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expired Posted by punjabisoldier • Jun 22, 2023
expired Posted by punjabisoldier • Jun 22, 2023

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 23, 2023
482 Posts
Joined Oct 2003
Jun 23, 2023
webtitan
Jun 23, 2023
482 Posts
Quote from trza :
They're going to take your money and lend it out on 24% car notes.
Amazing,

Someone taking a 24% loan is like an employee telling me they "ran out of overdrafts" at the bank and could not afford the $72 for the 10 mile uber ride to come to work. Frown
1
3
Jun 23, 2023
4,829 Posts
Joined Feb 2006
Jun 23, 2023
Azrael_the_Cat
Jun 23, 2023
4,829 Posts
Quote from webtitan :
Amazing,

Someone taking a 24% loan is like an employee telling me they "ran out of overdrafts" at the bank and could not afford the $72 for the 10 mile uber ride to come to work. Frown
You should be empathetic to how often people are taken in by this. Imagine a single mother, broken car, has a job, it isn't walkable, it isn't bussable. She needs a car to work, shop, take her kid to school. Many cities are structured like this.

A car dealer tells you the payments are $350mo. It's 10% of your take home but 80% of your pay in your pocket is better than losing your job. Interest rate never even comes into consideration in many of these situations. Getting to your job, feeding your kid and surviving another 6mo is all that matters.

Not everyone has the luxury of saying "24%? that's for idiots."

the bank doesn't even make a killing because the risk adjusted real return is probably 7% due to how many people default on the 24% loans.
Last edited by gallymimus June 23, 2023 at 04:04 AM.
Jun 23, 2023
3,936 Posts
Joined Jul 2019
Jun 23, 2023
Gb1908
Jun 23, 2023
3,936 Posts
Quote from briank642 :
So what?
More like 7% small biz loans or 8-15% heloc... but its all good, cause they all now pay higher reinsurance fees with fdic
Jun 23, 2023
177 Posts
Joined Dec 2017
Jun 23, 2023
billb2520
Jun 23, 2023
177 Posts
Quote from trza :
They're going to take your money and lend it out on 24% car notes.
That's what banks do. So buy bank stock and get in on that action instead.
Pro
Jun 23, 2023
492 Posts
Joined Mar 2014
Jun 23, 2023
EliasE9448
Pro
Jun 23, 2023
492 Posts
5% rate at CIT for savings account.
Is it worth having your money stuck for a year?
How are the rates looking? It seems like they're still heading up
Jun 23, 2023
1,073 Posts
Joined Dec 2007
Jun 23, 2023
malibuxboy
Jun 23, 2023
1,073 Posts
Quote from EliasE9448 :
5% rate at CIT for savings account.
Is it worth having your money stuck for a year?
How are the rates looking? It seems like they're still heading up
they have mostly peaked. you might see a 1 year hit 6% best case scenario. the longer term cds might hit 5.5 if we are lucky. if tbills keep rising that will make them more attractive to cds, and so would argue they already are.
Jun 23, 2023
2,293 Posts
Joined Sep 2011
Jun 23, 2023
johnny88
Jun 23, 2023
2,293 Posts
Quote from malibuxboy :
they have mostly peaked. you might see a 1 year hit 6% best case scenario. the longer term cds might hit 5.5 if we are lucky. if tbills keep rising that will make them more attractive to cds, and so would argue they already are.
T Bills are still more attractive then CDs unless the CD have a substational higher rate. CDs are callable, that means the bank can decide at any point to just return your money and not pay you the full amount. In addition there's the state taxes on CDs.

T Bills aren't callable and they're not taxable via state income taxes.

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Jun 23, 2023
52 Posts
Joined Jul 2010
Jun 23, 2023
unclepiu
Jun 23, 2023
52 Posts
Quote from trza :
They're going to take your money and lend it out on 24% car notes.
I have no problem with it as long as I could get my money back
Jun 23, 2023
2,205 Posts
Joined Jun 2013
Jun 23, 2023
koge811
Jun 23, 2023
2,205 Posts
sorry 12 months too risky.

rather do 1 month 5% cds and I will bite. tyvm I know the treasury bill rates and also monitor them daily.
or 2 months at 5.25%
or 3 months at 5.5%
https://www.bloomberg.com/markets...t-bonds/us

banks need to pay higher than 1-3 month treasuries else you are dumb to open these CDS
12 month they make money on you being stupid.
Jun 23, 2023
1,005 Posts
Joined May 2018
Jun 23, 2023
Oil_Burner
Jun 23, 2023
1,005 Posts
Oye teri!
Jun 23, 2023
1,005 Posts
Joined May 2018
Jun 23, 2023
Oil_Burner
Jun 23, 2023
1,005 Posts
Quote from incarnate :
Uhhh...That reduces the APY and you are losing compound interest.
That is obvious but you have ready cash that is usable immediately
Jun 23, 2023
1,005 Posts
Joined May 2018
Jun 23, 2023
Oil_Burner
Jun 23, 2023
1,005 Posts
Quote from trza :
They're going to take your money and lend it out on 24% car notes.
What's wrong with that? That is a typical bank business model
Jun 23, 2023
2,205 Posts
Joined Jun 2013
Jun 23, 2023
koge811
Jun 23, 2023
2,205 Posts
Quote from gallymimus :
You should be empathetic to how often people are taken in by this. Imagine a single mother, broken car, has a job, it isn't walkable, it isn't bussable. She needs a car to work, shop, take her kid to school. Many cities are structured like this.

A car dealer tells you the payments are $350mo. It's 10% of your take home but 80% of your pay in your pocket is better than losing your job. Interest rate never even comes into consideration in many of these situations. Getting to your job, feeding your kid and surviving another 6mo is all that matters.

Not everyone has the luxury of saying "24%? that's for idiots."

the bank doesn't even make a killing because the risk adjusted real return is probably 7% due to how many people default on the 24% loans.
except when job doesn't even pay to owning a car or rent for that matter.
the jobs are pointless then like in CA bay area right now or NYC or LA lots of useless jobs that should be removed just because they cannot pay shit.

rather the business owner offer shelter and transportation at least as a bare min to work its basic slavery model
Jun 23, 2023
238 Posts
Joined Apr 2006
Jun 23, 2023
sd5000
Jun 23, 2023
238 Posts
You need to go to a branch. That kills the deal.

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Jun 23, 2023
81 Posts
Joined Sep 2014
Jun 23, 2023
bostonlal
Jun 23, 2023
81 Posts
Quote from thegman230 :
Santander is an absolute garbage bank, borderline fraudsters with your money. Personal experience
don't say that bro.. I have some ko ey there. 😌😉😉

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