To all my mathematical truckers....Certificate of Deposit talk.

Discussion in 'Trucker Taxes and Truck Financing' started by nikmirbre, Dec 18, 2021.

  1. nikmirbre

    nikmirbre Road Train Member

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    Ive never been good with percentages(at least small percentages) or trying to figure out monies to be made on a CD

    $10,000 required opening balance on a 3-month CD

    APY: 0.01%
    Interest Rate: 0.01%
    Portfolio Relationship APY: 0.01%
    Portfolio Relationship Interest Rate: 0.01%

    Help me understand someone.....
     
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  3. Flat Earth Trucker

    Flat Earth Trucker Road Train Member

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    You'll earn a dime. I've heard positive things about Charles Schwab.
     
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  4. Grumppy

    Grumppy Trucker Forum STAFF Staff Member

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    I could very well be wrong because I am far from an expert on banking interest etc, but in my opinion. $10,000 X .01% = $100 per year.
     
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  5. MOBee

    MOBee Road Train Member

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    You can get higher interest rates on a passbook account. Is there some reason you want the bank to make more off of your money then you do?
     
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  6. nikmirbre

    nikmirbre Road Train Member

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    Its only a 3 month CD..
     
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  7. nikmirbre

    nikmirbre Road Train Member

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    For 3 months?
     
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  8. nikmirbre

    nikmirbre Road Train Member

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    Im definitely not interested in letting the bank make more money off of my money than I would, this was just an example that Wells Fargo offers.......
     
  9. Flat Earth Trucker

    Flat Earth Trucker Road Train Member

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    My point is that CD's are of such low yield these days, and have been for a decade now, that they aren't even worth considering, in my opinion. Same applies to savings accounts.
     
  10. MOBee

    MOBee Road Train Member

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    Passbook is .95 so better than WF. But there are other options that pay better.
     
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  11. nikmirbre

    nikmirbre Road Train Member

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    Yes and this is why im looking to move some money around. Ive never had a CD and every time I look at them the rates a abysmal at best. Just trying some different options.
     
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