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expiredpunjabisoldier posted Jun 22, 2023 01:11 AM
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expiredpunjabisoldier posted Jun 22, 2023 01:11 AM

5.50% on 1 year Certificates of Deposit | Santander Bank

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5.50% rate on 1 year CD

https://www.santanderbank.com/per...of-deposit
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5.50% rate on 1 year CD

https://www.santanderbank.com/per...of-deposit

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Jun 22, 2023 01:53 AM
307 Posts
Joined Nov 2018
lonesurvivor9Jun 22, 2023 01:53 AM
307 Posts

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Account needs to be opened in person, mostly east coast states
3
Jun 22, 2023 01:57 AM
1,290 Posts
Joined Oct 2004
NoDealsHereJun 22, 2023 01:57 AM
1,290 Posts
Looks like you have to go to a physical branch to open CD.
Jun 22, 2023 04:22 AM
8,860 Posts
Joined Feb 2007
trzaJun 22, 2023 04:22 AM
8,860 Posts
They're going to take your money and lend it out on 24% car notes.
5
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Jun 22, 2023 05:17 AM
763 Posts
Joined Aug 2007
freekJun 22, 2023 05:17 AM
763 Posts
You can open a CD for 1yr at Chase using Fidelity https://fixedincome.fidelity.com/...-issue|1yr at 5.45% APY

Note that it is difficult to get your money out of such brokered CDs early as you will have to sell it on the secondary market which almost always causes principal loss.
Last edited by freek June 21, 2023 at 10:20 PM.
Jun 22, 2023 12:39 PM
1,971 Posts
Joined Jan 2011
briank642Jun 22, 2023 12:39 PM
1,971 Posts
Quote from trza :
They're going to take your money and lend it out on 24% car notes.
So what?
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Jun 22, 2023 03:35 PM
899 Posts
Joined Dec 2007
if200Jun 22, 2023 03:35 PM
899 Posts
Quote from freek :
You can open a CD for 1yr at Chase using Fidelity https://fixedincome.fidelity.com/...-issue|1yr [fidelity.com] at 5.45% APY

Note that it is difficult to get your money out of such brokered CDs early as you will have to sell it on the secondary market which almost always causes principal loss.
The Chase is a callable CD. Can't see exact one but probably callable at 6 months. The noncallable CDs pay less but to me, that's the way to go. 5.35% noncallable available from many different banks at brokerage houses. T-bills also close to 5.3% for a year which for me is better because I live in a high tax state, but to each their own. Definitely hard to get your money out early from a brokered CD so wouldn't do it unless you know you can hold it till maturity.

Also, no automatic renewal with brokered CDs and no APY numbers. The interest rate you see is the interest you get. Most banks give you a rate that assumes you are reinvesting you interest in the CD which make the "real " rate about .1% or so less. For example, CFG 12 Month CD Online one year cd is 5.38% interest rate and 5.52% APY

If you can find a brokered CD that pays you interest monthly even better but usually you have to go out more than a year to find that.

Still a good time for interest rates compared to the last 15 years!
Jun 23, 2023 12:56 AM
880 Posts
Joined Oct 2003
TacoJun 23, 2023 12:56 AM
880 Posts

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Quote from trza :
They're going to take your money and lend it out on 24% car notes.
Are you suggesting as an alternative, we start individually providing 24% car notes?
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Jun 23, 2023 01:05 AM
230 Posts
Joined Apr 2016
import1411Jun 23, 2023 01:05 AM
230 Posts
Quote from if200 :
The Chase is a callable CD. Can't see exact one but probably callable at 6 months. The noncallable CDs pay less but to me, that's the way to go. 5.35% noncallable available from many different banks at brokerage houses. T-bills also close to 5.3% for a year which for me is better because I live in a high tax state, but to each their own. Definitely hard to get your money out early from a brokered CD so wouldn't do it unless you know you can hold it till maturity.

Also, no automatic renewal with brokered CDs and no APY numbers. The interest rate you see is the interest you get. Most banks give you a rate that assumes you are reinvesting you interest in the CD which make the "real " rate about .1% or so less. For example, CFG 12 Month CD Online one year cd is 5.38% interest rate and 5.52% APY

If you can find a brokered CD that pays you interest monthly even better but usually you have to go out more than a year to find that.

Still a good time for interest rates compared to the last 15 years!
Capital one 11 month was a monthly interest paid cd at 5% a few months back. I have the interest transferred to my savings account each month on one of their cds
Jun 23, 2023 01:26 AM
1,287 Posts
Joined Jun 2010
incarnateJun 23, 2023 01:26 AM
1,287 Posts

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Quote from poertome :
Capital one 11 month was a monthly interest paid cd at 5% a few months back. I have the interest transferred to my savings account each month on one of their cds
Uhhh...That reduces the APY and you are losing compound interest.
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Jun 23, 2023 01:53 AM
525 Posts
Joined Sep 2007

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Jun 23, 2023 02:19 AM
840 Posts
Joined Aug 2016
anatvass313Jun 23, 2023 02:19 AM
840 Posts
Do not even remember when was the last time I physically visited the branch. I'm not going to do this when I can open a brokered CD in 10 seconds with a couple of mouse clicks.
Jun 23, 2023 02:19 AM
4,558 Posts
Joined Mar 2005
thegman230Jun 23, 2023 02:19 AM
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Santander is an absolute garbage bank, borderline fraudsters with your money. Personal experience
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Jun 23, 2023 02:37 AM
1,658 Posts
Joined Feb 2011
egkrJun 23, 2023 02:37 AM
1,658 Posts
Was just watching a video from Diamondnestegg , who convinced me to go to t bills - https://www.youtube.com/watch?v=z...ondNestEgg
Jun 23, 2023 02:42 AM
147 Posts
Joined Sep 2009
huy215Jun 23, 2023 02:42 AM
147 Posts
Quote from trza :
They're going to take your money and lend it out on 24% car notes.
Tell me you have bad credit without telling me you have bad credit.
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Jun 23, 2023 09:21 AM
234 Posts
Joined Apr 2013
erock34Jun 23, 2023 09:21 AM
234 Posts
If you're looking for monthly pay CDs and you're a Fidelity customer check out what they offer from their select banks. Picked up non callable 3,6, and 9 month CDs, two weeks ago, all paying out monthly. 5.35% ea
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