Like many, I spend the last couple of days buying brokered CDs. In my case, I took a lower rate that those rates listed on BestCashCow.com just to easily put my money in a protected place - someplace other than my money market funds. I actually locked up money for the 4-5 month range at a lower rate than the money market funds. This morning, with the announcement that money market funds would be protected by Treasury, I tried to close out of the brokered CDs (some of which hadn't even technically been purchased yet). I learned that I would need to get a bid and sell them below par. With ordinary CDs, you never are going to have the bank take your principal (as long as you are below FDIC insurance limits), and you are always going to get a better rate if you use the tables on BestCashCow.com. I am glad that Treasury is protecting money market funds and I won't need to play with brokered CDs any longer.
Submitted: Sep 19, 2008
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