Post by MixedBerryJam on Aug 23, 2018 10:14:48 GMT -5
I have a CD that is about to mature and want to put it back into another CD (I'm actually going to do some lddering I think with terms of one to five years). The best rates I'm seeing online at the moment are with Synchrony Bank, which I've never heard of. I don't really expect to need any customer service from them over the years ... I mean, they're CDs. The open, they mature, the end. But does anyone have any experience with them? Did they process your paperwork in a timely manner (I lost out on some interest last time because some company, Ally I think, took over a week to fund a cd I opened. I want to avoid that kind of thing again. Anything to share?
Btw, if you're interested, rates ranger from 1 year @ 2.45 apy to 5 years @ 3 apy.
Post by mrs.jacinthe on Aug 23, 2018 11:10:34 GMT -5
FYI - Synchrony bank is the old GE Capitol. They specialize in specialist credit - they're the folks that run CareCredit, as well as a ton of retailer credit cards like Amazon, Walmart, JCPenney, etc. I have no input on their banking products, but I'm interested in hearing your experience!
Post by MixedBerryJam on Aug 23, 2018 16:23:30 GMT -5
Thanks all. I thought the CD matured on 9/1 but it's not until 10/1. If they're still the best rate at that point I'll go with them. I haven't had to look at CD rates for a while but sadly, even 3% feels like skyrocketing (keeping in mind I'm 62 and very risk averse).
Thanks all. I thought the CD matured on 9/1 but it's not until 10/1. If they're still the best rate at that point I'll go with them. I haven't had to look at CD rates for a while but sadly, even 3% feels like skyrocketing (keeping in mind I'm 62 and very risk averse).
3% is a great rate for a short term CD right now.
I know! I was commenting on the pathetic-ness of being excited by 3%. THREE PERCENT. Also, I negotiated a higher rate than the bank was offering a couple of years ago when I was reinvesting another CD. I told them what another back was offering and they matched it. Which I didn't even know could be done. I was very proud of myself!
I know! I was commenting on the pathetic-ness of being excited by 3%. THREE PERCENT. Also, I negotiated a higher rate than the bank was offering a couple of years ago when I was reinvesting another CD. I told them what another back was offering and they matched it. Which I didn't even know could be done. I was very proud of myself!
The bank I work for does this regularly. It’s actually pretty easy to do especially if it’s a good amount of money and only requires approval one level up.
Followup question, if you don't mind: Do they only do this with customers with "new" money, meaning money coming to their bank from another institution? Because if I could just leave it where it is, that'd be fine with me (it's in a neighborhood bank, which I love, and they know me and I've been banking there for 30 years) but they said the only reason they kicked up the rate was because it was new money. They don't have the highest rate, but now I wonder if it's worth asking them to match again.