Is this a scam or legit?
 

My buddy calls me today talking about this investment decision he just made, and he wants me to do the same thing.

Supposedly it's a bank account, not a CD. I think it's called an investment gain account.

Initial deposit of $2,500, and I think you have to always keep your account above that.

Here's the deal: You get 4.8% interest on your account EVERY MONTH.

My buddy put $3,000 in already, and he told me it wouldn't be a bad idea. I was initailly thinking there has to be a huge catch, but the guy who setup the account for him is his close friend's dad, and I find it hard to believe his buddy's dad would screw him over like that.

Ever heard of anything like this?

Re: Is this a scam or legit?
 

Sounds very scammy to me. A guarenteed 75% return per year is impossible. Ask for details, ask for the catch.

Re: Is this a scam or legit?
 

its gotta be 4.8% annually, paid monthly

Re: Is this a scam or legit?
 

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its gotta be 4.8% annually, paid monthly

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This must be it. I feel stupid for not thinking of this. 4.8% is decent, but you can do better and there are many good options out there. If you don't currently use a savings account with 4.5%-5.5%, you should definitely consider moving. I can send you referrals that give you free money.

Re: Is this a scam or legit?
 

If it's 4.8% every month, see Ponzi Scheme for more info.