Is this a scam or legit?

[Lando]

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?