Ask Terry Questions sun cities financial ad for various cd interest

sun cities financial ad for various cd interest

By Terry Savage on March 24, 2023 | Chicken Money

is Sun Cities Financial offer of almost 6% for a 6 month cd — a good investment to invest cash into? Their interest rates appear high – what is their deal? is it wise to invest with bank base on current banking problems? Note Sun Cities Financial advertises in the Chicago. Tribune on Sundays.

Terry Says

Are you sure you’re talking about FDIC-insured CDs, and not about the fixed-rate annuities they offer??

Beware of those fixed annuity promises for 6 months, because you’ll be trapped and have to take whatever they offer when the initial teaser rate expires but you’re locked into the contract.

And on close reading of their website, they are offering “brokered CD’s” –which breaks the chain of immediate FDIC insurance, and could potentially cause delays in access to your money.

Frankly, when any institution is so out of line — and offering 6% on a 6 month CD is WAY OUT OF LINE — I wonder what I’m missing in the fine print. There is NO way for them to make money on a 6-month easy out basis at that rate today.

Remember the mantra of the chicken money investor: “I’m not so concerned about the return ON my money as I am about the return OF my money!!

Try this:

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