Corus Bank Update (12/20) 6 months 4.65% APY

[MJ]

6 months 4.65% APY
12 months 4.84% APY

http://www.corusbank.com/PRODUCTS/Currates.htm

It appears even the 1 year CD hasn't moved since 11/22 while the 6 months crept another 10 points up.

 

[Mr._johngalt]

  6 months  4.65% APY
12 months  4.84% APY

http://www.corusbank.com/PRODUCTS/Currates.htm

It appears even the 1 year CD hasn't moved since 11/22 while the 6 months crept another 10 points up.

I'm getting 4.50% totally liquid/FDIC insured and without much effort.

JG

 

[Mr._johngalt]

I'm getting 4.50% totally liquid/FDIC insured and without much effort.

JG

And BTW, I am way over the 100K FDIC limit in one account.
Any comments?

JG

 

[tryan]

12 months 4.84% APY

wow ... my 15 year fix rate mortgage is below this.

 

[Mr._johngalt]

wow ... my 15 year fix rate mortgage is below this.   

These are good rates, but why would I care if I can get 4.5%
totally liquid and FDIC insured.

JG

 

[brewer12345]

And BTW, I am way over the 100K FDIC limit in one account.
Any comments?

JG

Which bank?

 

[MJ]

These are good rates, but why would I care if I can get 4.5%
totally liquid and FDIC insured.

JG

No reason to care if you're getting 4.5%.

 

[Nords]

  6 months  4.65% APY
12 months  4.84% APY
It appears even the 1 year CD hasn't moved since 11/22 while the 6 months crept another 10 points up.

You're making me feel good about that 5% five-year CD that we started last March. Wouldn't it be ironic if that was the top?

And BTW, I am way over the 100K FDIC limit in one account. Any comments?

Yeah, I gotcher comment right here.

Are you aware that if you had taken the extra 15 minutes to buy that CD by opening an account for you, an account for your spouse, and a joint account, that you could have up to $300K on deposit and STILL be insured by the FDIC? If you did that at two different financial institutions you could have the entire fabled JG family portfolio insured at zero cost and zero risk.

I'm not trying to change your mind. I'm just trying to show the less-experienced readers how this situation could have been avoided.

Yeah, I know, banks never go under. In the early 1980s my FIL was taping a CBS interview show that featured a local bank executive. On his very next break he phoned his wife and told her to go to that bank right now and empty their account, get a cashier's check, and deposit it elsewhere before the end of the business day. My MIL was not amused but knew that it was easier to do as requested than to debate the subject.

The cashier's check cleared the next day. The following week the bank went into receivership. Everyone got their FDIC-insured money back, but it took a couple years of litigation (at zero percent interest). Of course, those over the limits only received their money up to the limits.

 

[uncledrz]

And BTW, I am way over the 100K FDIC limit in one account.
Any comments?

JG

As Nords suggests, place the funds in different accounts, or go into different banks. No reason at all to not have fully FDIC insurance.

 

[Mr._johngalt]

You're making me feel good about that 5% five-year CD that we started last March.  Wouldn't it be ironic if that was the top?
Yeah, I gotcher comment right here. 

Are you aware that if you had taken the extra 15 minutes to buy that CD by opening an account for you, an account for your spouse, and a joint account, that you could have up to $300K on deposit and STILL be insured by the FDIC?  /quote]

Yep, I'm aware. Can't get the same deal from another bank and we have
no joint accounts of any kind (due to the prenup). All finances are
kept separate. I have a couple of ways to get around this (over the FDIC limit) but they are a bit messy.
Guess your advice is to do it anyway.

BTW, re. your 5 year CD....yep, that would be "ironic".

JG

 

[ShokWaveRider]

We have $600k NCUA (CU FDIC Equivelent) at our Credit union by putting Beneficiaries on the accounts. Try that with a bank.

SWR

 

[Nords]

We have $600k FDIC at our Credit union by putting Beneficiaries on the accounts. Try that with a bank.

Perhaps that's NCUA for credit unions instead of FDIC, but it's probably just as reliable.

JG, I don't understand why joint accounts are mutually exclusive from a prenup. You each contribute half your "own" money or you make some other reciprocal arrangement. And as SWR has pointed out, there's beneficiary designations.

I'm continually amazed to rediscover that you have one of the world's smallest ER portfolios while simultaneously achieving the most incredibily complicated financial & tax situations.

 

[Mr._johngalt]

JG, I don't understand why joint accounts are mutually exclusive from a prenup.  You each contribute half your "own" money or you make some other reciprocal arrangement.  And as SWR has pointed out, there's beneficiary designations.

I'm continually amazed to rediscover that you have one of the world's smallest ER portfolios while simultaneously achieving the most incredibily complicated financial & tax situations.

Re. "the most incredibly complicated financial and tax situations"................................you have no idea. Second wife,
prenup, Michigan holding company, kids from both previous marriages,
failing parents, real estate in Illinois and Texas, accounts in about
5 different banks, 14 different credit cards, and that's just the tip of the iceberg.
Believe me I wish was simple, but it ain't.

JG

 

[Martha]

Re. "the most incredibly complicated financial and tax situations"................................you have no idea. Second wife,
prenup, Michigan holding company, kids from both previous marriages,
failing parents, real estate in Illinois and Texas, accounts in about
5 different banks, 14 different credit cards, and that's just the tip of the iceberg.
Believe me I wish was simple, but it ain't.

JG

Assets held by holding company and depreciated, resulting in lots of built up potential gains if the assets are ever sold . . . When I am bored, I daydream about unraveling your tax and financial situation for your wife and kids when you die.

 

[Nords]

When I am bored, I daydream about...

And wake up screaming!

 

[MJ]

When I am bored, I daydream about unraveling your tax and financial situation for your wife and kids when you die.

Martha, is there a dormant masochistic gene in you?

I suggest you stick to nuturing your defective work gene, so you won't to have this type of horrible daydream!

 

[Mr._johngalt]

Assets held by holding company and depreciated, resulting in lots of built up potential gains if the assets are ever sold . . .  When I am bored, I daydream about unraveling your tax and financial situation for your wife and kids when you die. 

I am impressed with your insight. Trust me. If I drop dead you would
want to be far away. I can barely keep up with it now. Plus my records are ridiculous. Unless I reform my wayward life (organization wise)
which is quite unlikely, no one could make sense of it.

I am not proud of it, but there it is. Sweet dreams!

JG