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*Expired* Emigrant Direct 5% “My Way” CD
Posted By Jim On 03/20/2006 @ 2:41 pm In Credit,Investing | 9 Comments
The rates listed on this post may be out of date.
Emigrant Direct  has an interesting little product they’ve debuted recently called their “My Way” CD which is a certificate of deposit with a 5% APY (I put an updated list of the best cd rates ). It’s “My Way” because you can specify the maturity date within an 18 month to 10 year window, thus making it a long or short term CD. There is a minimum deposit amount of a thousand dollars and you have to be a current Emigrant Direct account holder but it’s an interesting way of offering a CD.
Usually, the longer the terms, the higher the rate (in our current economic environment, with our economy going strong and the Fed consistently bumping rates up a quarter point). Comparably, Penfed ‘s (Pentagon Federal Credit Union, where the most competitive CD rates usually appear) rates don’t break 5% until you read the 3 year maturity mark. (2 year is 4.75% APY, 3 year is 5.5% APY) so if you can get a 18 month CD at 5% APY then you’re getting a pretty good deal.
Some terms and conditions worth noting:
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 updated list of the best cd rates: http://www.bargaineering.com/articles/best-cd-certificate-of-deposit-rates.html
 Penfed: https://www.penfed.org/productsandrates/checkingandsavings/moneymarketcertificates.asp
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