5.20% cd's from 6 mo to 10 years. Does this sound too good to be true? Why are the rates so much higher than anywhere else? https://www.emigrantdirect.com/EmigrantDirectWeb/login/CDLanding.jsp
Emigrant Bank markets itself as a low-cost bank. They pass those cost savings back to customers in the form of higher rates on CD's, savings accounts and checking accounts.
5.2% is ok, but I wouldn't want to leave it there 10 yrs to mature. Various money markets are paying 5-5.5% and completely liquid. Unfortuately HSBC is only good thru 4/30/07. Though I wouldn't do it, Ford Motor credit offers 5.9 - 6%+ but it isn't FDIC backed.
Stick 10k in a Sun Trust account for 3 months, make 2.25% on the money plus a free round trip plane ticket. Assuming the flt would cost you $200, not a bad return.
It depends on your age and finance. A 60 year old couple with cash might be very happy getting 5.2% without risk or change for up to 10 years.
I was looking for CD's whose term ends in December of 07. 5.2% is by far the highest I've seen for that duration cd.
I am getting my 5.75% from my credit union so I can see how Immigrant does it. I have a good chunk there in their regular savings getting 5.05%.