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Forbright Bank - 9 month CD 5.75% APY

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https://open.forbrightbank.com/pr...ctType=all

First time using this bank. Setup and funding was quick and easy.
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Forbright Bank - 9 month CD 5.75% APY
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Joined Feb 2015
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> bubble2 8 Posts
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maroon2002
10-21-2023 at 04:14 PM.
10-21-2023 at 04:14 PM.
Is this legit?
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Joined Apr 2009
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> bubble2 1,487 Posts
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nowayman
10-21-2023 at 05:41 PM.
10-21-2023 at 05:41 PM.
Buying a 9mo TBill (at schwab or fidelity) will get you 5.6% risk free (hold to maturity) with zero state tax (so might actually be better than 5.75% that is state taxable). Rates change daily. https://www.ustreasuryyieldcurve.com/
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Joined Jul 2019
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> bubble2 267 Posts
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Hubbs1
10-21-2023 at 06:01 PM.
10-21-2023 at 06:01 PM.
Quote from maroon2002 :
Is this legit?
I'll let you know in 9 months if I get my money back 🤣. It's FDIC insured so I feel good. I had never heard of this bank but see someone posted a deal for them earlier this year.
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Joined Jun 2019
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> bubble2 14 Posts
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HandsomeT
10-22-2023 at 11:11 PM.
10-22-2023 at 11:11 PM.
Quote from nowayman :
Buying a 9mo TBill (at schwab or fidelity) will get you 5.6% risk free (hold to maturity) with zero state tax (so might actually be better than 5.75% that is state taxable). Rates change daily. https://www.ustreasuryyieldcurve.com/
A treasury (free of state tax) at 5.6% is the tax equivalent yield of around 6.8% at a marginal state tax rate of 11.3% like it is here in California . In states with high income tax rates look at government agency bonds first. Most brokers let you trade in treasuries with no commissions as well.
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Joined Mar 2014
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> bubble2 8 Posts
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Mick1135
10-26-2023 at 12:42 PM.
10-26-2023 at 12:42 PM.
Quote from nowayman :
Buying a 9mo TBill (at schwab or fidelity) will get you 5.6% risk free (hold to maturity) with zero state tax (so might actually be better than 5.75% that is state taxable). Rates change daily. https://www.ustreasuryyieldcurve.com/

How do you buy a 9mo TBill? I didn't think TBills came in that term...
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Joined Jan 2009
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> bubble2 4,788 Posts
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bigballs
11-03-2023 at 11:24 AM.
11-03-2023 at 11:24 AM.
This is a bad deal because there is a good chance when this CD matures, the yield will have gone down quite a bit. Better to get 1.5 year to 18 month CDs to lock in the rate. I think there are others out there that will get close to this yield for longer time period.
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