[Michael G.]

Originally Posted by mkjelenbaas

What did your stock broker say?

Oh Crap, not again.

[Aces4]

Originally Posted by mkjelenbaas

What did your stock broker say?

He asked why anyone would contact a stock broker for investing these days with the market sliding. You didn’t get hoodwinked by yours again, did you?

[OhioBuckeye]

I’ve done mine that way for, oh my gosh about 20 years & had no issues, knock on wood. Only problem I’ve had was at gas pumps where some stole my identity but my bank took care of it ! Don’t know how you use your credit cards or how your bank is ran but I haven’t had any problems. Good luck!

[MrFlorida]

This is 2023, everything is done online, banks and stores use the internet to transfer money every day....

[JIMQ3100]

Originally Posted by Michael G.

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great

I would think, you need to ensure the bank login is safe. You should have the multiple safety on login, meaning for login you have to enter a code sent to your cell phone or other app. Also if you want to go one level more secure inquire the bank if they use physical keys e.g. UBkeys. This process uses a physical small device that you have to plug in your laptop to login. Pls ensure you have more than one key for the site (so you have to buy more than one device) This works like house keys, if you don't have a backup for your house and you lose the key you can't get into your house. Do some more research so you can be familiar with this process.

[MandoMan]

Originally Posted by Michael G.

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great

I’ve used online banking from my state employees credit union since 1986. Never a problem. Best rates. I can use most ATMs.

[Aces4]

Originally Posted by MrFlorida

This is 2023, everything is done online, banks and stores use the internet to transfer money every day....

I believe most sex is still in person.

[cfstoltz]

I have a savings account online with American Express Bank for over 6 years.
They are currently paying 3.3%. Not a CD and FDIC insured

[Gigi3000]

Originally Posted by retiredguy123

Fidelity. One year CD, 4.65 percent, five year CD, 4.4 percent.

Is there any tax advantage to doing more than a year CD?

[retiredguy123]

Originally Posted by Gigi3000

Is there any tax advantage to doing more than a year CD?

No. For a standard CD, even if you have a multi-year CD, you still receive a 1099 from the bank every year and you are required to pay tax on the interest earned during the year.

[Gigi3000]

Originally Posted by retiredguy123

No. For a standard CD, even if you have a multi-year CD, you still receive a 1099 from the bank every year and you are required to pay tax on the interest earned during the year.

I was referring to short vs long term capital gains on the interest paid? My financial advisor specially said get a 13 month CD. I figured this was the reason.

[spinner1001]

Originally Posted by Michael G.

Anyone here sign up for online banking, Savings, CD's, or money market?
Are they safe?

Interest rates are great

“Are they safe?”

[retiredguy123]

Originally Posted by Gigi3000

I was referring to short vs long term capital gains on the interest paid? My financial advisor specially said get a 13 month CD. I figured this was the reason.

Interest is taxed as ordinary income. It is not a capital gain.

[keepsake]

Online access to banking IS BECOMING A GRIND. What worked last year on one site has been ramped up in security. Ever year there is one more hurdle to access you money. I am calling this 'senior abuse'. Why must I keep buying new phones and desktops just to maintain access to my accounts. These hi-tech companies ARE OUT OF CONTROL.

[keepsake]

Even if your CD cannot be touched for lets say two years, you are taxed on the interest income, yearly. Go figure damn IRS. You are told you have to pay a penalty for early withdrawl. So how do you get the damn money to pay the interest tax ?