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POSTED
ON BY Ken Tumin
An investigation of the suspicious website, Federal Savings, was described in this Bankrate.com article. Here's how it summarized its findings:
It's interesting to note that this site recently changed its "certificate deal" from a 8.85% yield to a 6.25% yield which makes it sound more believable.
Just like my post from last week, the Bankrate article provides links to the FDIC and NCUA database. If you're looking for a CD or savings account, I highly recommend you stay with federally insured banks or credit unions. In that post I describe how you can confirm a website is connected to a federally insured institution. In most all my posts on deals, I provide a link to the FDIC or NCUA page with the information on the institution. If you're willing to take some risk for a potentially higher yield, I recommend sticking with the major brokerages like Fidelity, Vanguard, ETrade, etc.
without an extensive investigation there's no way for us to say whether Federal Savings's offer was legitimate. What we can say is that there are many signs pointing to potential problems and no answers to any questions.
It's interesting to note that this site recently changed its "certificate deal" from a 8.85% yield to a 6.25% yield which makes it sound more believable.
Just like my post from last week, the Bankrate article provides links to the FDIC and NCUA database. If you're looking for a CD or savings account, I highly recommend you stay with federally insured banks or credit unions. In that post I describe how you can confirm a website is connected to a federally insured institution. In most all my posts on deals, I provide a link to the FDIC or NCUA page with the information on the institution. If you're willing to take some risk for a potentially higher yield, I recommend sticking with the major brokerages like Fidelity, Vanguard, ETrade, etc.