How to get FDIC-insured 7.51% APY
If you’re a current NetBank customer, log on to your account and then click on Your special offers link on the back. Currently NetBank offers a $50 gift card on 12-month 5.01% certificate of deposit. I e-mailed them asking whether the promotion was limited to typical 1 per household, and got a response that it’s not true - you will get a $50 Visa gift card for every CD at $2,000 or above.
There’s little incentive then to go above the $2,000 minimum, and if you lock two grands in a NetBank FDIC-insured certificate of deposit, you get 5.01% rate and $50 in 4-6 weeks from opening the account. $50 return on a $2,000 investment amounts to 2.50% APY, so effectively NetBank is running a 7.51% APY promotion.
It doesn’t get better than this. Government I-Bonds are currently yielding 6.73%, and that could change in May, so there might be a better rate to hold out for, but that’s depending on the inflation curve and government decision on I-Bonds.
March 9th, 2006 at 3:02 pm #Ivan
My offer is “only” 4.75% APY
March 9th, 2006 at 8:37 pm #Alex
Hmm, how long have you been with them? I am a NetBank customer since October-November last year, so it’s not like it’s loyalty based.
July 5th, 2007 at 10:03 pm #brandon
I opened a NetBank money market savings account because they were offering a $75 bonus. I accidentally bounced a check to make a second deposit with Netbank (honestly, my first ever) and now my account has been placed on “hold” for over a month. I have submitted an Affidavit of Identity as they requested, but they keep providing excuses to release the hold, and now claim I need to re-submit the information that the Affidavit of Identity requested. I don’t understand. It was signed by a notary public. I discovered on Wikipedia, that Netbank has a history of placing holds on accounts, and a number of other “CRITICISMS”, so BUYER BE WARE! I don’t know if or when they might release the hold on my account.
I’d advise going with the government bonds. Homeland security might be easier to deal with.
September 29th, 2007 at 1:58 pm #NetBank has been shutdown by Feds - alex.moskalyuk
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