CD's

Nija · 01-16-2004, 12:53 AM

So I started my first CD today.

a 2.15% return for 1 year.

I put in $157.15, because well, that was all the unallocated money in my Orange Savings Account.

Hopefully this will put me on the right track

johnnymk · 01-17-2004, 03:37 PM

Wow, $3 interest in a year.

Johnnymac · 01-17-2004, 09:17 PM

Pentagon Federal Credit Union is offering 5.25 APY for 5 year Money Market Certificates (the credit union version of a cd) I joined and opened 10 of them over the phone last week. It is the highest rate I've ever seen.

johnnymk · 01-18-2004, 04:44 AM

Quote:

Originally posted by cracker
Pentagon Federal Credit Union is offering 5.25 APY for 5 year Money Market Certificates (the credit union version of a cd) I joined and opened 10 of them over the phone last week. It is the highest rate I've ever seen.

That's a good rate. Do you have to be a Federal Employee?

Why did you buy 5? Is there a maximum amount per CD?

Johnnymac · 01-18-2004, 10:54 AM

You don’t have to be a federal employee. Basically b/c I wasn’t in the active military and didn’t have any immediate family that was I had to join a program called "friends of the military" for 20 bucks. It’s an annual subscription but you don’t have to renew next year and you are a credit union member for life.

I bought the 5 year just for my own comfort. Imp also not sure about a maximum per cd but the minimum is 1000. the reason I spread the total amount among different certificates is that I can cash them out individually if I need the funds before they mature. You pay a 6 month interest penalty for early withdrawal, so if for some reason I need some of the money I can still have the rest earning interest.

johnnymk · 01-18-2004, 12:02 PM

Thanks, cracker. That's a good idea breaking them down into smaller quantities.

Would you have a phone number?

Johnnymac · 01-18-2004, 05:19 PM

http://www.penfed.org/prodserv/certificates/index.asp
1-800-247-5626.

johnnymk · 01-19-2004, 04:32 AM

Even though I believe that interest rates are going to take off after the elections, I am seriously going to consider these CDs. Thanks a lot.

zippyjuan · 01-20-2004, 04:48 AM

RIght now that 5% interest is a fantastic rate. Just make sure that you will not need the money for five years or you won't get that return on your money.

johnnymk · 01-20-2004, 06:36 AM

It looks like I don't qualify for membership.

01-16-2004, 12:53 AM	#1
Nija Chief of Naval Operations Join Date: May 2001 Location: City of The Dead Posts: 13,045	CD's So I started my first CD today. a 2.15% return for 1 year. I put in $157.15, because well, that was all the unallocated money in my Orange Savings Account. Hopefully this will put me on the right track __________________ "Nija is the dark soul of gotapex. We don't like to talk about him." - LPMiller

01-17-2004, 03:37 PM	#2
johnnymk Chief of Naval Operations Join Date: May 2000 Location: LEVITTOWN< PA> USA Posts: 12,601	Wow, $3 interest in a year. __________________ Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. - Ronald Reagan (1986)

01-20-2004, 04:48 AM	#9
zippyjuan Picture of the Day Guru Join Date: Oct 2002 Location: Sunny San Diego Posts: 8,070	RIght now that 5% interest is a fantastic rate. Just make sure that you will not need the money for five years or you won't get that return on your money. __________________ I add new pictures to my photo gallery pretty regularly. You can see them here if you are interested: http://www.pbase.com/jeffryz

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01-17-2004, 09:17 PM	#3
Johnnymac Lieutenant Commander Join Date: Sep 2002 Location: VA Posts: 749	Pentagon Federal Credit Union is offering 5.25 APY for 5 year Money Market Certificates (the credit union version of a cd) I joined and opened 10 of them over the phone last week. It is the highest rate I've ever seen.

01-18-2004, 10:54 AM	#5
Johnnymac Lieutenant Commander Join Date: Sep 2002 Location: VA Posts: 749	You don’t have to be a federal employee. Basically b/c I wasn’t in the active military and didn’t have any immediate family that was I had to join a program called "friends of the military" for 20 bucks. It’s an annual subscription but you don’t have to renew next year and you are a credit union member for life. I bought the 5 year just for my own comfort. Imp also not sure about a maximum per cd but the minimum is 1000. the reason I spread the total amount among different certificates is that I can cash them out individually if I need the funds before they mature. You pay a 6 month interest penalty for early withdrawal, so if for some reason I need some of the money I can still have the rest earning interest.

01-18-2004, 12:02 PM	#6
johnnymk Chief of Naval Operations Join Date: May 2000 Location: LEVITTOWN< PA> USA Posts: 12,601	Thanks, cracker. That's a good idea breaking them down into smaller quantities. Would you have a phone number?

01-18-2004, 05:19 PM	#7
Johnnymac Lieutenant Commander Join Date: Sep 2002 Location: VA Posts: 749	http://www.penfed.org/prodserv/certificates/index.asp 1-800-247-5626.

01-19-2004, 04:32 AM	#8
johnnymk Chief of Naval Operations Join Date: May 2000 Location: LEVITTOWN< PA> USA Posts: 12,601	Even though I believe that interest rates are going to take off after the elections, I am seriously going to consider these CDs. Thanks a lot.

01-20-2004, 06:36 AM	#10
johnnymk Chief of Naval Operations Join Date: May 2000 Location: LEVITTOWN< PA> USA Posts: 12,601	It looks like I don't qualify for membership.

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