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Washington Mutual offers 5% APY 12/13 month CD

Washington Mutual has just rolled out a promotional CD rate. It is available online and in branch (if you have WaMu in your state). The minimum investment is $1,000 and early withdrawal penalty is 90 days of interest. There are 12 and 13 month terms available

This is an incredibly good rate from a decently sized bank. You can fund the CD with an ACH transfer within 7 calendar days of opening an account. If you already have an account with them like me then this should be just a matter of an internal funds transfer.

WaMu has not been exactly doing great financially over the past year and this promotion could be a sign that they are running into liquidity problems. That said, the account is FDIC insured and you will be fine as long as you are under the total FDIC coverage limit.

wamu 5% CD

Preserving Savings: Stocks, CD’s, or Precious Metals?

Economic recession, declining dollar, rising gas prices, growing budget deficit… In the times like these I wish I was a small child and didn’t have to worry about anything. But I am not and this is why I am spending this night trying to figure out what my investment strategy should be for the next 2-3 years.

This is a really tough decision for me. For my IRA account the investment vehicle of choice hasn’t changed, I stay loyal to stocks. For the shorter term savings however I consider these options:

Stocks and Mutual funds

You know the drill. Open an account with a brokerage and invest in the names you trust. The stocks that perform well in recession are staples, health care, energy, tobacco & beverages and gambling. VICEX is the mutual fund that tracks many of these companies. You might also want to consider some foreign stocks. The economies of China, India and Russia are booming. Also check out these recommendations from Seeking Alpha, a very popular blog among investors.

CD’s and Savings

The rates banks offer on savings accounts and CD’s keep going down and the last 75 points rate cut by Federal Reserve has brought more new announcements. I just received emails from ING, WaMu and I am sure there were many more that followed. However if you look just a little harder you can still find savings rates well above 4%. One of such bargains comes from Natinal City who currently offer a 48 months CD with 5% APR. A great resource for tracking these offers is the Bank Deals blog.

Precious Metals

This is a venue which I have avoided so far. Gold has always looked too expensive and I feel too uncomfortable with other alternatives. However I think I found a silver bullet and it came from nobody else but Robert Kiyosaki, the guy who wrote “Rich Dad Poor Dad”. His last article on Yahoo Finance is somewhat gloomy but if you skip the “inconvenient truth” of the first part, the last two paragraphs offers some sound investment advice.

Silver is consumed in many industries, and it’s reported that the world has less than a 10-year supply of it left. That’s why I believe silver is currently one of the best investment opportunities there is — even for people with limited financial training.

Conclusion

I don’t believe in fortune tellers. No one can predict where we are going to be in a few years from now. Therefore my strategy will probably be a mix of some of these investment vehicles. Have you given it a thought? Please share your own approach in the comments.

High Yield Bank Accounts – October, 2007

This is another update from BankDeals — my favorite banking blog. On average the rates have come down compared to July when I did an update last time. The long term CD’s are affected the most. Market is obviously betting on Fed to keep cutting rates in the near future.

Noticeably, H&R Block and Countrywide are two banks with great CD rates. These two banks have been significantly affected by the sub-prime crisis and aggressive CD rates is a way for them to fix liquidity problems (read more: CNN Money on Countrywide, Reuters on H&R Block).

Checking/Savings/Money Market Accounts:

3-Month Certificates of Deposit:

6-Month Certificates of Deposit:

9-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

24-Month Certificates of Deposit:

36-Month Certificate of Deposit:

48-Month Certificate of Deposit:

60-Month Certificate of Deposit:

Source: Bank Deals Weekly Summary for October 27, 2007 at BankDeals

High Yield Bank Accounts – July, 2007

This is another update from BankDeals — my favorite banking blog. FNBO Direct keeps the leading position in savings accounts. I wonder how the rate changes on 9/28 when this deal expires.

On banking deals, the Banking Guy has just published this list of places to go when you need to find the best banking deal. There are some interesting sources there. Check it out!

Checking/Savings/Money Market Accounts:

3-Month Certificates of Deposit:

6-Month Certificates of Deposit:

9-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

24-Month Certificates of Deposit:

36-Month Certificate of Deposit:

48-Month Certificate of Deposit:

60-Month Certificate of Deposit:

Source: Bank Deals Weekly Summary for July 21, 2007 at BankDeals

High Yield Savings Accounts – May, 2007

This is another update from the banking expert at BankDeals — my favorite banking blog. FNBO Direct raises the bar to 6.00% in savings category, but CD rates overall have been moving side wides compared to last month.

Checking/Savings/Money Market Accounts:

3-Month Certificates of Deposit:

6-Month Certificates of Deposit:

9-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

36-Month Certificate of Deposit:

48-Month Certificate of Deposit:

60-Month Certificate of Deposit:

High Rates with Conditions / Large Balances - Open to All

Source: Bank Deals Weekly Summary for May 26, 2007 at BankDeals




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