Comments on: *Expired* Emigrant Direct 5% “My Way” CD http://www.bargaineering.com/articles/emigrant-direct-5-my-way-cd.html personal finance blog with anecdotes, advice and commentary. Sun, 22 Nov 2009 02:01:03 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Mike http://www.bargaineering.com/articles/emigrant-direct-5-my-way-cd.html/comment-page-1#comment-293830 Mike Sat, 20 Dec 2008 21:43:35 +0000 http://www.bargaineering.com/articles/?p=841#comment-293830 You have 10 calendar days *after the CD has matured* to close the CD (which has auto-renewed) without penalty. A more likely situation would be opening a CD, then needing money for a car 3 months later. They'll take the 3 months interest you earned, plus take the equivalent of 3 months interest from your principle. Most banks also reserve the right to refuse withdrawls, so (in theory) they could simply tell you "no." Most banks also reserve the right to cancel your CD any time they want, so (with 30 days notice), they could close your CD at any time - paying you the interest without penalty, of course. You have 10 calendar days *after the CD has matured* to close the CD (which has auto-renewed) without penalty. A more likely situation would be opening a CD, then needing money for a car 3 months later. They’ll take the 3 months interest you earned, plus take the equivalent of 3 months interest from your principle. Most banks also reserve the right to refuse withdrawls, so (in theory) they could simply tell you “no.” Most banks also reserve the right to cancel your CD any time they want, so (with 30 days notice), they could close your CD at any time – paying you the interest without penalty, of course.

]]> By: ON http://www.bargaineering.com/articles/emigrant-direct-5-my-way-cd.html/comment-page-1#comment-290477 ON Tue, 28 Oct 2008 08:24:20 +0000 http://www.bargaineering.com/articles/?p=841#comment-290477 How can you be charged a penalty of 180 days interest for a CD opened for 1 day when you have 10 calendar days in which to close the CD without penalty ? How can you be charged a penalty of 180 days interest for a CD opened for 1 day when you have 10 calendar days in which to close the CD without penalty ?

]]> By: Mike http://www.bargaineering.com/articles/emigrant-direct-5-my-way-cd.html/comment-page-1#comment-5129 Mike Sat, 01 Apr 2006 23:10:40 +0000 http://www.bargaineering.com/articles/?p=841#comment-5129 The 5 percent seems to be a great deal for the long term. I don't see the Fed hiking rates over 5.00% and if they go down over the next 10 years... then that 5% will look awefully nice. By then the savings accounts and their "liquidity" could be under 2 %. The 5 percent seems to be a great deal for the long term. I don’t see the Fed hiking rates over 5.00% and if they go down over the next 10 years… then that 5% will look awefully nice. By then the savings accounts and their “liquidity” could be under 2 %.

]]> By: Joe http://www.bargaineering.com/articles/emigrant-direct-5-my-way-cd.html/comment-page-1#comment-5047 Joe Wed, 29 Mar 2006 04:08:54 +0000 http://www.bargaineering.com/articles/?p=841#comment-5047 It's true that there are better CD deals out there, such as countrywide's 5.10% 12-month CD. As for issues of liquidity, I like the laddering approach, so that a CD is mature every 3 months (for me). Best of both worlds. Emigrant still seems to be the best MM account at 4.5% It’s true that there are better CD deals out there, such as countrywide’s 5.10% 12-month CD. As for issues of liquidity, I like the laddering approach, so that a CD is mature every 3 months (for me). Best of both worlds.

Emigrant still seems to be the best MM account at 4.5%

]]> By: Cap http://www.bargaineering.com/articles/emigrant-direct-5-my-way-cd.html/comment-page-1#comment-4898 Cap Tue, 21 Mar 2006 06:20:28 +0000 http://www.bargaineering.com/articles/?p=841#comment-4898 guess I can't sign up :P guess I can’t sign up :P

]]> By: Brian http://www.bargaineering.com/articles/emigrant-direct-5-my-way-cd.html/comment-page-1#comment-4893 Brian Mon, 20 Mar 2006 23:33:19 +0000 http://www.bargaineering.com/articles/?p=841#comment-4893 CK, you'll consider them when interest rates ever start to fall again. You're correct, right now it makes little sense to lock down when savings and money market accounts are paying comparable rates and the Fed is still busy bumping up short-term rates. CK, you’ll consider them when interest rates ever start to fall again. You’re correct, right now it makes little sense to lock down when savings and money market accounts are paying comparable rates and the Fed is still busy bumping up short-term rates.

]]> By: CK http://www.bargaineering.com/articles/emigrant-direct-5-my-way-cd.html/comment-page-1#comment-4888 CK Mon, 20 Mar 2006 18:41:06 +0000 http://www.bargaineering.com/articles/?p=841#comment-4888 Why lock up your money at all for an extra 1/2% (or possible .65%)? Maybe it's my youth but I never really consider CDs. Liquidity has always been worth more to me then the measly spread between CD rates and savings accounts such as Emigrant. Why lock up your money at all for an extra 1/2% (or possible .65%)? Maybe it’s my youth but I never really consider CDs. Liquidity has always been worth more to me then the measly spread between CD rates and savings accounts such as Emigrant.

]]> By: Jonathan http://www.bargaineering.com/articles/emigrant-direct-5-my-way-cd.html/comment-page-1#comment-4886 Jonathan Mon, 20 Mar 2006 17:26:06 +0000 http://www.bargaineering.com/articles/?p=841#comment-4886 That interest penalty is pretty harsh, given that you could actually lose 2.5% (half of 5%) of your principal if you cash out early. That's about as bad as I've seen banks go. Not being able to choose if you want to renew or not ahead of time is also lame. That's why I like PenFed - they have the most lenient penalties, and you can choose your exactly where you want your interest payments and principal to go at all times. That interest penalty is pretty harsh, given that you could actually lose 2.5% (half of 5%) of your principal if you cash out early. That’s about as bad as I’ve seen banks go. Not being able to choose if you want to renew or not ahead of time is also lame. That’s why I like PenFed – they have the most lenient penalties, and you can choose your exactly where you want your interest payments and principal to go at all times.

]]> By: Brian http://www.bargaineering.com/articles/emigrant-direct-5-my-way-cd.html/comment-page-1#comment-4884 Brian Mon, 20 Mar 2006 17:12:55 +0000 http://www.bargaineering.com/articles/?p=841#comment-4884 I still wouldn't classify this offer as a good deal...why lock your money up for a year and a half for 5% when you can get a 12-month CD at 5.15% elsewhere? I still wouldn’t classify this offer as a good deal…why lock your money up for a year and a half for 5% when you can get a 12-month CD at 5.15% elsewhere?

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