The situation:
I have about $680K in a 457 invested in a fixed account at Nationwide that is some sort of group annuity fund. They lowered the floor to 1.0 from 3.5 (currently at 2.X%) plus added fees (~50/month) so it is time to find another option. Plus I am retired and need to disconnect this from my old employer. NW does not offer anything I want.
Top priority is safety of the principle.
I am considering IRA CDs but need help understanding FDIC insurance coverage, which I want. I have taxable CDs with Ally now and am happy with them. They are in a joint account with my W and if I am understanding right there would be coverage to $500K for one CD. Can I open multiple CDs with Ally or do I have to open with another place like F or V? If the Ally value goes over $500K then the amount over would not be covered, correct? The deposits would be lower than the max to take into account future interest, correct?
I have about $680K in a 457 invested in a fixed account at Nationwide that is some sort of group annuity fund. They lowered the floor to 1.0 from 3.5 (currently at 2.X%) plus added fees (~50/month) so it is time to find another option. Plus I am retired and need to disconnect this from my old employer. NW does not offer anything I want.
Top priority is safety of the principle.
I am considering IRA CDs but need help understanding FDIC insurance coverage, which I want. I have taxable CDs with Ally now and am happy with them. They are in a joint account with my W and if I am understanding right there would be coverage to $500K for one CD. Can I open multiple CDs with Ally or do I have to open with another place like F or V? If the Ally value goes over $500K then the amount over would not be covered, correct? The deposits would be lower than the max to take into account future interest, correct?
Statistics: Posted by RMD3819 — Thu May 16, 2024 12:17 pm — Replies 3 — Views 185