Tuesday, September 11, 2007
Great CD Rate!
I'm tres psyched to find out Countrywide Bank is offering these 12-month CDs with an annual percentage yield of 5.65%. I haven't heard of anyone else offering that much on this kind of product. I have an ING checking account which offers interest at a relatively good rate and has served me well, but with the Fed threatening to lower interest rates, I don't know how long that will be available, so I transferred out some funds to get what I consider to be a juicy rate. Note that the FDIC will only insure a maximum of $100,000 with any one bank, so it's best not to keep more than that amount with any one institution. By the way, I'm no financial advisor (just someone who slacks off at work quite a bit to write this blog and hopes to occasionally pass on some useful information to her sisters and metrosexual brothers out there) and, to the extent you are holding a lot of cash in your portfolio, most professionals would probably tell you to invest in the stock market through a managed fund or otherwise. However, I have an apocalyptic view of the world and have never had much confidence in the stock market which I consider to be the most elaborate ponzi scheme ever known to mankind (Hey, I said I'm not a professional!). At any rate, I imagine most people, even those who are more financially savvy and less paranoid than I am, would not risk all of their capital in the stock market, so to the extent you are looking for the relative safety of this kind of product, I think this is a great rate. Power to the peeps!