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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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79 Comments

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Jun 24, 2023
493 Posts
Joined Jul 2009
Jun 24, 2023
TakinCareofBizniz
Jun 24, 2023
493 Posts
Quote from OG-Bluntman :
Pro tip: open a high yield money market account, not a CD, rates are comporable, and your funds are fluid, and, rates will continue to rise more as the inflation damage control marches on.
Give us a source. I have ETrade and they're offering crappy rates.
Jun 24, 2023
638 Posts
Joined Jun 2019
Jun 24, 2023
UniqueAlpaca719
Jun 24, 2023
638 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!
If you disregard the Macroeconomics, the interest rate maybe attractive but given inflation where it's at, the net effect of the rates is somewhat the same as before.
Jun 24, 2023
60 Posts
Joined Nov 2014
Jun 24, 2023
revanthnani
Jun 24, 2023
60 Posts
If Rate is the only criterion, I have seen a few other options offering a little over 6%.
ex: https://www.oldpoint.com/ . I personally don't have any accounts with the bank but found that while browsing and FDIC insured.
Jun 24, 2023
162 Posts
Joined Nov 2014
Jun 24, 2023
cnrv
Jun 24, 2023
162 Posts
What are these people doing with our money that they can afford to pay these rates?
Jun 24, 2023
485 Posts
Joined May 2019
Jun 24, 2023
E_M__
Jun 24, 2023
485 Posts
Quote from thegman230 :
Santander is an absolute garbage bank, borderline fraudsters with your money. Personal experience
Yep. I was a former analyst there - got my first mortgage through them to take advantage of their discounted employee rates. Day of signing, they suddenly had reasons for why I didn't actually qualify for those discounted rates. So.. I got the standard market rate, I.e more than I could have gotten from a competitor.
Jun 24, 2023
2,136 Posts
Joined Jan 2009
Jun 24, 2023
cockadoodle
Jun 24, 2023
2,136 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.
Single mom should be buying japanese beater car not dealer...
Jun 24, 2023
3,047 Posts
Joined May 2020
Jun 24, 2023
HE1
Jun 24, 2023
3,047 Posts
It's savings, credit doesn't factor. Does the 5.5 apply every year is just the introductory period?

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Jun 24, 2023
229 Posts
Joined May 2013
Jun 24, 2023
FrequentBuyer
Jun 24, 2023
229 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!
How much your brokerage charge you for buying CDs through them? May I ask which brokerage too?
Jun 24, 2023
229 Posts
Joined May 2013
Jun 24, 2023
FrequentBuyer
Jun 24, 2023
229 Posts
Quote from revanthnani :
If Rate is the only criterion, I have seen a few other options offering a little over 6%.
ex: https://www.oldpoint.com/ . I personally don't have any accounts with the bank but found that while browsing and FDIC insured.
For that You need to go to the branch though
Jun 24, 2023
515 Posts
Joined Jul 2010
Jun 24, 2023
ttplayer4life
Jun 24, 2023
515 Posts
Quote from billb2520 :
That's what banks do. So buy bank stock and get in on that action instead.
Or do what the crooked rich do: buy into a bank, do bank shenanigans like make loans 2 your shell companies, default, let others end up holding the bag.
Jun 24, 2023
770 Posts
Joined Dec 2019
Jun 24, 2023
OG-Bluntman
Jun 24, 2023
770 Posts
Quote from TakinCareofBizniz :
Give us a source. I have ETrade and they're offering crappy rates.
Start with bankrate and go from there, they list who is paying what
Jun 24, 2023
767 Posts
Joined Dec 2010
Jun 24, 2023
gizmo17
Jun 24, 2023
767 Posts
Quote from FrequentBuyer :
How much your brokerage charge you for buying CDs through them? May I ask which brokerage too?
They're free, I've purchased through Ameritrade before.
Jun 24, 2023
481 Posts
Joined May 2008
Jun 24, 2023
VinnyC
Jun 24, 2023
481 Posts
Evergreen Bank Group has a 13 month for 5.35% and can all be done online. I set one up the other day and it was painless. Only gotcha is the minimum requirement of $10k
Jun 24, 2023
49 Posts
Joined Feb 2019
Jun 24, 2023
SharpMeat9093
Jun 24, 2023
49 Posts
Santander, I barely know her.

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Jun 24, 2023
2,506 Posts
Joined May 2006
Jun 24, 2023
tivoboy
Jun 24, 2023
2,506 Posts
Functionally Santander needs money and this is the way to get deposits. I wouldn't be concerned up to an FDIC limit.

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