UrbanBaby

07.23.08, 15:39 PM General Topics
8 replies

dh finally went to the bank to secure his savings account, and instead of actually getting that done, the bank guy spent the whole time trying to convince him to buy variable annuities. he's going back tomorrow, but we're very skeptical about this investment because they were pushing it so hard. anyone know anything about these things. we're totally clueless [ Reply | Watch | Flag ]
General Topics 07.23.08, 03:39 PM Flag

Dear UrbanBaby community,

Thank you so much for being a valued member of the UrbanBaby community. We wanted to inform you that we are shutting down the site on July 6th. We are grateful for your participation and support that has helped make UrbanBaby such an important resource to parents for many years.

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Thanks so much,

UrbanBaby Support

If you are clueless and the bank was pushing them then I wouldn't go for it without finding out more about it. The bank guy will probably get commission so he will be keen to sell. [ Reply | More

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General Topics 07.23.08, 03:47 PM Flag

5% commission...all we want to do right now is make sure all our $$$ is covered. dh has all his money in a savings account and it's more than the insured amount. he's a dope [ Reply | More

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General Topics 07.23.08, 03:50 PM Flag

you can open multiple accounts (one in DH's name, one in yours, one jointly) and each will be insured up to the FDIC max [ Reply | More

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General Topics 07.23.08, 05:01 PM Flag

JUST SAY NO!!!! Whenever a bank custome goes in and grumbles about low interest rates, they send you over to their "investment" person who basically can't sell anything else except annuities. Annuities have their place as an investment product, but it's a very specific place, not for everyone and should be considered within the framework of an overall investment strategy - not all by itself. And it's certainly NOT an alternative to savings/CDs at the bank. If you are going to get an annuity, it should be from someone who also has the flexibility to offer you other investments and who is advising hte annuity based on your situation and NOT because he can't offer you anything else. [ Reply | More

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General Topics 07.23.08, 03:51 PM Flag

thanks. that's a very succinct explanation of the issue. We're not stupid, just money stupid. [ Reply | More

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General Topics 07.23.08, 03:58 PM Flag

you're welcome. annuities tend to tie up your money for a while and i see too many people get stuck in them because they were sold improperly. if you need to keep >$100K in the bank, then it can be in joint name (so FDIC insurance of $200K) or you need to put some of it in a different bank. Ea bank has FDIC insurance for up to $100K per depositor. If it's inconvenient to keep deposits at several different banks, consider an account at a financial services firm that will allow you to get CDs from several banks and hold them in one account. [ Reply | More

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General Topics 07.23.08, 04:04 PM Flag

What do you mean by "secure" his savings account? [ Reply | More

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General Topics 07.23.08, 04:37 PM Flag

If you don't understand it, don't do it. [ Reply | More

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General Topics 07.23.08, 04:58 PM Flag