[784caroline]

If this is like others, the 5.5% is a promotional rate for most likely 3 months. The Comapny sells insurance and annunities...and you may have to sit through a short presentation...maybe not. How they get the 5.5% is you give them say $10,000 and if the going rate is 2.5% at an FDIC bank that would be $250 a year in interest or $62.50 for the 3 month period. For the same $10,000 a 5.5% rate would get you $550 a year or $137.50 for the 3 month period...so to make good on their 5.5%, First Fidelity deposits IN A FDIC insured Bank, your $10000 plus adds an immediate $75 (difference between $137.50 and $62.50)so at the end of the 3 month period you have approx $10,137.50 when you redeem the certificate.
Yes it works, but it can be a hassle considering you are only dealing with a 3 month CD, and an out of state banks especially at renewal time. But you will get Approx $75 (for a $10000 deposit) for your troubles!