Rachel Louise Ensign

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574 appearances 12 recordings 1 series first heard Jan 2018 last heard Jan 2024

Rachel Louise Ensign’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · ‘Brokered CDs’ Offer Interest Rates Well Above Regular CDs · 26 Oct 2022 podcast

The difference can really add up.

So one example that we have in the story is JP Morgan was offering a rate of about 2% on a one-year CD to most of their regular customers through their website.

But on Fidelity, they were offering a really similar product at about 4.5%.

So over the course of a year, if you have $100,000 you want to put somewhere safe, that's a difference of about $2,500.

No, you do not, actually.

So CDs of all kinds typically do have minimum deposit amounts.

A lot of the brokered CDs, it's about $1,000, though Fidelity does actually have a product now where you can buy like a part of a CD with a lower minimum deposit.

And there are minimum deposit rates on the CDs from the banks, too.

But if you have enough to meet that limit, so say $1,000 and you are a client of one of these brokerage firms, you can buy one.

It's really anyone with a brokerage account.

So it's not just the wealthiest people.

I mean, brokerage customers aren't typically like the lowest income people.

But, you know, there are a lot of savvy, scrappy investors who might just have a few thousand dollars in there to trade in.

stocks or bonds or invest in index funds.

And those people would have easy access to these brokered CDs that have much higher rates than what the banks are offering them directly.

The CDs are presented as an investment option alongside the stocks and bonds and ETFs and all the stuff that folks have been pretty familiar with in recent years.

And we heard actually from Schwab that traffic to the CD part of their website was up like 54% in September.

people are looking at these alongside their other investment options.

There are a few technical differences between these two types of CDs.

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