Received a solicitation from a Japanese bank for this savings product: It’s a 1 year CD. It’s renewable at bank’s option only, for 1 year at a time, up to 15 years. The APR is 31 basis points. They will also generously pay you somewhere between 30 and 50 bps in cash for buying.
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This is designed to be sold to unsophisticated retail savers, he says unnecessarily.
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Whoopsie overestimated the cashback by 10X; even less good.
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