robsouth
Near Atlanta, GA
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Joined: 06/20/2004
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If banks change from CD's to BlueRays, reckon the rates will be better?
"Sometimes I just sit and think. Sometimes I just sit." "Great minds like a think."
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CavemanCharlie
Storden,MN
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paulm999 wrote:I didn't realize banks are still selling CDs. The last time I heard of CDs was in the 80s. And come to think of it, I wouldn't think bank savings accounts still exist.
I don't know what up with the original poster and why his CD's are so low. I don't know what mine are earning right now but, it's more then that. Now, am I making money with them?, No I'm not. But, there not going to suddenly disappear every 10 years like money does when you put it on the stock market! And, it has the advantage to being safer then burying the money in the back yard. (Even that would be safer then the stock market.)
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wa8yxm
Wherever I happen to park
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Joined: 07/04/2006
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The problem is what is called a risk/benefit factor. YES, you can get a better return, I have a bit of training in that area but am not licensed to pass much of it on.. But basically you need to look at diversified funds.. Many are still paying a good rate of return.
Money in a CD is actually costing you. Here is why, even if you got a full 1 percent instead of the approximitly 1/3 you are getting, Inflation is higher than that, plus you have to pay tax on the income which drives your real rate of return down even farther. I mean stuffing your matress is nearly as good.
I can not advise on funds (Since I'm out of the loop for the last few years) but I can tell you that finding a good adviser is the key. I do have one I can send you to if you are in Michigan but there is a warning attached to him (Which I will give privately if you are in Michigan)
Public all I'll say is he is that his business card says Primercia.
(Which is kind of the Amway of financial services) but he does right by his clients.
Nothin adds excitment like something that is none of your business
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Hgarnerno1
Tyler, Texas USA
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I gave up on CDs several years ago for that same reason. When I checked out, I was told that I could get 1.5% for a 2 year or greater CD. I invested my money in silver and gold. It has appreciated considerable since I bought it, but has remained fairly level for the past few months. I invested in the physical items, not paper items. At least I can exchange it for cash. Both items have at the least doubled in value since I bought it.
Howard, USN Ret
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hokeypokey
xxx
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I worked in a bank in the 1960's. Back then, CD's earned 4% & passbook savings was 2%. Gas was 35 cents a gallon & we spent $7.00 a week for groceries. We're taking a beating today. I think it's a dirty shame that we've worked & saved to supplement our soc security & get rewarded with practically no interest income. We have some long term CD's earning 4% but they're coming due so the party will be over.
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1ed
Northern California
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Might want to try and listen to Money Talk with Bob Brinker. He also has a web site that you can listen to. Great info.... You can look up the info on the web and find a radio station near you.
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CavemanCharlie
Storden,MN
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Years ago when farm land was cheap my land lord had some extra cash so he bought some up. Last year he decided to sell it. In the 15 years he owned that 80 acre farm it had gone from the 1200 dollars a acre he payed for it to 8000 dollars a acre that he got for it last year. Problem was after selling it he had to pay so much in to the government in taxes that he really didn't make all that much money.
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Finally Time
Western Washington
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Joined: 05/17/2005
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If you go to Bankrate.com you can find which bank is offering the highest CD rates. I no longer want to take the risk on stocks or mutual funds so I vary the term length for six or seven CD's. Not making a lot of money, might even be dropping in value compared to inflation but no risk.
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CavemanCharlie
Storden,MN
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Finally Time wrote:If you go to Bankrate.com you can find which bank is offering the highest CD rates. I no longer want to take the risk on stocks or mutual funds so I vary the term length for six or seven CD's. Not making a lot of money, might even be dropping in value compared to inflation but no risk.
X2
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onehorsehitcher
Donna Tx
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Joined: 04/06/2007
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Welcome to the disgruntled saver's club. No easy way to get much interest and darned if I trust my money to a stock broker. If they are so smart, why are they still working? Maybe greed? Had some very good CDs years ago that were in the mid teens interest. Now they are almost charging you for holding your money and if you consider inflation you are in fact losing. We are old and if careful there should be enough to bury us so we are just spending it down and hoping Publisher's clearing house rings my doorbell.
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