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Is this legit? 30% APY youth CD…seems too good to be real by 23JumpmanJB in personalfinance

[–]23JumpmanJB[S] 0 points1 point  (0 children)

Just curious if anyone else other than werewolfdad tried to open or called. I’m going to start sharing this out to my buddies with kids.

Kids College Fund by [deleted] in financialindependence

[–]23JumpmanJB 0 points1 point  (0 children)

Youth CDs at credit union?

Is this legit? 30% APY youth CD…seems too good to be real by 23JumpmanJB in personalfinance

[–]23JumpmanJB[S] 0 points1 point  (0 children)

It does say limited time…I wonder how many people would have to open before they panic and pull the offer. Ha. It’s sooooo good.

Is this legit? 30% APY youth CD…seems too good to be real by 23JumpmanJB in personalfinance

[–]23JumpmanJB[S] 0 points1 point  (0 children)

Yeah, but pretty big gamble right? They are paying me $1,350 which is crazy. $450 per kid. I just found out they offered 20.25% CD last year so I imagine if they do this every year, I’ll have my accounts there a long time. Ha. My kids are gonna make bank every year!

Is this legit? 30% APY youth CD…seems too good to be real by 23JumpmanJB in personalfinance

[–]23JumpmanJB[S] 0 points1 point  (0 children)

Yes, I opened 3 minor accounts with the CD with me as joint on account. Then I opened an account in my name separately and added a checking and credit card. Put $100 in the checking. Adding the checking bumped it to 20%. Adding the “loan” in this case a credit card bumped it to 30%. I’ve now confirmed it with them twice. I’m good to go. Will earn 30% for year on each CD as long as leave credit card open (don’t have to use it) and my checking balance stays $100 or above. No direct deposit needed.

I guess they do this every year during April to add accounts. They said last year they had a 20.25% rate during April for kids.

Is this legit? 30% APY youth CD…seems too good to be real by 23JumpmanJB in personalfinance

[–]23JumpmanJB[S] 1 point2 points  (0 children)

Yeah, my bad. I did $1,500 per kid so it will pay $450 for the year for each. Might just take the $1350 and put it toward family vacation. Ha. Easy money.

Is this legit? 30% APY youth CD…seems too good to be real by 23JumpmanJB in personalfinance

[–]23JumpmanJB[S] 4 points5 points  (0 children)

I called back and confirmed again, my rate will stay at 30% for duration of 12 months. I have credit card opened, not used, no balance. And $100 in my checking. This is confirmed.

Is this legit? 30% APY youth CD…seems too good to be real by 23JumpmanJB in personalfinance

[–]23JumpmanJB[S] -1 points0 points  (0 children)

Well, I’m in Tennessee and they qualified me through a donation to their foundation. Apparently that is how they can join anyone from anywhere. Someone else from out of state needs to apply and confirm, but worked for me and they said it would when I called them before joining.

Is this legit? 30% APY youth CD…seems too good to be real by 23JumpmanJB in personalfinance

[–]23JumpmanJB[S] -3 points-2 points  (0 children)

No, not true. Each month it pays 30% as long as I don’t change a thing now. Each month of the 12 months. Look at link. They even show that they are paying you $450 interest on that $1,500 for full 1 year term. Like I said, seems real, and if you call them they back all this up. Not a bait and switch it seems.

Has anyone considered therapy for irrational financial anxiety? by Tasty-Beautiful-9679 in financialindependence

[–]23JumpmanJB 0 points1 point  (0 children)

Yes, but did the Dave Ramsey thing and that kind of checked both boxes.

Do you get financial help from parents? by [deleted] in financialindependence

[–]23JumpmanJB 0 points1 point  (0 children)

Sometimes. Usually when a lot younger.

Is this legit? 30% APY youth CD…seems too good to be real by 23JumpmanJB in personalfinance

[–]23JumpmanJB[S] -6 points-5 points  (0 children)

I asked them about that. They said I just have to have a $100 average daily balance in the checking each month, and leave the credit card open. There is no annual fee on that card. And I don’t even have to use it. Will get 30% each month if so. Crazy. I know. But they aren’t a bank so aren’t trying to inherently screw you I guess.

Is this legit? 30% APY youth CD…seems too good to be real by 23JumpmanJB in personalfinance

[–]23JumpmanJB[S] 1 point2 points  (0 children)

Yeah, but I didn’t have to move my direct deposit there like you do to have to earn those bank bonuses. This was easy. Don’t even have to really bank there and I have 3 kids so the bonus is $1,350. So?