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March 13, 2006
One year 7.5% CD (sort of) over at NetBank
If you're not a NetBank customer, you can get $75 to open a checking account or money market account on $500 and $1,000 deposits, respectively. I like NetBank a lot and do all my bill paying with them. From time to time they have special offers for their customers. Right now, the offer is a $50 gift card and 5.01% APY to open a one year CD with at least $2,000.
At the end of one year you'd have, including the gift card, about $2,150, or 7.5%. You can also open a one year CD with at least $1,000 and get a $25 gift card, which is the same 7.5% return.
That's not a bad return - certainly it would be hard to beat. Too bad it's not scalable, though - that is, you can't open a $20,000 CD and get ten $50 gift cards.
Posted by brian at March 13, 2006 11:23 PM
Comments
You might not need to keep the account open that long (1 year). You could have your money in the CD for 2 months or so to earn the $50 gift card plus about $17 from the interest (5% x $2000 x 1/6 year) and then close the account and get hit with a penalty ($25, I believe). So in effect you make $50 + $17 - $25 = $42 on $2,000 for 2 months, or 12.6%.
Now if you could open up multiple accounts, then you're set! I'll have to ask netbank about that.
- Aaron
Posted by: aaron at March 14, 2006 04:16 PM
Great idea, but someone already thought of that. You can only get one gift card per social security number. I asked the customer service. Anyway, $50 is still nice.
:)
Posted by: kelly at March 14, 2006 06:51 PM