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I've never bought a CD through a bank but it seems as if the paperwork going from bank to bank would be a pain in the rear. With a broker, it's just a click of the mouse.
I've never bought a CD through a bank but it seems as if the paperwork going from bank to bank would be a pain in the rear. With a broker, it's just a click of the mouse.
There's no paperwork, per se, it can all be done now online, but there is a time lag, waiting for funds to transfer to different institutions. I haven't purchased a CD in the last few years, since rates had been so low.
I've never bought a CD through a bank but it seems as if the paperwork going from bank to bank would be a pain in the rear. With a broker, it's just a click of the mouse.
Getting from bank to bank could be the first problem.
Don't know how many grocery have a bank inside in the corner. Becoming harder to find. Maybe you have banks on the corner just like Walgreen or CVS pharmacy. But you may not know what CD or other service the bank may offer. Using Fidelity makes it a click away.
I use Fidelity brokered CDs. The only instance of an issue I had once was when I tried using their instant ladder tool. Only part of the ladder took hold. Just be sure to watch the start and end dates.
I've also purchased individual bonds through them. You can range them by maturity date and rating to get the money on a specific time if you want. Its the only thing that still has a fee though and the big guys definitely still get bigger pricing here...but I've had a couple wins.
Yes. Super easy to do right online and they have really great 24hr customer service too. If you're opening one up with a larger sum on money ($100K+) put it into their FDZXX money market account first. You don't have to maintain any minimum balance after that and will get 5.16% interest (as of today) on anything in there.
I have my CD interest going directly into it monthly and you can also add to this at anytime from outside accounts. It's a great place to park any unused money right now and get a high return on it.
Yes. Super easy to do right online and they have really great 24hr customer service too.
My last experience with Fidelity phone customer service wasn’t good. I had a general question about something that didn’t involve my specific account and the woman phone representative insisted on sending me a text to verify my identity instead of asking me security questions. I am not a person who has their phone with them 24/7 so I had to get my phone, turn it on, and then wait for it to get the text message. After that was done she then answered my question. I have called Fidelity a few times before and didn’t need to get a text message to verify my identity. On top of everything I called around noon and it sounded like she was eating, probably working from home. Very unprofessional.
Consider Treasuries - extremely liquid (very low bid/ask spread) and no state income tax (which may or may not be relevant).
As my CDs expire I am buying short term treasury bills (3 mo or 6 mo) through my Schwab account (at auction). Many have yields above 5.4 percent. It is also quick and easy to buy like brokered CDs, and the lack of state income tax might become relevant after I move back to the US next month, depending on which state.
Consider Treasuries - extremely liquid (very low bid/ask spread) and no state income tax (which may or may not be relevant).
I have treasury funds as well as ibonds. I've already opened my brokered CDs since I first posted in this thread. Easy Peasy!
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