The Palm Beach Post from West Palm Beach, Florida on September 13, 1999 · Page 61
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The Palm Beach Post from West Palm Beach, Florida · Page 61

West Palm Beach, Florida
Issue Date:
Monday, September 13, 1999
Page 61
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i 1 c i 8 THE PALM BEACH POST SEPTEMBER 13, 1999 iNFitmi PERSONAL FINANCE 930-6060 Test money smarts with a simple quiz 11 t, 1 '99 Infiniti 130 Limited ODown trf 0 Security - Vf OBankFee-' month tier Leather, Sunroof, Premium Base Sound System with CD Changer, Remote Entry & More Sign & Drive 99 Infiniti QlS Luxury Model 0 Down, 0 Security, 0 Bank Fee, 0 First Payment . Sunroof, Leather, Premium Base Sound System, Memory Seats, Remote Entry & More TOYOTA Highest nationwide yields As of September 7. Accounts are federally insured up to $100,000 per person. Yields are based on method of compounding and rate stated for the lowest required opening deposit to earn interest. CD figures are for fixed rates only. Low minimum CDs Min.' Institutionarea to earn Comp Anl Avg MMA Phone int. Rate Mthd Yld Yld Republic Bank and Trust (888)782-3333 5000 5.23 CM 5.36 Louisville, KY Capital One FSB (800)564-7426 10000 5.21 CD 5.35 Falls Church, VA Domestic Bank (888)366-3784 5000 5.18 CD 5.30 Cranston, Rl First Market Bank (800)968-3824 10000 5.13 CM 5.25 Memphis, TN Net.Bnk (888)2566932 100 5.12 CD 5.25 Alpharetta, GA 6-month CD Transportation Alliance U (800)3988591 10000 6.25 CM 6.43 Ogden, UT Providian Natl Bank (800)414-9692 10000 5.83 CD 6.00 Tilton, NH Providian Bank (800)414-9693 10000 5.83 CD 6.00 Salt Lake City, UT M&T Bank, NA (800)5286532 5000 5.78 CD 5 95 Buffalo, NY Grand Lake Bank (888)2106640 10000 5.77 CQ 5 90 Tuba, OK 1-year CD Transportation Alliance U (800)3983591 10000 6.35 CM 6.54 Ogden, UT Providian Natl Bank (800)414-9692 10000 6.05 CD 6 23 Tilton, NH Providian Bank (800)414-9693 10000 6.05 CD 6 23 Salt Lake City, UT Capital One FSB (800)5647426 10000 6.02 CD 6 20 Falls Church, VA First Internet Bk Of IN U (888)873-3424 1000 6.00 CM 6.17 Indianapolis, IN 2.5-year CD Capital One FSB (800)564-7426 10000 6.39 CD 660 6 93 Falls Church, VA Providian Natl Bank (800)4149692 10000 6.32 CD 652 6 85 Tilton, NH Providian Bank (800)4149693 10000 6.32 CD 652 ' 6 85 Salt Lake City. UT Key Bank USA (800)872 5553 5000 6.30 CD 6.50 6 82 Albany, NY M&T Bank, NA (800)5286532 5000 6.30 CD 650 6 82 Buffalo, NY 5- year CD Capital One FSB (800)5647426 10000 6.67 CD 690 7 92 Falls Church, VA Providian Natl Bank (800)4149692 10000 6.61 CD 683 7 83 Tilton, NH Providian Bank (800)4149693 10000 6.61 CD 683 7 83 . Salt Lake City, UT M&T Bank, NA (800)528-6532 5000 6.59 CD 6.81 7 80 Buffalo, NY Key Bank USA (800)872-5553 5000 6.55 CD 6 77 7 75 Albany, NY Stars rate the institutions' financial strength from 1-5, with 5 being the strongest, as determined by Safe & Sound5". A "U" indicates that an institution is too new to rate and is not an indication of financial strength or weakness. $100,000 Jumbo CDs Institutionarea An) MMA Phone Yld. - Heritage Bank NA (800) 344-7048 5.38 Willmar, MN 1 -month CD New South Fed Svgs (800) 366-3030 5.43 Birmingham, AL - . 3-month CD Transportation Alliance U (800) 398-8591 5.85 Ogden, UT 6- month CD Transportation Alliance U (800) 398-8591 6 43 Ogden, UT 1-year CD Transportation Alliance U (800)398-8591 6.54 Ogden, UT SOURCE: bankrate.com5", a division of Intelligent Life Corp., North Palm Beach. FL. 33408 mazpa II 3 II CHRYSLER Vlgmoutfi ow's your Money IQ? Test yourself with these questions. Answering all six right means you're doing a good job guarding your wallet. Four correct responses are about average, but three or fewer suggests you need to bone up on savings and borrowing. Tip: There may be more than one correct answer to a question. QUESTION 1: You're sick of the puny 2 percent yield your bank has been paying you on your Money Market Account. But before you move the money to an FDIC-insured institution offering 5.3 percent in another state, you should: ANSWER: A) Forget it. The bank will be inconvenient because it's too far away. B) Check it out with that state's banking commissioner. C) Just get on the stick and transfer the money now because distance doesn't count. Uncle Sam still will protect every cent up to $100,000, including principal and interest. Question 2: You're paying for Private Mortgage Insurance on a conventional mortgage you took out two years ago, and now have 20 percent equity in the house. Your neighbor received a 30-year FHA mortgage last month and has a 5 percent equity. Which of the following is true? A) You can now apply to get rid of PMI because you're at the 20 percent level. B) The neighbor is stuck paying mortgage insurance for 30 years on an FHA loan. C) Under a new federal law that took effect July 29, your -lender must automatically cancel your PMI when your equity reaches 22 percent. Question 3: If your credit card issuer slaps you with a $29 late payment penalty even if you made a payment on time, then jacks up your interest rate for no reason, and doesn't return phone calls, the most important thing you must do is: A) Consider using the idea for a new movie script called Murder Incorporated. B) Stick by your guns, keep fighting the company. C) Put all the facts in a letter and send it to your congressmen and senators. Question 4: To beat the rising tide of ATM fees and surcharges, you should: A) Use only your own bank's automated tellers. B) Withdraw bigger sums of -cash at a time, thus reducing " Robert K. Heady your number of transactions. C) Get extra cash at the supermarket checkout line when you use your bank debit card to buy groceries, because there's usually no fee. Question 5: Credit counselors say the single biggest reason why so many college students fall deeply into credit card debt is: A) Companies aggressively push cards on them the moment they arrive on campus. B) Kids don't keep up with their monthly payments. C) Their families never educated them properly on how to manage money. Question 6: Voila! You just received a serious-looking envelope in the mail, with a check in it for $3,750. "Because of your excellent credit history, the cash is yours," reads the offer. The wisest move is to: A) Immediately sink the money into stocks that have gained by 18 percent or more this year. B) Buy mutual funds instead. C) Tear up the offer. Answers: 1) C. 2) A and B. Assuming you've made on-time mortgage payments during the past 12 months and don't have any black marks on other revolving credit accounts, you should be able to cancel PMI if you get a new appraisal. The new law automatically cancels PMI only if the mortgage was bought after July 29 and you have 22 percent equity. 3) B and C. Card outfits only will waive a fee, adjust a rate or correct an error if you scream like a banshee. And put your complaint on the government record. 4) A, B and C are correct. You could save hundreds of dollars a year. 5) All three answers are right but C is most on target. 6) C. Those sharks will probably charge you an interest rate of 20 percent to 30 percent if you cash the check. ' Robert K Heady is the founding publisher of 'Bank Rate Monitor and is the coauthor of the book The Complete Idiot's Guide to Managing Your Money. You can write aThe Palnj Beach. Post ore-mail IMIIITI Military Trail One Mile South Of The Palm Beach International Airport " I 8 i. "PALM B EACH AUTOMALL ; Mon. Fri. 8:30AM - 9PM Sat. 8:30AM - 6PM Sun. II AM - 5PM now km sn (if . 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