How
High is High on Your High Yielding CD?
Written
By: Terrance
J. O'Brien
May 7, 2009
“Bulk up Yours Savings with Our High
Yield CD -1.9%”
I was checking my bank balance this morning on-line and I
ran across the banner from one of the largest banking
institutions in the US, “Bulk up Your Savings with Our High
Yield CD – 1.9%.”
I started thinking “how high is
high?” Do the financial institutions really want us to
believe this a high yielding rate? If so, what else do they
want us to believe?
This is also the same institution that wants to charge
over20% for unpaid balances on credit cards. This means the
Bank wants to pay 9 times less on their CD’s then they want to
charge on their credit cards.
The
Numbers
If you run a balance of $10,000 on your credit card for a
year you will pay $2,000 in interest. The bank will only have
to pay $190 in interest for the same amount on the CD. This is
not “chunk change.”
The
Lesson
Instead of being a customer of the “Bank of A” we need to
create our own bank and call it “Bank of U”.
We need to learn the secrets that banks know about the
flow of money and how money really works. Learning these
secrets, and creating our own bank, will have a major impact on
creating wealth during our
lifetime.
http://wealthandsafety.blogspot.com/
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© First
Benefits Group, Inc.
2009
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