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Old 10-01-2008, 11:38 AM   #51
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Because of this thread I made DH go to town today and put one of his bigger accounts into a different bank so it is insured. He has all his/ our eggs in one bank.
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Old 10-01-2008, 12:11 PM   #52
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Someone said to me recently, "Why is it when the price goes down on anything but stocks people buy like crazy and stock up?"

Makes sense to me. I think if I can scrape together extra cash I'm going to go "shopping". I hear banks are looking for investors.
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Old 10-01-2008, 01:28 PM   #53
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heck, yeah, if you got the money now is the time to buy..........
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Old 10-01-2008, 02:11 PM   #54
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Most definitely. Anything can happen, even with the feds...
According to what I know and according to Suzy Orman and several other knowledgable financial experts, CD's are the safest thing you can invest in. Your interest rate will go down only if there is a huge drop in the interest rate and that never happens. Your money is safe and you won't lose anything but you may not collect the high interest rate you started with. But you will retain the principal and any interest you've accrued up to that point. I have had CD's for 30 years and never had one drop a point in interest. This is very safe, that's why I pulled out of the market just before the big drop a couple of days ago. Timed that one right. Bought another large CD this morning at Wamu (now J.P. Morgan Chase).

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Old 10-01-2008, 02:24 PM   #55
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According to what I know and according to Suzy Orman and several other knowledgable financial experts, CD's are the safest thing you can invest in. Your interest rate will go down only if there is a huge drop in the interest rate and that never happens. I have had CD's for 30 years and never had one drop a point in interest. This is very safe, that's why I pulled out of the market just before the big drop a couple of days ago. Timed that one right. Bought another large CD this morning at Wamu (now J.P. Morgan Chase).
I bought that same WaMu CD last night. I'm also kicking myself in the butt because I bought 4 CDs (laddered) about 10 days ago at much lower rates elsewhere.
How can the rates go down if it's a fixed CD? They shouldn't.
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Old 10-01-2008, 02:30 PM   #56
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I bought that same WaMu CD last night. I'm also kicking myself in the butt because I bought 4 CDs (laddered) about 10 days ago at much lower rates elsewhere.
How can the rates go down if it's a fixed CD? They shouldn't.
If you buy a 5% CD and for some strange reason the interest rate goes down to 2% it is no longer profitable for the bank to pay you 5% so they will pull your CD. You have the choice of leaving it in at 2% or taking it and going elsewhere to invest it. This has only happened once in 40 years so don't worry. It is a possiblity but not a probability. Before you invest, get the answers you need from your banker. You need to know exactly what you're doing with your money. When I bought my second CD this morning, I held out a large amount in a money market liquid account so that if the interest rate goes higher, I can put that money in at the higher rate.
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Old 10-01-2008, 02:39 PM   #57
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If you buy a 5% CD and for some strange reason the interest rate goes down to 2% it is no longer profitable for the bank to pay you 5% so they will pull your CD. You have the choice of leaving it in at 2% or taking it and going elsewhere to invest it. This has only happened once in 40 years so don't worry. It is a possiblity but not a probability. Before you invest, get the answers you need from your banker. You need to know exactly what you're doing with your money. When I bought my second CD this morning, I held out a large amount in a money market liquid account so that if the interest rate goes higher, I can put that money in at the higher rate.
Got it. But as far as the current state, it's highly unlikely the feds will drop major points, if any.
Anyway, I don't think you can go wrong with a 5% yield, and it's only for 12 months.
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Old 10-01-2008, 02:57 PM   #58
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So what you guys are saying one dos NOT have to have CDs FDIC insured as that money can't be touched other than your interest rate possibly going down? When it comes to finances I'm totally clueless just don't have the brain for it except the basics.
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Old 10-01-2008, 03:13 PM   #59
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I believe all CDs are insured regardless of which institution you buy it from.
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Old 10-01-2008, 05:06 PM   #60
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I believe all CDs are insured regardless of which institution you buy it from.
Yes but what I'm trying to understand is that your bank will only insure one account with the FDIC up to $100.000 but it will not cover your other accounts meaning one must take other accounts to other banks to get the insurance?
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