Consumerism Commentary - Latest Comments in Searching for a CD as the Rates Plummet

Re: Searching for a CD as the Rates Plummet

thomas — Wed, 13 Feb 2008 00:55:10 -0000

had I known Bernake and Co. would turn interest rates into a furniture store commercial (we are slashing prices!) I would have bought some CDs back before the ax dropped.

Countrywide looks to the best, although it does have a higher minimum.

Re: Searching for a CD as the Rates Plummet

Sasha — Sat, 09 Feb 2008 16:13:55 -0000

Christine,

I've never tried reward checking, but may look into it. I'm at the point now where I'm okay with opening new accounts within my existing banking relationships, but I don't want to overcomplicate things by having too many banks.

I think I could wallpaper a room with all the tax statements I got for filing this year!

Re: Searching for a CD as the Rates Plummet

Sasha — Sat, 09 Feb 2008 16:11:59 -0000

Mapgirl,

Thanks for your feedback! My big issue at present is trying to get more time to write, but hope to do so soon.

Yes, today in fact I've been staring at a piece of paper from my mortgage company that advertises 5.25% fixed for a 15 year mortgage. The rates are as of 1/15 so I have a feeling they're even better now. I can't afford a 15 year mortgage, but if I can get 30 years for a better rate than what I've got now, I'm going to try to get moving on this. I'm definitely calling them Monday since rates just took another dive.

Re: Searching for a CD as the Rates Plummet

mapgirl — Wed, 06 Feb 2008 22:32:22 -0000

Interesting. I financed my condo very similarly to your home. I had an 80-15-5 with a 7/1 ARM as the primary mortgage, with a similar rate, but slightly higher. The second trust isn't a balloon mortgage though. It's a HELOC that I converted to a fixed rate. I suspect it's a higher rate than your balloon mortgage. That might have been a good idea for me, but I'm happy with my place and where it's at. It will turn adjustable in another 3 years, but we shall see what the future brings. I'm considering a refi, but I'm still not sure it's right for me.

Hey Sasha, kick ass job you do here btw. Don't think I haven't noticed. :-)

Re: Searching for a CD as the Rates Plummet

juggler314 — Wed, 06 Feb 2008 10:55:19 -0000

yeah I'm not about to drive very far, but I would consider heading into queens (there was a CD deal out there) from manhattan, or maybe jersey...depending on how much better the rate is. No way I'm driving to PA though!

Re: Searching for a CD as the Rates Plummet

Sasha — Tue, 05 Feb 2008 19:23:09 -0000

Ken,
I'll check with Countrywide to see if i can worm my way into the better rate. Thanks!

Juggler314,
Thanks for the link. Some intersting deals there, although I'm generally not willing to travel to far away banks or open a checking account I won't use, which seem to be the qualifiers for the higher rates so far. I'll keep on reading and see if there's anything else to be had though. I would like one more CD, if just to tie up my funds so I keep my mitts off them for a few months. You know, savings just sitting there can be awfully tempting!

Re: Searching for a CD as the Rates Plummet

Christine — Tue, 05 Feb 2008 15:13:46 -0000

what do you think of reward checking accounts? I have one right now and I am earning 6.01% rather easily because I use online banking. Money-rates.com has a list of banks offering them. The best part is that my bank did not drop the rate even after the Fed cut rates by 75 and 50 points.

Re: Searching for a CD as the Rates Plummet

juggler314 — Tue, 05 Feb 2008 11:59:05 -0000

Do you follow this blog: http://bankdeals.blogspot.com/ you can get some far better deals, especially at local credit unions

Re: Searching for a CD as the Rates Plummet

Ken — Tue, 05 Feb 2008 11:40:03 -0000

Yup, Countrywide Bank has the top 6-month CD yield. Note, some people may be able to get 5% APY instead of 4.90% APY if you open by phone or at one of their financial centers. The 5% may not be available in all locations. Type in your zip code at Countrywide's CD rate page to see if it's available in your area.