Deloitte mortgage rates
in Banking, Insurance & Loans ·
So, I’m looking at housing savings.
Specifically at some savings institution—maybe Vienna.
I don't care about those measly tax incentives ($250), and I'm not interested in taking out a loan once the
term expires—not when those tiny interest rates, even combined with a 3% incentive, only amount to
about 6% annual return on a sum of roughly $1667 (give or take).
Alright, so what *is* worth my time? Am I losing my mind here, or am I just crazy?
Here is what actually catches my eye:
Some savings outfits offer an 8% APY in the first year on, say, $10,000. Then in year two,
they drop it to 4%, then 3%, and so on through year five.
Well, I’d much rather just save at that 8% for the first year! Those pathetic 4% rates and
that massive tax penalty they slap on you if you decide to withdraw your cash after just one year
can honestly just shove it.
Basically, I'd get that promised 8% APY on $10k—something you won't find at any major bank.
I'd pay a $5 monthly maintenance fee, with no entry or exit penalties.
I'm just constantly worried they'll hide some fine print in size 0.314 font on the
inside of the envelope.
I actually asked them: ARE THERE ANY OTHER FEES BEYOND THE MENTIONED $5 FOR ACCOUNT
MAINTENANCE?
They said no.
Is that actually the case? Has anyone here dealt with this?
Now... if I put my money into a major institution like JPMorgan Chase, Wells Fargo, or Bank of America,
or really any major BANK (not a specialized savings firm), my deposit up to $250,000 is FDIC-insured
by the government, so there's no risk there.
But a private savings firm? That's a different story entirely.
Who am I supposed to sue if they go up in flames, disappear, or go bankrupt????
I’d love to invest more, but frankly, I'm terrified that their "guarantees" are nothing but smoke and mirrors.
Has anything like this ever happened before?
thx
Specifically at some savings institution—maybe Vienna.
I don't care about those measly tax incentives ($250), and I'm not interested in taking out a loan once the
term expires—not when those tiny interest rates, even combined with a 3% incentive, only amount to
about 6% annual return on a sum of roughly $1667 (give or take).
Alright, so what *is* worth my time? Am I losing my mind here, or am I just crazy?
Here is what actually catches my eye:
Some savings outfits offer an 8% APY in the first year on, say, $10,000. Then in year two,
they drop it to 4%, then 3%, and so on through year five.
Well, I’d much rather just save at that 8% for the first year! Those pathetic 4% rates and
that massive tax penalty they slap on you if you decide to withdraw your cash after just one year
can honestly just shove it.
Basically, I'd get that promised 8% APY on $10k—something you won't find at any major bank.
I'd pay a $5 monthly maintenance fee, with no entry or exit penalties.
I'm just constantly worried they'll hide some fine print in size 0.314 font on the
inside of the envelope.
I actually asked them: ARE THERE ANY OTHER FEES BEYOND THE MENTIONED $5 FOR ACCOUNT
MAINTENANCE?
They said no.
Is that actually the case? Has anyone here dealt with this?
Now... if I put my money into a major institution like JPMorgan Chase, Wells Fargo, or Bank of America,
or really any major BANK (not a specialized savings firm), my deposit up to $250,000 is FDIC-insured
by the government, so there's no risk there.
But a private savings firm? That's a different story entirely.
Who am I supposed to sue if they go up in flames, disappear, or go bankrupt????
I’d love to invest more, but frankly, I'm terrified that their "guarantees" are nothing but smoke and mirrors.
Has anything like this ever happened before?
thx