Comments

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Mar 16, 2023
1,823 Posts
Joined Jun 2008
Mar 16, 2023
Peakmaster
Mar 16, 2023
1,823 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
1
1
3
Mar 16, 2023
2,737 Posts
Joined Nov 2014
Mar 16, 2023
ValueRanger
Mar 16, 2023
2,737 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
626 Posts
Joined Jan 2007
Mar 16, 2023
mcattack86
Mar 16, 2023
626 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
327 Posts
Joined May 2013
Mar 16, 2023
fw10001
Mar 16, 2023
327 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
2,781 Posts
Joined Nov 2007
Mar 16, 2023
Moooshe
Original Poster
Mar 16, 2023
2,781 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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2
Mar 17, 2023
721 Posts
Joined Sep 2014
Mar 17, 2023
mohicans
Mar 17, 2023
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
485 Posts
Joined Sep 2017
Mar 17, 2023
pranrasvij
Mar 17, 2023
485 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
70 Posts
Joined Dec 2004
Mar 17, 2023
loki_l77
Mar 17, 2023
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
3,906 Posts
Joined Jul 2007
Mar 17, 2023
qwertyaas
Mar 17, 2023
3,906 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
639 Posts
Joined Apr 2010
Mar 17, 2023
tialfred1
Mar 17, 2023
639 Posts
not sure what all banks do HP. Not worth it if HP is done.
Mar 18, 2023
610 Posts
Joined Aug 2011
Mar 18, 2023
dj12gauge
Mar 18, 2023
610 Posts
5% is less than inflation
1
Mar 18, 2023
53 Posts
Joined Aug 2009
Mar 18, 2023
hhh_1234
Mar 18, 2023
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
70 Posts
Joined Nov 2011
Mar 18, 2023
barrelroller
Mar 18, 2023
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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1
Mar 18, 2023
3,055 Posts
Joined Feb 2017
Mar 18, 2023
Redmont
Mar 18, 2023
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
533 Posts
Joined May 2007
Mar 19, 2023
drivenZ
Mar 19, 2023
533 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.
2

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