4% 60 month at Fahey Bank - nationwide BUT heavy EWP

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Rob5TCP
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Location: New York, NY

4% 60 month at Fahey Bank - nationwide BUT heavy EWP

Post by Rob5TCP » Wed Sep 12, 2018 2:18 pm

Currently the highest 60 month CD -- available nationwide WITH a checking account relationship.
But ALL interest is forfeited if early withdrawal.

https://www.depositaccounts.com/banks/t ... ny/offers/

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Rob5TCP
Posts: 3118
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Location: New York, NY

Re: 4% 60 month at Fahey Bank - nationwide BUT heavy EWP

Post by Rob5TCP » Wed Sep 12, 2018 3:51 pm

bump..................

nalor511
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Re: 4% 60 month at Fahey Bank - nationwide BUT heavy EWP

Post by nalor511 » Wed Sep 12, 2018 4:19 pm

Rob5TCP wrote:
Wed Sep 12, 2018 2:18 pm
But ALL interest is forfeited if early withdrawal.
That's a pretty awful EWP, and scares me away for sure. I'd rather make not quite so much, and have the flexibility of not stabbing myself in the foot if I need an early withdrawal.

123
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Re: 4% 60 month at Fahey Bank - nationwide BUT heavy EWP

Post by 123 » Wed Sep 12, 2018 4:30 pm

Actually a EWP of all interest might not be too bad in many circumstances (particularly if you take advantage of it in the first 12 months). Many other banks will invade your principal to extract their EWP if necessary.

Maybe Fahey Bank is a bank with a conscience (however small it might be).
The closest helping hand is at the end of your own arm.

nalor511
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Re: 4% 60 month at Fahey Bank - nationwide BUT heavy EWP

Post by nalor511 » Wed Sep 12, 2018 5:22 pm

I'd be curious to hear if anyone does it, how smooth/quick the process goes.

MikeG62
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Re: 4% 60 month at Fahey Bank - nationwide BUT heavy EWP

Post by MikeG62 » Thu Sep 13, 2018 6:50 am

Rob5TCP wrote:
Wed Sep 12, 2018 2:18 pm
Currently the highest 60 month CD -- available nationwide WITH a checking account relationship.
But ALL interest is forfeited if early withdrawal.

https://www.depositaccounts.com/banks/t ... ny/offers/
I would pass on this due to the 100% forfeiture of interest in the event of early WD. That is very steep and punitive. You just never know what could happen several years down the road which could cause you to nee to break this CD.

I would also not open an account at another bank chasing a CD rate that required me to concurrently open a checking account at that bank too. Personally, I am loathe to open accounts at new banks/CU's to chase rates (been there done that).
Real Knowledge Comes Only From Experience

nalor511
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Joined: Mon Jul 27, 2015 1:00 am

Re: 4% 60 month at Fahey Bank - nationwide BUT heavy EWP

Post by nalor511 » Thu Sep 13, 2018 4:34 pm

To anyone thinking about this, there was a 4% offer a few months back with only a 1yr ewp. There will probably be another.

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