Money, money, money

[red dirt shootist]

6 Month Special Certificate/IRA Certificate (5 DAYS ONLY)

Minimum Balance	Dividend Rate	APY*
$1,000 for share cert. New Deposit Only	4.94%	5.05%

This is Tinker Federal credit Union.

I just got a 6 month paying 5.55 apy

 

[swampratt]

I moved most of my savings account into a 4.75% 11 month CD,,,

I did some math and it looks like you come out about $70 ahead that way.
That is if you put about 3,686 a year into the CD.
That is not taking into account the taxable gains you incur when you cash out.

 

[Pstmstr]

No surprise at all,,,
It's a 0.9% loan.

$297.61 of $307.18 goes to principle,,,
Only $9.57 goes to interest.

The good people at my credit union are very helpful,,,
They assisted me in running the math to determine which is better.

I could easily pay off the car from what I put in the CD,,,
But the dividend loss each month would be well over that $9.57 figure.

Sometimes it's best to keep your savings (CD) investment earning dividends,,,
Rather than use them to pay off a low interest loan.

Aarond

.

That’s a great new car loan rate. What credit union is currently offering that?

 

[foghorn918]

Seeing TrueSky Credit Union has a 7 month CD for 5.35% and Communication Federal CU has 13 month CD for 5.60% for new money (money not already deposited with them)

I renewed a 12 month CD last week at 5.25% and thought that was pretty good. It appears CD rates are continuing to move up.

 

[aarondhgraham]

That’s a great new car loan rate. What credit union is currently offering that?

It wasn't the credit union,,, The car loan is through Hyundai Auto Finance,,,
They beat anything my Credit Union offered by quite a bit.

Aarond

.

 

[okietool]

I’m not a financial guru and I didn’t stay at a Holiday Inn Express last night, so, that’s all I got.

 

[red dirt shootist]

Seeing TrueSky Credit Union has a 7 month CD for 5.35% and Communication Federal CU has 13 month CD for 5.60% for new money (money not already deposited with them)

I renewed a 12 month CD last week at 5.25% and thought that was pretty good. It appears CD rates are continuing to move up.

I did some business at Communication last Fri. nice people, they also have a 26mo CD at 5.6, that is very hard to beat. The promotion was only supposed to be 4 days, but they did so well they extended it. I left a little money on the table though maybe, I asked if their rate was negotiable, and the gal said they might match somebody's rate, well I couldn't remember, it was late in the day, I was beat, and I just went with the 5,6. I got home and looked it up, it was a local FCU called Credit Union One of Oklahoma paying 6.17 on a 6mo. I don't know what's going on, but banks and CU's are trying to bulk up on deposits, something is going on.

 

[ConstitutionCowboy]

No surprise at all,,,
It's a 0.9% loan.

$297.61 of $307.18 goes to principle,,,
Only $9.57 goes to interest.

The good people at my credit union are very helpful,,,
They assisted me in running the math to determine which is better.

I could easily pay off the car from what I put in the CD,,,
But the dividend loss each month would be well over that $9.57 figure.

Sometimes it's best to keep your savings (CD) investment earning dividends,,,
Rather than use them to pay off a low interest loan.

Aarond

.

Watch what happens on down the road as the principle balance diminishes and the interest portion of the payment goes up. They'll get you on the back end of the loan. 'Course I could be bass ackwards on this ...

Woody

 

[aarondhgraham]

Watch what happens on down the road as the principle balance diminishes and the interest portion of the payment goes up.

I'm not certain what you mean by that,,,
My interest remains the same from the first payment to the final payment.

At least that is what has happened for the first 19 of 60 payments,,,
I know because I actually read the statements I receive every month from Hyundai.

On a mortgage, most of them anyways,,,
As the principle of the original loan goes down,,,
The amount of the "fixed" payment remains the same,,,
And a tiny bit more of that payment amount goes towards the principle.

So I'm not at all sure what you mean.

Aarond

.

 

[ConstitutionCowboy]

I'm not certain what you mean by that,,,
My interest remains the same from the first payment to the final payment.

At least that is what has happened for the first 19 of 60 payments,,,
I know because I actually read the statements I receive every month from Hyundai.

On a mortgage, most of them anyways,,,
As the principle of the original loan goes down,,,
The amount of the "fixed" payment remains the same,,,
And a tiny bit more of that payment amount goes towards the principle.

So I'm not at all sure what you mean.

Aarond

.

I might have it backwards. I'd have to look into it further.

Woody