Primerica Savings Account?

[jasira]

My maid of honour just joined Primerica based on the advise of her friend. I remember reading something about Primerica and warned her about it but she said that she only transferred insurance and opened up the savings account.

Now she said that the savings account intrest rate is 12%. Is this true? I figured it this was true, it should have been all over this site but I don't see any mention of it.

Any advice I can tell her?

[pitz]

Now she said that the savings account intrest rate is 12%. Is this true? I figured it this was true, it should have been all over this site but I don't see any mention of it.


I suspect that she either misunderstands the difference between long-term equity inestments and a cash 'savings' account, *or* her Primerica agent misrepresented the nature of the investment she was making in securities.

I had the priviledge of attending a Primerica recruiting seminar a few years ago, and amongst their agents, it is an inalienable 'fact' that the stock market returns 12% over the long term. Of course, because of management fees, the average investor will never achieve that, but the Primerica recruiter that I was dealing with had no problem passing 12% off as 'fact'.


Any advice I can tell her?

I think she should seek a second opinion (and definitely not a 'second opinion' as advertised in those annoying ads for a certain "red" bank).

[ricoboxing]

12% seems to be the number that Primerica agents claim you will make if you invest in their products. 2 different agents have told me that had I invested with them, I would've earned 12% int, instead of the measly returns I'll earn on my index funds.

[jasira]

She told me that it's regular savings account where she can access her money anytime but the best part is that it will give her 12% annual interest without any condition.

I tried to convince her to not get involved in this company but I didn't know enough about this company other than their questionable tactics to recruit others.

[UrbanPoet]

I also think they misrepresented a crappy investment product as a "savings account" that "returns 12%" (only theoritically... if it does this in reality is another thing...)