Best CD & MM Rates Thread 2018 Archive

[njhowie]

Quote:

Originally Posted by Debinnov a I'm setting up an account and it wants me to log into my regular bank account through their site to fund the new RH account. Is that safe? And I'm 296,000+ in line for the 3% checking/savings. Is it even worth the effort? Lol

You can choose not to do that - I don't do that for systems that provide that option, and didn't when I created my RH account about 6 weeks ago.

You can skip that step, and then once the account is set up, you can log in and set up the external bank link as you do on most other sites. When you set up the external bank link, they send the small trial deposits which you have to verify. So, doing it that way takes a few days longer than if you use the login procedure. However, I had security concerns similar to you, so didn't care that it took a few days longer.

They must have a ton of interest in the new checking/savings account. When I signed up earlier today I was in the 184,000s

[teej1985]

Quote:

Originally Posted by Debinnov a I'm setting up an account and it wants me to log into my regular bank account through their site to fund the new RH account. Is that safe? And I'm 296,000+ in line for the 3% checking/savings. Is it even worth the effort? Lol

Haha, they must have had a lot of signups today. I was 26,000 when I signed up this morning.

[Spock]

https://www.barrons.com/articles/rob...ks-51544723146

Quote:

“SIPC protects cash that is deposited with a brokerage firm for one limited purpose...the purpose of purchasing securities,” wrote Stephen P. Harbeck, the president and CEO of SIPC. “Cash deposited for other reasons would not be protected.”

Where Robinhood makes its money:

https://www.zerohedge.com/news/2018-...-firms-citadel

Quote:

Robinhood app sells user customer data to make a quick buck from the high-frequency trading (HFT) firms on Wall Street," that is what we wrote last month, in one of the first articles that expressed concern over the popular Robinhood investing app for millennials, which has shady ties to HFT firms and undermines its image of an anti-Wall Street ethos. Almost a month after our report, Bloomberg has now confirmed that more than 40% of Robinhood's revenues earlier this year were derived from selling its customers' orders to firms, like Citadel Securities and Two Sigma Securities.

[audreyh1]

Wow - that's pretty shocking!

[Rianne]

Quote:

Originally Posted by njhowie You can choose not to do that - I don't do that for systems that provide that option, and didn't when I created my RH account about 6 weeks ago. You can skip that step, and then once the account is set up, you can log in and set up the external bank link as you do on most other sites. When you set up the external bank link, they send the small trial deposits which you have to verify. So, doing it that way takes a few days longer than if you use the login procedure. However, I had security concerns similar to you, so didn't care that it took a few days longer. They must have a ton of interest in the new checking/savings account. When I signed up earlier today I was in the 184,000s

As Bob Brinker would say, "shark attack."

[Gotadimple]

Just to change the subject.

Today American Express Savings is paying 2.0% (up from 1.95% last month) on their savings account. That's only 100 basis points away from the Robin Hood brokerage, and you don't have to wait behind 100,000 other people to open an account. Also FDIC insured up to $250k (just a snarky comment here).

[tulak]

I’ll add that VMMXX is at 2.34%.

[TDub]

So much for that Robin Hood deal. Some things are too good to be true.

https://www.cnbc.com/amp/2018/12/15/...criticism.html

[Free bird]

And the search continues for the elusive free lunch. If its free its me.

[jazz4cash]

Hmm.... sounds familiar.....

Quote:

Originally Posted by jazz4cash That’s about as close to TGTBT as it gets. It’ll be interesting to hear how it plays out at RH.

[Ready]

I was wondering myself how a savings or checking account would be covered by SIPC instead of FDIC. Of course the members of this forum picked up on this right away, but I’m sure the general public was oblivious to it. What I don’t understand is how the executives of Robinhood could be so oblivious.

[TDub]

Quote:

Originally Posted by jazz4cash Hmm.... sounds familiar.....

Lol I missed that one!

[almost there]

Back to reality. Should know more next week.

[Chuckanut]

My PenFed 5 year CDs are done, kaput, over. They gave me bragging rights for over Four years and I will miss that.

[njhowie]

Quote:

Originally Posted by Chuckanut My PenFed 5 year CDs are done, kaput, over. They gave me bragging rights for over Four years and I will miss that.

So where is the money going to now? Jumping in to another 5 year CD might give you bragging rights going forward as well depending how things play out over the next year.

[RAE]

Quote:

Originally Posted by Chuckanut My PenFed 5 year CDs are done, kaput, over. They gave me bragging rights for over Four years and I will miss that.

Yeah, same here. I have to decide this week where to put the money. It will be going back into CDs, but I am undecided as to what term to use. I know that rates have been rising, which would argue for going with a short-term CD, but I get the feeling that rates are not going any higher from here. So I may go for something a little longer term.........like maybe 2 or 3 years. I don't think I will need the money for at least a few years. Anyone have any thoughts on which way to go?

[Ready]

I just transferred my PenFed money to Ally online savings at 2% while I wait for some promotions.

I just noticed that SunEast FCU is offering a 27 month CD at 3.5%, with nationwide availability. That sounds pretty good actually. I’m going to look at that one a bit further.

[jim584672]

I have some money opening up this week. Thinking of a 1 year CD 2.85%, kick the can down the road a bit.

PenFed 5 years at 3.5%. The EWP is too much for me.

[ShokWaveRider]

I would wait till the 19th..... FOMC Meeting ends and Powell Comments.

[copyright1997reloaded]

I follow the deposit accounts web site daily. The number of new long term CD deals (e.g. 3-5 years) has dried up drastically in the last month or so. The move ups have mostly been on savings/mm accounts and other shorter term CD's.

It seems as if banks also sense that rates on the longer side of the CD ladder have peaked, at least temporarily.

I have some Penfed CD's maturing tomorrow. I had intended to keep it in money market funds, but am starting to question whether I should instead grab one of the remaining decent 4 year deals, e.g. 3.2% at Connexus or something like that...at least with part of the money.