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2.75% APR CD rate, 180 day interest penalty
Old 12-24-2014, 06:37 AM   #1
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2.75% APR CD rate, 180 day interest penalty

5 year CD, check it out:

Current CD Rates

I don't know anything about this outfit, and this rate did not come up on a search at bankrate.com. It was an advertiement on the bankrate.com site.

Edited to add that this is only for deposits of $250k or more....
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Old 12-24-2014, 07:09 AM   #2
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I would like to know more about these cd's also. I noticed it did not say what they do?
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Old 12-24-2014, 07:16 AM   #3
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Very little info I could find on Bay Securities. It appears they aren't a bank or a credit union, therefore no FDIC or NCUA insurance on your funds. No way would I consider forking over $250,000 to them.
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Old 12-24-2014, 07:22 AM   #4
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Quote:
Originally Posted by REWahoo View Post
Very little info I could find on Bay Securities. It appears they aren't a bank or a credit union, therefore no FDIC or NCUA insurance on your funds. No way would I consider forking over $250,000 to them.
Yeah, I'm not sure, I saw the FDIC logo on their site, but I'm not sure what they do either. I wasn't impressed with the quality of their website either, so this made me nervous. Interesting they don't come up on the bankrate search for jumbo 5 year CDs either.

Might be worth a call, but I'm looking for a CD for about 1/2 this amount, so I won't pursue it.
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Old 12-24-2014, 07:29 AM   #5
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Quote:
Originally Posted by panhead View Post
Yeah, I'm not sure, I saw the FDIC logo on their site, but I'm not sure what they do either.
OK, I did see this:

Quote:
Bay Securities offers investors brokered CDs, which are CDs issued by banks for the customers of brokerage firms. The CDs are usually issued in large denominations and the brokerage firm divides them into smaller denominations for resale to its customers. Because the deposits are obligations of the issuing bank, and not the brokerage firm, FDIC insurance applies.
Still, not somewhere I'd feel comfortable with as a place to deposit/invest my money.
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Old 12-24-2014, 08:32 AM   #6
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ReWahoo, at least that clarifies what they do, but in this case I'd follow my gut and pass these guys over. A company that deals with this level of capital, should have a website that has a better look and feel. Just my $.02
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