# Loan to a CD? what am I missing?

**URL:** https://forums.speedlife.net/t/loan-to-a-cd-what-am-i-missing/42451
**Category:** NYSpeed Off Topic
**Created:** [January 25, 2008, 6:08pm UTC](https://forums.speedlife.net/t/loan-to-a-cd-what-am-i-missing/42451 "2008-01-25T18:08:21Z")
**Posts on this page:** 1
**Showing post:** 8

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### Author: ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)
#### Post date: [January 25, 2008, 6:39pm UTC](https://forums.speedlife.net/t/loan-to-a-cd-what-am-i-missing/42451/8 "2008-01-25T18:39:25Z")

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HSBC & M&T Bank are both large local banking companies and they are both offering “online” savings accounts which pay more then 4.00% APY, daily compounding, with no fees or minimum balances.

They are more then safe. FDIC insurance upto $100k.

“Online” simply means that there is no overhead for the bank to pay on these accounts. You open them online, print a form, sign it, mail/fax it in. Voila.  
Overhead meaning: the bank did not have to pay a teller to sell you the account; pay an account rep to sit down & chat with you for an hour; pay for the electricity for you to be able to sign the paperwork (which they also pay for) in the warm lighting of a branch office; etc…

You CAN STILL ACCESS THE ACCOUNT VIA WEB & TELEPHONE & BRANCH banking.

🙂

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