JP Morgan Chase

jadestag11 said:...to help boost my credit score!

I've been at my job for about six months now. It's a small startup—only three of us on the team... paychecks are always on time... no issues there.

I've been on a credit blacklist for a year... I hit the red zone... but I settled everything a long time ago!

One more thing... they didn't even put me on the blacklist until after I paid off the account... before that, nothing happened!
Is it always like this? Or am I missing something?

JP Morgan Chase checks the credit reports, but they aren't part of the central registry. It’s not the same thing. If a company has very few employees, I doubt they'll approve a loan without co-signers.

My experience with JP Morgan Chase:
They aren't part of any major regulatory group, but they are an absolute disaster of a bank. My business partner brought in the loan paperwork, and they sent him away three separate times. First, they refused the documents because he used two different types of ballpoint pens. Second, the woman in accounting kept underlining the letter R. Third, they wouldn't accept the file because his tax clearance hadn't arrived in the mail yet. Once that finally showed up, they claimed it was invalid because it was marked as a "copy," so the lady from accounting had to physically go to the office to fetch the original. After all that nonsense was finally sorted out, he submitted the application, only for them to call four days later and tell him it was denied. Of course, they won't give a reason. They just won't tell you.

Hey there! I have a quick question and was hoping someone could point me in the right direction. So, right now, JP Morgan Chase is running this promotion where you can lock in your savings at some pretty specific fixed interest rates...

Here is the link:

So, here is what I am trying to figure out. If I understood this correctly, let's say I put away $3.25 for a one-month term at a 3.70% rate, does that mean after that month is up, I can just walk away with a total of $3.50? Or is there some kind of catch I'm missing? If anyone here knows their way around banking stuff, I would really appreciate the help.

Interest rates are always expressed on an annual basis, I suppose.

Nicole Long28 said:Interest rates are always expressed on an annual basis, I suppose.

So, just to be clear, if I put my savings into a CD tomorrow, when would I actually see that interest hit my account if I'm looking at a one-month term?

I mean, after just one month, how much of that 3.70% interest rate is actually going to hit you when you divide it over 12 months?

The interest rate is 3.7% annually, which breaks down to 0.30833% per month. That means on an amount of $3.25, you’re looking at $10 after one month.

rapidskipper12 said:The interest rate is 3.7% annually, which breaks down to 0.30833% per month. That means on an amount of $3.25, you’re looking at $10 after one month.

So, if I'm following this correctly, what's actually the difference between putting money in a CD for one month versus locking it away for 12 months if the interest is calculated on an annual basis? It sounds like you could just withdraw the full interest amount once the year is up, right?

You didn't quite catch my drift. That interest rate is annual, and you actually see the payout on the principal once the term clears. What I laid out was just the math for the interest amount based on your specific total and the timeframe.

They’re running another promotion on personal cash loans again, with APRs dipping below 10%.
What’s the verdict?

I’d be down for that too. Anyone else getting ready to jump in?

rapidskipper12 said:The interest rate is 3.7% annually, which breaks down to 0.30833% per month. That means on an amount of $3.25, you’re looking at $10 after one month.

And there you have it.
So, if you've got 10 $0.00, here's how you run the math on that interest:
3.7 (annual rate) / 12 (months in a year) = 0.308

0.308 x 10,000 (your deposit) / 100 = $10

I’ve raised this question regarding fixed-term savings elsewhere, but I see the same concerns popping up here—just how reliable is this bank, really? They’re offering the highest interest rates on CDs right now, which feels almost too good to be true.

Does the federal government actually guarantee deposits up to $133 (if my memory serves me correctly) across all banking institutions in the US?

My term at Goldman Sachs is set to expire in less than a month; I was pulling 5% there, and frankly, I haven't seen anything close to that rate anywhere else. Bill came the closest, and I haven't heard any whispers of scandal surrounding them lately.

So, does anyone have a perspective on this?

Sam Wright21 said:I’ve raised this question regarding fixed-term savings elsewhere, but I see the same concerns popping up here—just how reliable is this bank, really? They’re offering the highest interest rates on CDs right now, which feels almost too good to be true.

Does the federal government actually guarantee deposits up to $133 (if my memory serves me correctly) across all banking institutions in the US?

My term at Goldman Sachs is set to expire in less than a month; I was pulling 5% there, and frankly, I haven't seen anything close to that rate anywhere else. Bill came the closest, and I haven't heard any whispers of scandal surrounding them lately.

So, does anyone have a perspective on this?

I do! I've actually been keeping my cash over at Bill for three years now and I couldn't be happier! 🙂 I keep my money in USD, and since I have some small amounts tucked away in CDs, it really adds up because those interest rates are solid... it just grows on its own once the interest hits... anyway—highly recommend.

As for Euros, they're sitting in Chase🙂

Well, I really appreciate the insight! Personally, I’m sitting on a somewhat larger sum, but my plan would be to split it between two different people. That way, we ensure every single deposit stays within the limits of the FDIC insurance, so there isn't any unnecessary risk involved.

Sam Wright21 said:Well, I really appreciate the insight! Personally, I’m sitting on a somewhat larger sum, but my plan would be to split it between two different people. That way, we ensure every single deposit stays within the limits of the FDIC insurance, so there isn't any unnecessary risk involved.

Even better if you’ve actually got some real money to move... you'll pull in way more interest. Right now, JP Morgan Chase is offering the best rates out there—unless some other bank decides to run a flash promo on savings, but those things never last long anyway...

The absolute peak of my saving game was back when I locked some cash away in a high-yield account at Chase and snagged a 7% rate. Let me tell you, the interest alone was massive... it practically paid for an entire vacation I took...🙂 😍

I took advantage of that "Daily Fresh Interest" promotion over at Hype last year—it was sitting at 5%—but the term was only for twelve months, and now it’s set to expire in just three weeks. I'm looking at more than $50,000 in savings.

Right now, I’ve been scouring the market, but honestly, I haven't found anything that beats what I was getting from Bill.

Sam Wright21 said:I took advantage of that "Daily Fresh Interest" promotion over at Hype last year—it was sitting at 5%—but the term was only for twelve months, and now it’s set to expire in just three weeks. I'm looking at more than $50,000 in savings.

Right now, I’ve been scouring the market, but honestly, I haven't found anything that beats what I was getting from Bill.

Actually, Wells Fargo is looking more attractive right now—they're offering a fixed 5% for a one-year term if you lock it in by April 30th.

boldmarlin30 said:Actually, Wells Fargo is looking more attractive right now—they're offering a fixed 5% for a one-year term if you lock it in by April 30th.

Yeah, except there isn't a Wells Fargo in my neck of the woods... so I guess I'll just wait until I'm passing through a bigger city, drop off some small change, and park it with them for a year...
It feels stupid having it just sitting in my account at home when I'm barely spending a dime on anything besides groceries and basic essentials... I'm trying to stack some cash for the summer (man, my impulses always cost me), so I really need to tighten the belt for a bit...🙂

I recently decided to deposit a significant sum of money into a one-year certificate of deposit at JP Morgan Chase. It is my sincere hope that the returns will ultimately justify the trust I have placed in their institution.🙂