DH and I want to put the money we received from the wedding into a 9 month CD. There are some banks out there that I never heard of with rates like 3.7, 4.0%. Which is unbelievable with the way the economy is now. They are FDIC insured, but is it REALLY safe to put your money at a bank you have never heard of?? Like State Bank of India or Stonebridge Bank or GMAC Bank?? Is FDIC insured all that a bank needs???
Celest
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Member since
Re: Opening a CD (certificate of deposit) - questions
Posted by JBoothIn2008
DH and I want to put the money we received from the wedding into a 9 month CD. There are some banks out there that I never heard of with rates like 3.7, 4.0%. Which is unbelievable with the way the economy is now. They are FDIC insured, but is it REALLY safe to put your money at a bank you have never heard of?? Like State Bank of India or Stonebridge Bank or GMAC Bank?? Is FDIC insured all that a bank needs???
I am not sure myself. I would research each bank in regards to legitimacy.
As for the FDIC Insured.. Congress has temporarily increased FDIC deposit insurance from $100,000 to $250,000 per depositor through December 31, 2009
So unless you are over that you should be fine. Though I heard it is a pain in the booty if you have a bank that does go under & you have to get your money from the Gov. It is just an extra nuisance, so i say double check the bank & its rep. then decide.
BTW . ING direct is good & they have been doing well this year in terms of banking.
futuremrsfab
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Re: Opening a CD (certificate of deposit) - questions
those are good rates- my company has an affiliation with discover bank & we are running 3.44% (for 9 months) for our members and I thought that was good. I would be leary of banks that I had not heard of before, maybe just check into them first.
TrueLoveIn2008
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Re: Opening a CD (certificate of deposit) - questions
GMAC seems like the best one. And I looked at the site -- they have been around since 2001 and they are affiliated with GMAC companies, which is mainly a car loan servicing corp that was at one point owned by GM. They aren't associated with GM anymore but are owned in part by PNC bank, which I think is in solid shape.
Thanks ladies!!!
I will check ING too, thanks ... I have an account there and the rates keep going down and down and down - i think their 6, 9 month cd rates are only at 3%?? we hope to buy a house next fall so we need the money by sept at the latest.
futuremrsmultari
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Member since
Re: Opening a CD (certificate of deposit) - questions
Posted by JBoothIn2008
GMAC seems like the best one. And I looked at the site -- they have been around since 2001 and they are affiliated with GMAC companies, which is mainly a car loan servicing corp that was at one point owned by GM. They aren't associated with GM anymore but are owned in part by PNC bank, which I think is in solid shape.
Thanks ladies!!!
I will check ING too, thanks ... I have an account there and the rates keep going down and down and down - i think their 6, 9 month cd rates are only at 3%?? we hope to buy a house next fall so we need the money by sept at the latest.
I would be a bit nervous about GMAC. With the whole big three auto company situation, that would make me nervous.
We got a GREAT CD deal through Bank of America.
TrueLoveIn2008
Posted:
Member since
Re: Opening a CD (certificate of deposit) - questions
Posted by futuremrsmultari
Posted by JBoothIn2008
GMAC seems like the best one. And I looked at the site -- they have been around since 2001 and they are affiliated with GMAC companies, which is mainly a car loan servicing corp that was at one point owned by GM. They aren't associated with GM anymore but are owned in part by PNC bank, which I think is in solid shape.
Thanks ladies!!!
I will check ING too, thanks ... I have an account there and the rates keep going down and down and down - i think their 6, 9 month cd rates are only at 3%?? we hope to buy a house next fall so we need the money by sept at the latest.
I would be a bit nervous about GMAC. With the whole big three auto company situation, that would make me nervous.
We got a GREAT CD deal through Bank of America.
That's where the money is now - in a checking account making nothing ... but only since Nov 1 or so. They HAD a 3.72% 7 month CD but that is gone now I would have just went with them but all the checks from the wedding hadn't cleared yet, then we left for the HM, and then when we got back, rate was gone.
GMAC is not owned by GM anymore, so it might be ok. I will ask a friend who works for PNC, who owns GMAC in part now ...
futuremrsmultari
Posted:
Member since
Re: Opening a CD (certificate of deposit) - questions
Posted by JBoothIn2008
Posted by futuremrsmultari
Posted by JBoothIn2008
GMAC seems like the best one. And I looked at the site -- they have been around since 2001 and they are affiliated with GMAC companies, which is mainly a car loan servicing corp that was at one point owned by GM. They aren't associated with GM anymore but are owned in part by PNC bank, which I think is in solid shape.
Thanks ladies!!!
I will check ING too, thanks ... I have an account there and the rates keep going down and down and down - i think their 6, 9 month cd rates are only at 3%?? we hope to buy a house next fall so we need the money by sept at the latest.
I would be a bit nervous about GMAC. With the whole big three auto company situation, that would make me nervous.
We got a GREAT CD deal through Bank of America.
That's where the money is now - in a checking account making nothing ... but only since Nov 1 or so. They HAD a 3.72% 7 month CD but that is gone now I would have just went with them but all the checks from the wedding hadn't cleared yet, then we left for the HM, and then when we got back, rate was gone.
GMAC is not owned by GM anymore, so it might be ok. I will ask a friend who works for PNC, who owns GMAC in part now ...
Ahhh, that's a good thing. We had our money in a CD at BOA that was like 3% for 3 months but now we have it in an ETrade savings for 3.30%!
