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Information Junky
Join Date: Mar 2001
Location: an island, upper left coast, USA
Posts: 73,189
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Would buying CDs from WAMU be a bad idea?
They are insured, right?
Randy P? .. .Beuller?
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Everyone you meet knows something you don't. - - - and a whole bunch of crap that is wrong. Disclaimer: the above was 2˘ worth. More information is available as my professional opinion, which is provided for an exorbitant fee. 
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09-16-2008, 08:44 PM
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Dog-faced pony soldier
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Last I checked their rates of return were crap. I think you can do better elsewhere.
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A car, a 911, a motorbike and a few surfboards Black Cars Matter |
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09-17-2008, 05:22 AM
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Registered
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They're FDIC insured. 5% CD's look good to me. Who has higher?
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2014 Cayman S (track rat w/GT4 suspension) 1979 930 (475 rwhp at 0.95 bar) |
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09-17-2008, 06:03 AM
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Dog-faced pony soldier
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That's higher than I remember seeing and isn't too bad actually, so they've probably come up to spur investment and raise capital. I think my credit union (I do 95% of my banking through them) has CDs up around 5.35% but I'll verify. 5% ain't bad in today's world, especially if it's on a 90-day or something.
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A car, a 911, a motorbike and a few surfboards Black Cars Matter |
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09-17-2008, 06:13 AM
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GAFB
Join Date: Dec 1999
Location: Raleigh, NC, USA
Posts: 7,842
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Their high-yield CD rates are excellent, but there are better ones out there. Check bankrate.com to do some comparisons. And yes, CDs are subject to FDIC coverage.
I was researching this yesterday - Discover Bank was spanking pretty much everything out there. At Bankrate, I did not note any 5% WaMu CDs but there may be some in a different time horizon than what I was researching (18-60 mos). As you're probably aware, WaMu has cranked up their yields in an effort to attract deposits and recapitalize. With all the options out there, I just don't know - I think I'd steer clear. Even in a CD, you need to carefully research any institution where you place funds at this point. Why risk having to use FDIC coverage?
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09-17-2008, 06:18 AM
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Registered
Join Date: Feb 2006
Posts: 4,844
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you would be better off buying full auto class III machine guns/SBR's/belt feds than playing the stupid ass stock market. money well invested and there aint gonna be any more of "dem. supply and demand grasshopper.
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09-17-2008, 06:43 AM
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Non Compos Mentis
Join Date: May 2001
Location: Off the grid- Almost
Posts: 10,594
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My banker's litmus test: You can tell the banks that are really hurting because they are offering great rates because they desperately need to attract cash.
Yeah, a CD is insured, but this morning's paper has an article that the FDIC's cash reserve is now below the minimums set by congress, and the FDIC may ask to borrow money from the federal government. Not a positive sign. If WAMU has further problems, you will probably get your money back, but not nearly as quickly as you may need it. |
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09-17-2008, 06:50 AM
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1979 Porsche 930 3.4
