Don't let this special offer go away.
Banks are pulling out all the advertising stunts they can to open more savings accounts and CD's, but it's at your expense.
If you are looking for long-term saving solutions listen to find out why there are better solutions.
Banks Are Advertising CD's Like They Are What Your Retirement Dreams Are Made From
You likely already have a checking account with your bank so when they offered you a certificate of deposit or savings account you agreed.
Obviously, you want to save your money, right - why not do it all in one place?
I was in the bank this week and saw a sign I couldn't believe. What hit me hardest is knowing so many people believe the ad to be true without knowing better options.
A print ad sign said "Great rates to help you get your savings going." selling a five-year CD.
WHAT?!? You can earn 1,000x more investing that money better places.
Banks are scaring people into opening CD's and saving accounts!!
What rate do you get on your CD? 2%.
What is the historical reality of inflation? 3%.
If you are taking this "GREAT" deal... you are losing money every year!
Banks Are Scaring You To Park Your Money With Them! And It's Working...
You don't need anything more than an emergency fund in a bank. (3 months of income)
CD's have a place in retirement plans, but they way banks are selling them is taking advantage of people! Look at its limitations 1. you can't access your money when you want it and 2. you are earning less than 1% interest on it when you could be earning so much more!
If it's so bad, then why is this working in so many banks? Well, it's important to remember how those bank employees are incentivized. The more accounts they open, the better reward they get.
It's a rewards incentive campaign so they can manage and disperse more of YOUR money.
You have to beat inflation over time and CD's won't cut it.
Your plan may include CD's but don't buy into this BIG promotional push to be the savior of retirement plans everywhere.
Friends, don't believe it! Think first.
If you ever think an advertisement or promotion you see has a different motivation or isn't telling the whole story, give me a call for honest feedback and advice. I'll return your call as soon as possible and give you good, trustworthy financial advice.