Thoughts on Constant High Yield Savings
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- Posts: 39
- Joined: Mon Jun 17, 2019 9:35 pm
Thoughts on Constant High Yield Savings
Hello,
Recently I stumbled upon this High Yield Savings from Constant through Facebook ad. Anyone in this forum have used the so called "High Yield Savings" from Constant? Love to hear your thoughts/experience about it.
https://www.myconstant.com/flex
Recently I stumbled upon this High Yield Savings from Constant through Facebook ad. Anyone in this forum have used the so called "High Yield Savings" from Constant? Love to hear your thoughts/experience about it.
https://www.myconstant.com/flex
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- Posts: 6434
- Joined: Wed Jan 11, 2017 8:05 pm
Re: Thoughts on Constant High Yield Savings
I clicked on it. I would want to know more about the "compound finance" loans they are making. You know what they say about thing that seem too good to be true.
Re: Thoughts on Constant High Yield Savings
I clicked through too. Your funds are invested in a “lending pool”, or something like that - not in bank.
5% is a high return. High returns often mean high risk.....
I wouldn’t touch it with a 10 foot pole.
5% is a high return. High returns often mean high risk.....
I wouldn’t touch it with a 10 foot pole.
It's a GREAT day to be alive - Travis Tritt
Re: Thoughts on Constant High Yield Savings
This is not FDIC insured. It’s not a savings account, it’s P2P lending with better liquidity than some other options. It may or may not be a good investment for what it is, but it is not in Any way a savings account. From their website:
Are my deposits insured?
Not always, no. While held with our trust partner, Prime Trust, your deposits are covered by a $130,000,000 insurance policy. However, we expect deposits will spend most of their time earning interest through Compound Finance, so will instead be protected by collateral put up by Compound's users.
- willthrill81
- Posts: 13861
- Joined: Thu Jan 26, 2017 3:17 pm
- Location: USA
Re: Thoughts on Constant High Yield Savings
It sounds like StreetShares would be a better vehicle (they also offer 5%), but I wouldn't touch either of them.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
- AerialWombat
- Posts: 879
- Joined: Tue May 29, 2018 1:07 pm
Re: Thoughts on Constant High Yield Savings
I do high-risk Groundfloor loans, but also would not touch Constant with any length of pole.
“Life doesn’t come with a warranty.” -Michael LeBoeuf
Re: Thoughts on Constant High Yield Savings
Why would you invest in this when an arguably less risky municipal cef yields 4 to 5%?