Highest Bank CD Rates and Certificate of Deposit explained
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- Опубликовано: 24 ноя 2024
- So many different ways of investments and it always sums up to the same level of understanding, you earn more money from institution if your willing to give up liquidity. I’ve been doing some research on cd’s and have been looking into them once I saw they started getting athletes and celebrities to promote them at chase. And honestly it’s a little crazy and in a lot of cases not even worth the hassle and I will explain why in the video.
Key Questions Answered
1. Why would you get a cd over a Savings or investment account?
2. What are the benefits and what are the penalties?
3. How does it work and what is it exactly?
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So many different ways of investments and it always sums up to the same level of understanding, you earn more money from institution if your willing to give up liquidity. I’ve been doing some research on cd’s and have been looking into them once I saw they started getting athletes and celebrities to promote them at chase. And honestly it’s a little crazy and in a lot of cases not even worth the hassle and I will explain why in the video.
Key Questions Answered
1. Why would you get a cd over a Savings or investment account?
2. What are the benefits and what are the penalties?
3. How does it work and what is it exactly?
*Pro Tip*
Information is key
TommyBryson thanks for your time and effort for the video!
Thank you, any questions just let me know 😎
This was SO helpful :)
The person beaten by the devil so that they touch, they say sales such as usury, and Allah has permitted trading and forbidden usury, it came to him admonition from his Lord and ended Ribaa, and ordered him to God, and returned those, the Fire, they will abide therein
God erases usury and raises alms, and God does not love all unrighteous infidels.
Those who believe and do righteous deeds and establish prayer and pay zakat have their reward for their Lord and no fear or fear of fear
O you who believe! Fear God and shed away what is left of usury, if you are believers.
If you do not, then authorize a war against God and His Messenger, and if you repent, your heads of your wealth are not wronged. القرآن الكريم سورة البقرة
It locks the rate in usally higher rate then a savings account its just to save anyways right.... a savings account should be money you dont touch , the 3 to 6 month no penalty cds are nice
The fact you are so young , a man and interested in things like investing and invest is pretty mindblowing!
@Sindia Perez
These days you have to be wise with your money. If you have money saved invest it. Over time you will.find yourself more financially stable and if you made the right moves, possibly even quit your job and earn passive income. 😁 A lot of us young people are ignorant when it comes to these things but if you are wise, you will make it happen. If you happen to have education in your background, this helps a lot as well. I studied economics so all of this is music to my ears and a lot of the terminology is definitely something familiar.
Yea us black ppl learning to do not what our elders did we learning how to actually be rich black man instead or broke working at a warehouse our whole life and have nothing at the end alot more of us is learning this on our own to so we do alot more research and learning without help or somebody giving us the game thats why I watch this shit because I can talk about it if my family they say fuck credit n other stuff and don't understand credit
I was 16 when I started investing an gathering information now I’m 18 an have so manny different accounts an investments.
Breadgang!
Snowbunny alert
CDs make sense if u want to borrow against to buy a car; you can flip the redeploy the cash at the end of loan for your loan for another cash. Or your saving to buy a house.
I liked the video at the exact moment when he said " I'm saying this to you because eventually you will have a lot of money," thanks friend.
Step by step
My financial institution is currently offering 5.1 percent. I'm definitely going in on that with now having better understanding of how that works. Thanks
Mine does too but only for 6months the 1 year CD is 4.2
How about doing a one yr cd every month for say $1000? So one matures every month the following year, not once a year. Then reinvest it and it grows exponentially.
Is not the same?
@@chameleon-369it’s the same but you would be able to access the money if need be in cycles of months instead of whatever terms you lock in for, so I get it.
Good info on CDs however, compound interest can significantly boost investment returns over the long term. While a $100,000 deposit that receives 5% simple annual interest would earn $50,000 in total interest over 10 years, the annual compound interest of 5% on $10,000 would amount to $62,889.46 over the same period. If the compounding period were instead paid monthly over the same 10-year period at 5% compound interest, the total interest would instead grow to $64,700.95. So don't think that you shouldn't be running the numbers on your compounding periods.
What is the best bank I can this with please help
@samsteincamp This is a completely false evaluation, the 10 yr period at 5% compounded monthly would need to be re-calculated to represent the monthly compounding rate along with the periods representing a monthly integer. Even If you kept the monthly rate at 5%, in your example the total would be roughly around 3.5 million(which will not exist).
*Rich people plays the money game to win.* *Poor people plays the money to not lose.* *The goal of the truly rich people is to have massive wealth and the poor sees a surplus as an opportunity for consumption instead of investing it.* *change your mindset and do what the rich does,* *which is investing,* *investing and investing.*
That's right sir.
Investment should be what every wise person should engage in.
Yeah. Poor people plays the game not to lose because they don't have much to lose on the same game.
So they have to be sure
@@patersondavis3858 lol that's true.
You’re very knowledgeable on this topic. Honestly you helped me open up my mind on CD’s. I’m now seeing ways to flip my money to make more money.
It's all about flipping your money so your money can keep making more money. If you need help with investing feel free to Dm on Instagram @tommybryson
How did your 4 year journey go
tiaa bank has a 3 month cd at 2%, crazy potential to become wealthy
2% in 3 months thats pretty good, what else do they have for the 12months
with rates as low as they are right now, I've done much better opening checking and savings accounts taking advantage of new account offers. a recent one got me 700$ for opening and maintaining a $10000 balance for 6 months. a 6 month CD pays at about 1.8% right now. that would only have given me 90$ for the same 10000 investment over 6 months.
Tommy Bryson ________ A walking Legend !!
I love CDs. Fairly new to them. Wish I had known about them 20yrs ago.
This is one of best videos I’ve seen yet - thanks so much for breaking this down! Really helped make a better decision.
Ayee thanks 😎
My bank has a CD program for 4.25 APY for 7 months. It sounds too good to be true. I gotta read the fine print
I use cds as a safety cushion while I do my investment ventures. I have 12 that are due every month in the amount of my living expenses, so if I lose my job or a deal goes wrong, I am good for a year without making another dime
I am doing this as I gain skills to make more money
Hey, thank you for this video. I am currently 18 about to start college, and I was using a savings account, but I want to earn a better return on interest. Since I’ll be in college, I hope that putting my money into a Certificate of Deposit would be a more natural route. Thank you 🙏🏾
Yuup just be careful because if you break the certificate you'll loose a percentage of the interest. And right now interest rates on savings are 2.25 and up. So that's still a pretty good growth rate. And i would consider splitting the cash into Cd, savings and investment✅
put your money into a Roth IRA or mutual fund. Tax advantages & higher rate of return
@@brantonturner5694tell me you know nothing about investing, without telling me you know nothing about investing.
I’m a 19 year old entrepreneur (6 years jn) and I recently received my LLC so I am focusing on securing my future because I didn’t go to college and I don’t work a 9-5 so I feel like I have to be a littleeeeee bit more cautious with how I proceed with my finances. Lol long story short thank you for this video !
Good job young lady
So locking up $10k at .02 for a year and only getting $200 doesn’t seem very encouraging but I guess it’s better than just leaving it in the savings account
I ask for it at bank of America and they offered me 5 dollar per seven months. I wanted to make a deposit of 10,000.00. So, 5 dollar to hold on my money for 7 months is not enough
"im gonna keep talking shit about chase" lmao love it
Times have Changed I just got almost 5% on 18 months today!!
This is the best explanation Ive gotten about cd by far. You thought me a lot and you're half of my age. Thank you!
Tommy went in on this video. Good stuff
Ayeee thanks bro 😎
@Tommy Bryson, 👋. I spoke to a bank teller today at my bank, and he said that I only need $250 to open up a "CD" account. So I wanted to gain more knowledge before I made a decision.
Tommy, I was checking out Fidelity Investments and a CD account for 1 year for 5.15% as soon as I walked into that company to open a CD account for 1 year to earn 5.15% interest, but I did not put any money into my account yet but listen to this. The minute I walked inside that company they now is dropping there 1 year CD rates fast, actually there dropping all there CD rates and 24 hours it went from 5.15% next day 5.10% next day 5.05% it keeps dropping low. I honestly don't know what to do. I even prayed, I had this church pray for me and the minute they received my online prayer about financial investing I don't know if they jinx me but that's when the interest rates with Fidelity Investments went dropping very low. I know they're christians but then again they are still people at the end of the day and when you have a plan you should never share it with anyone.
I subbed when you said you believe in me. Speaking success into extistense!
😊get cds that offer up to 5% I don’t have that cash laying around I wished I did but I know someone that does I’m trying to convince him to get a cd
You explained this so well for me. Thank you!
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Thanks for the recommendation of investing in knowledge before CDs
Is it smarter to invest in a cd at 3.50% for three months or a cd for one year that pays 4.60%? My thought is to invest in the three month cd four times in one year and get four paydays instead of one. Example, 250,000 x .o350 % would yield me 8,750 every three months, x 4 would yield me 35,000. The same 250,000 x .046 would yield me 11,000 for the year. It seems cut and dry to me unless I’m missing something , your thoughts .
Thanks! Good info...What's difference between my Rate 4.47% and Dividend of 4.381%‽
Bryson slow down talking all fasssttt😂
CD's in most cases now a days are a bad investment, The only amazing situation for them I know of is if you have a spare savings amount and you KNOW that rates are going to drop. Then you can lock in a rate but it's not like it will make or break you if you don't do it
Thanks Tommy, I am trying to buy a house and so far I only have $10k in savings, although I'm not an entrepreneur yet, I am self-employed and everyday I make money that goes into my various checking accounts. The 10K is literally just sitting and I'd thought it be best to put away for a downpayment, in fact, the goal is to have $15k as a down so maybe a CD isn't best for me but I dont like it just sitting there.
Put it away in a cd so you wouldn't be tempted to touch it that's what I done. I am saving too to buy a house. I put 18 thousand dollars in this year for one year,the bank gives me 500 dollars interest for one year. I put my money in a cd account not to touch it.
Hey I’m watching you and I enjoy these money hacks.
Ayee thank you and glad this helped. Any questions just let me know
If your only going to make $200 per yr from a $ 10,000 CD , wouldn't it be more practical to take $200 and flip them ? Think about it this way.. Let's assume u have $ 200 sitting around, and u want to invest in making your money grow, invest those $200 in something u can buy and resell , once u buy and resell and have doubled those $200 into $400, continue that pattern to quadruple at a exponentially faster rate than a CD 🤷♂️🤦♂️
Technically yes you would Flip it but where other than the Stock Market. Knowing high risk, high reward. You could rather flip that $200 to another CD and keep flipping the interest to more CDs.
That's the only thing I see with CD investments and there's also Jumbo CDs but usually regular CDs offer more plus not keeping up with inflation risks for Jumbo CDs.
So im assuming a .700% APY at a credit union is a bad rate?
Very
Took Bryson I just want to thank you for this informative video 🙏🏾
In Aug. 2024 cd rates are up in the 5+% range! Very good rate. Thats great interest for a minimal risk.
Navy Federal Credit Union has a couple of CDs at 3%+
Credit unions usually have higher rates.
is that monthly?
Frontwave has military CDs for 4%
i have the 1 year special cd offer they had, but it only has a max of $3000 @ 3%, so max i get from it each month is just over $7
The intrest is so little. It makes me wonder how much the banks make of all the money CD customers give ( loan ) the bank. How much is credit card interest from a bank?
Seems like we are actually loaning the bank money at an unfair and non realistic return.
Example: To earn $100 with a $10,000 CD just seems like a waist of time.
Are CD and credit users building castles and buying jet plane's for banksters?
You buy a CD and initiate the agreement sort of like a bond, it is FDIC insured and you can call it back at anytime, unlike a bond, depending on the length you've held it even after fees you can make some money if the interest is greater than the fee. Loans can be defaulted on and vanish with no insurance, meaning you lose all your money. Therefore the bank is taking on more risk with CDs then you are lowering the gains you make.
@@hopelessdecoy thankyou
My guy your a goat man Thanks for the knowledge!
You had me up until you claimed that a person with $10K liquid should invest in seminars. That’s probably the dumbest thing to do because you don’t make any money from seminars and all of the information can be found online.
He’s a scammer that’s why
He meant invest your TIME in seminars. To make more money.
What video were u referring to with the ideas of flipping money n etc
That's in the business plan ideas. Here's the link.
Link: ruclips.net/p/PL7bLnhVDy78LjfYay1ipJHeAB5kLr2p7h
I plan on getting a cd with chase (100,000) for 9 months to generate 10,000 @ 10%
Thanks for the informative video bro!
here to learn, keep it coming
Good video! Your knowledgeable! Thanks for the advice
Thanks Gabriella, if you have any question for a video just let me know
learned so much from this video! much appreciated brother.
He had me on “I believe in you”
I’m late to the party but can you please explain what money markets are ?
And thanks for the explanation on 💿!
Got you, I’ll get to work
@@TommyBryson thank you 😄!
How much are the taxes
What’s the point of a cd when you account for inflation.. you’re not making anything in the interest ?
Great video great advice. Maybe you need to call Chase customer service lol. To see what's going on over there
Lol that would be hilarious and ask them if they know whats going on with the competition
@@TommyBryson lol you are so funny man. I don't get it I don't get itlol
lol your hilarious bro
Chase is trash
When it comes to competitive rates and the fees being waive they are 100 percent falling behind 🚫😡
can someone please answer my question.. i want to open a 3 months CD.. the APY says 4.60%.. if i invest 10,000 how much will i get back in 3 months when my CD matures? it can't be $460.. what woudl be my return? is it $110 for the 3 months?
I was wondering i asked a chase employee how I get paid for cd and they told me monthly. So would I get the .5% every month?
The interest would be calculated daily and paid out monthly and chase has very low cd rates, i made a video on the 5. Heres a link.
Link: ruclips.net/video/4pTKkj8qAw4/видео.html
It's 0.5%APY. Which means to calculate per month, divide it by 12. So to calculate per month interest. (X*0.5)/1200. X is the amount you going to deposit.
Its insane how low chase is
Get paid monthly but it's not .5% its .5%Annually/12months= .04166% monthly
Awesome video Bro. Please post some more vids. Good you are educating us on financial moves. Do you have vids on how to buy stocks? Btw I thought bump ups were offered by the same banks you have the CD with. i thought they give you bump ups if you decide to deposit more fund into the account......
Very informative!
Ayeee glad this helped 😎
Thank you so much it’s really informative video mu brother
I messed up by thinking I was gonna get 3.5 percent back every month of a 10k cd account 🤦🏻♂️ later I found out it was for the whole 11 month agreement. So now ima have to wait until my contract is done and get my money back because that is a complete ripoff on behalf of this money hungry corporations
Thank you for sharing your time and your knowledge..
This video was very helpful for me ❤️🙏🏽
Investment information from an American Black Gentleman!? 👍🏻👏👏 new subscriber..
How much is 3.10 % of $20,000
I know this might be stupid, but I’m confused with the %% thing., please help!!
hi tommy, great video bro need tips for investment plan into suggestions please
Lets say your CD is past maturity. Do you get charged with interest when you withdraw from your CD? Or you can withdraw the whole interest you earned?
Have you done a video on Balance Transfer checks? I get them every month but I am wondering if there is a way to make money off of them.
I’ve done a video on the top balance transfer credit cards 0%apr for 21 months
Or you can make it wear the interest goes in to a account why the Original amount you started with gains
Would you use a cd to get more dividends from interest per month and then use those dicidends to invest in the stock market every month?
No the only time I see myself using a CD is if they have a decent yield, plus no penalties and only for money that I am saving up for something specific in the short term
Thank you, great information!
excellent! AND I greatly appreciate the wisdom
So essentially if I’m trying to rack up some money short term (a year) without touching for that time frame , cd is the way to go, however long term being locked in, savings accounts are better ??
Hey Tommy you just got a new SUB from me today for that great info.
Thanks bro, if you have any ideas just let me know
with this being said. i won’t be getting a CD 😂😂😂 thanx for this video.
Lol thanks for watching, better off with a high yield savings. Currently using wealthfront myself 😎
TommyBryson how do u like it ? do u have a referral link ? i currently have Sofi but i didn’t fund it yet.
the referral link is for investing, i don't invest with them and i got a video on it
link: ruclips.net/video/jdNoWbC3JVY/видео.html
TommyBryson thank u so much !!
Hey Tommy if I put put 200k$ on cd account. Which bank is and rate is good for today?
hello, thanks for ur video, im planning on buying a new vehicle too. can u let me know what is the difference between a CD, savings account, and a personal secured loan when trying to build credit? and what is best for buying a car at a young age? is there a penalty for withdrawing from a cd after to purchase something ? if u invest more than $1,000 into a personal secured loan and you pay it off in a year with interest do you get the money back in a savings account?
I believe in you too man!
😎💪
So could you explain a cd that has 10k put in it for say 5.25 for 3 months?
I just put in $20K in a CD account for 5%
Do beneficiaries to a CD account only pay taxes on the total interest accumulated when they inherit it?
Great idea, it should be depending if it was part of the trust. I’d recommend talking to your local cpa, if the person is still here then they should defiantly plan it in a way to avoid or limit taxes for the people inheriting it
I am very confused on how you calculate the percentage your saying they offer 2.25% on whatever money you put but when I do the math for the 10,000 example I do 10,000x 2.25 and get to high of a number idk what I’m doing wrong
You have to multiply it by .025 (the point and 0 make it 2.25, so when you multiply it, it gives you the correct number)
WOW!!! Thank you so much! And now I know!
Hav u heard of stackin? I wanted to use tht website to get into investing, do u think its a good platform?
New money is printed all the time, making yours less valuable. HEX replaces inefficient currencies, banks and payment networks with verifiably secure peer-to-peer technology. HEX has outperformed Bank CDs because it's nothing like a Bank CD. HEX monetizes the time value of money in a totally new way.
Would this be the same for the "poor" working-class? I mean, I only have about $1,000 in savings (bc of school and all that), I work full-time and go to school full-time. Would it be wiser to keep glowing up my savings before investing? Or could I put in what I have now where I can and keep working it like that? The ladder has been taught to me before, it's only recently I've remembered how possible it is. Please help.
Put it into savings.
Thank you...this is good info😁
you're so great, very informative video.
Good video, just keeps in mind the risk of the issuer.
For the cd?
Do you have to open 5 CD accounts in the same bank?
so we get 2% after all 12 months or we get 2% every month
after 12 months. Pitiful, I know
10,000 to only get back 200$ ? Yo . Just save the 10,000
Yuup... And the thing is that you lose money by just saving it because of inflation 💵
This is why I don't trust Banks. I happily have a safe at my house. Also three very loyal pitbulls
only one Mr X Only one Mr y the thing with that is that your saving but your money is not making money. So since inflation is 2% a year your money loose value every year. Atleast with a savings you get something back. What do you think?
@@TommyBryson sorry. Not for me. I appreciate you explaining to me how it works. I Subscribe to your page. Thank you for your kindness and help. I wish Good Health and positive vibes your way. All so Good Wealth and Fortune....
Thabks brother and if you need any help just let me know. Dm me
There's no savings account that's going to give you 4% so no need to worry people.
Hmmmmmm check this out
link: orionfcu.com/checking/
For veterans and their families Navy Federal always have the best rates for CD accounts
Be mostly debt free before you start investing a bunch of money. Say you pay 6% on a car loan pay that off before investing in a 3% CD
What about if u have to go to prison for 5 years and u dont kno nobody who you cab trust with ur mobey? Is a cd a good idea? Serious question
I apologize if I missed it, so is it better for me to invest 5k in one CD or have five different CDs with 1k in each?
Do the math on em
Can I earn interest if I have savings & cd account?
Yeah
Can the cd ladder hack work with treasury bills, I suppose?
They pay out every month, so its not really necessary
I think CD's and savings accounts are not really worth it, I spend the money if it is laying around my house so that's the only reason I have savings and CD accounts.
But doesn’t a CD give you that $200 on a monthly basis? Because with a savings account you get that 2% back every month so if you put $10000 in the CD and the end of the 12 month period you’d have $12400 I might be thinking of something else correct me if I’m wrong but I thought it worked like that 🤷🏼♂️
I wish it was like that really its 2% annually so more like 200 divided by 12. If it was 200 every month it would be 24% a year.
So in reality a cd only pays on average these days 2%-3.5% a year. So for example, 100 gets 2$ a year at 2% and monthly you would get .16cents
TommyBryson okay well my economics teacher was telling us the wrong thing 😂
Lol teachers can be hilarious some times, take everything with a grain of salt. My professor once talked me out of a 300% gain on a stock 😉dont pay attention to titles only facts
CDs seem so damned slow