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"4.00% APY. Do I have your attention?"
Old 03-02-2018, 07:42 PM   #1
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"4.00% APY. Do I have your attention?"

I was perusing the latest CD rates at Depositaccounts.com -- everyone needs a hobby -- and I came across this:

4.00% APY On Sharonview FCU's 64-Month Certificate Special

Whoa, now we're talkin'!

From the article linked above:
Easy membership requirement (EMR) for residents of NC, SC, GA, TN, or VA through Carolina Consumer Council. Nationwide EMR possible (see details in the Availability section).

Here's hoping others will follow.
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Old 03-02-2018, 07:52 PM   #2
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Looks like if joined the Hobby Farmers of America then one could become a member. Something to think about.

https://www.sharonview.org/resources...us/eligibility
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Old 03-03-2018, 04:30 AM   #3
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If you join just to get this CD, be aware that you need to do something else to keep the account active:

Quote:
Inactivity Fee (after 12 months without activity) $20.00 / Month
https://www.sharonview.org/resources...s/fee-schedule
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Old 03-03-2018, 07:03 AM   #4
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Good point... but even if you just absorbed the fee it would only reduce your return to 3.9% (on $250k).
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Old 03-03-2018, 08:06 AM   #5
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Let us hope there will be more of these in December 2018... Although for us the $250k Max is quite low. I wonder if there are ways of getting round that.
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Old 03-03-2018, 10:41 AM   #6
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Let us hope there will be more of these in December 2018... Although for us the $250k Max is quite low. I wonder if there are ways of getting round that.
Two (you & your spouse) memberships?
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Old 03-03-2018, 10:50 AM   #7
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Two (you & your spouse) memberships?
That is still only $500k only $20k pa income. Not very much from an income perspective. But $2m would generate $80k, $3m would be $120k + SS would be a reasonable income for most and sustainable indefinitely.
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Old 03-03-2018, 10:53 AM   #8
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Let us hope there will be more of these in December 2018... Although for us the $250k Max is quite low. I wonder if there are ways of getting round that.
Sure is. Give it to me to invest. I promise to pay you the interest minus taxes minus my administrative fee.
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Old 03-03-2018, 11:05 AM   #9
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If anyone opens up one of these CDs please post back your experience.

I am a little leery since often times if it sounds too good to be true then something is not right. I am not even aware of a 3%, 5 year CD (presently) so 4% seems out of the ordinary.
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Old 03-03-2018, 12:55 PM   #10
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Does this institution have the equivalent of FDIC? (I forgot what it's called for credit unions.)
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Old 03-03-2018, 01:00 PM   #11
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Does this institution have the equivalent of FDIC? (I forgot what it's called for credit unions.)
Yes it is NCUA and is actually better than FDIC. Reason: Each beneficiary (Including you) listed on the account gets $250k insurance. We have 8 on ours so we can invest up to $2m and are fully insured. Use 2 CUs and you can double this to $4m.
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Old 03-03-2018, 01:08 PM   #12
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Programs like CDARS split the money up between multiple institutions so you can get FDIC insurance coverage for an 8 figure CD investment.
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Old 03-03-2018, 03:59 PM   #13
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Originally Posted by Earl E Retyre View Post
If anyone opens up one of these CDs please post back your experience.

I am a little leery since often times if it sounds too good to be true then something is not right. I am not even aware of a 3%, 5 year CD (presently) so 4% seems out of the ordinary.

FWIW, the comments section of the depositaccounts.com article I linked in post #1 gives some peoples' experiences in opening an account.

I agree, it's well out of the ordinary, although according to depositaccounts.com there are a couple of institutions currently offering a 3% 5 yr CD.

There are way too many hoops to jump thru for me to even consider opening an account at Sharonview FCU, assuming I could even qualify.

But here's hoping it's a harbinger of rates to come and not just a fluke.
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Old 03-03-2018, 05:03 PM   #14
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But here's hoping it's a harbinger of rates to come and not just a fluke.
That's what I'm hoping.
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Old 03-03-2018, 06:02 PM   #15
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That is still only $500k only $20k pa income. Not very much from an income perspective. But $2m would generate $80k, $3m would be $120k + SS would be a reasonable income for most and sustainable indefinitely.
Do you really want to put that much money into a single credit union?
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Old 03-03-2018, 06:13 PM   #16
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Do you really want to put that much money into a single credit union?
As long as it is insured. I trust CUs a lot more than banks.
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Old 03-03-2018, 06:38 PM   #17
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As long as it is insured. I trust CUs a lot more than banks.
Agreed - NCUA is backed by the full faith and credit of the United States - the exact same backing which FDIC and treasury securities have.

Not one penny of NCUA or FDIC insured deposits has ever been lost by a depositor. Both the principal and accrued interest are fully insured up to the respective limits.
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Old 03-03-2018, 07:02 PM   #18
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Do you really want to put that much money into a single credit union?
Sure! Up to $500K in a joint account.
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Old 03-04-2018, 10:33 AM   #19
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I currently have 5 yr. PenFed CD's coming due in December that are earning 3.04%. Have a local bank BMO Harris currently offering 5yr. CD's at 3%. I think you have to be an Illinois or Indiana resident. I know it is not December yet but I am wondering is it wise to do another 5yr. CD at 3%?
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Old 03-04-2018, 10:46 AM   #20
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Sounds good - high API, NCUA coverage of $250K. Any takers?
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