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Thread: Merrick Bank is Offering a 4.75% Return CD

  1. #1
    Spoofee.com! Spoofee's Avatar
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    Ad Merrick Bank is Offering a 4.75% Return CD

    Merrick Bank and several banks are raising savings and CD interest rates. If you don't mind keeping your money in the bank for a certain time, CD (Certificate of Deposit) would give you a slightly better rate and rates will not change for that time period.

    The only catch is that, there is a minimum of $25,000 you need to deposit and it will be locked during the period.

    Merrick Bank is a member of FDIC so up to $250,000 is guaranteed to be safe

    Rates keep going up!

    • 6 Month - 4.2% ($1050/year)
    • 12 Month - 4.6% ($1150/year)
    • 48 Month - 4.65% ($1162/year)
    • 60 Month - 4.75% ($1186/year)

    (return based on $25k deposit)

    Link to Merrick Bank Certificate of Deposit Offer
    Last edited by Spoofee; 11-19-2022 at 06:27 AM.
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  2. #2
    Registered User tacoma99's Avatar
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    Don't lock in for more than 1 yr.
    Rates will be higher then.

  3. #3
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    just buy T-bills directly from the treasury, better rates and tax advantage.

  4. #4
    Spoofee.com! Spoofee's Avatar
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    Rates have gone from 3 to 3.25%.

    That's still an extra $62.50 difference per year on the minimum $25k deposit.

    Argument would be that it seems like inflation is going to continue to get worse so it's silly to lock in for such a long time.
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  5. #5
    Registered User tacoma99's Avatar
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    Get treasury I bonds that pay 9.62%.
    Do not lock money in for more than 6 mos.
    Rates are guaranteed to be higher then.

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