Best CD & MM Rates Thread 2018 Archive

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audreyh1 said:
I’m glad they knew and could tell you.

I think the 120 days after the bill passed meant later in September, but maybe credit bureaus already decided to not bother charging anymore.
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Me, too! And I think you are probably right. It was a nice surprise!

I just received an email from them that my new account is approved - at 8:20 pm. on a Sat night. I just applied this morning. Now that is excellent service. I'm feeling really good about this credit union.

Now to work on the wire transfer. Hopefully that will go just as smoothly.
 
I applied last week but have found that they are not very efficient. Friday, I got a message to send them my driver license which I promptly uploaded. This evening, Saturday night ?? at 8:47PM, I got another message that they wanted an additional document such as a utility bill which I also uploaded. They could have asked me for both yesterday or at the time of the application. I wonder if there will be a 3rd document request.
 
simple girl said:
I hope it's not the frozen credit because we will have the same issue. It's comforting to keep your credit frozen but sure is a PIA when you want to apply for something that requires a credit check. :(
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Well, they do a hard pull and you will have to "thaw" your report (Experian for me) which thankfully isn't too much of a pain. I also had to scan/send my SS card and a utility bill. They also want me to call...I presume to schedule a DNA sample comparison. :D

I am glad they are serious about security, but I find it odd that it's such a pain to DEPOSIT MONEY; I am not looking to TAKE MONEY. How many identity thieves open CDs under someone else's name? Ally was much, MUCH simpler. I guess NASA wants you to REALLY get that 3.5%!

Edit: Sorry...I didn't see all the posts that already discussed this...I just saw Simple Girl's response to my post and replied immediately!
 
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I just opened a DiscoverBank account. No thaw required. No shenanigans. Just filled-out a form online and ACH'd the money from my CU. Only 1.8% APR, but getting $200 in cash as a new account bonus. When I pull from tax deferred accounts in December to fund all of 2019, I might research these CD opportunities, but at this point in the year, my after tax cash is low, and my tax advantaged accounts don't hold cash in very big amounts.
 
sengsational said:
I just opened a DiscoverBank account. No thaw required. No shenanigans. Just filled-out a form online and ACH'd the money from my CU. Only 1.8% APR, but getting $200 in cash as a new account bonus. When I pull from tax deferred accounts in December to fund all of 2019, I might research these CD opportunities, but at this point in the year, my after tax cash is low, and my tax advantaged accounts don't hold cash in very big amounts.
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I've mentioned this and similar bonus offers.

I did the Discover Savings Account offer last year. It is one of the best, because there are no fees, there is no early account closure restriction/fees, and you get your bonus in just a few weeks after funding the account. When I did it, I opened the account, had the bonus less than a month later, transferred all the money out immediately thereafter.

I've committed a small chunk of my savings just for churning these offers. It is worth the small effort involved - making significantly higher returns than on the high yield savings accounts.

The one I've done for the best return on "investment" - HSBC checking account - put $1500 in, they give you $200 bonus after 90 days. Can close the account 6 months after opening with no early closure fee.
 
njhowie said:
I've mentioned this and similar bonus offers.

I did the Discover Savings Account offer last year. It is one of the best, because there are no fees, there is no early account closure restriction/fees, and you get your bonus in just a few weeks after funding the account. When I did it, I opened the account, had the bonus less than a month later, transferred all the money out immediately thereafter.

I've committed a small chunk of my savings just for churning these offers. It is worth the small effort involved - making significantly higher returns than on the high yield savings accounts.

The one I've done for the best return on "investment" - HSBC checking account - put $1500 in, they give you $200 bonus after 90 days. Can close the account 6 months after opening with no early closure fee.
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Me too. I got my $200 bonus last month but haven't pulled the money out yet because 1.8% in a savings is hard to beat. However, how do you close out these accounts once you withdraw? do you have to call in or the 0 balance automatically triggers the closure after 30 or 60 days?
 
dvalley said:
Me too. I got my $200 bonus last month but haven't pulled the money out yet because 1.8% in a savings is hard to beat. However, how do you close out these accounts once you withdraw? do you have to call in or the 0 balance automatically triggers the closure after 30 or 60 days?
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With Discover, just transfer all the money out back to your primary checking account. Because it's accumulating interest it may take you an extra cycle to get all the money out as interest will post at the end of the month and then you should transfer the interest the day it posts so no more interest accumulates. You can use the account closure form to close it when the balance settles to $0.

https://bank.discover.com/bankac/customerservice/docCenterPDFs/Account_Closure_Authorization.pdf

1.8% is a good rate at this time. However, that's 1.8% for a full year - so you'll collect $270 on your $15k balance over 12 months. Do this - take $10k of it, and move it over to Capital One and you'll get $200 in 60 days...more than it would make in the Discover account for a full year. On top of that, the Capital One interest rate is 1.85%.

https://www.capitalone.com/offer200/
 
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njhowie said:
With Discover, just transfer all the money out back to your primary checking account. Because it's accumulating interest it may take you an extra cycle to get all the money out as interest will post at the end of the month and then you should transfer the interest the day it posts so no more interest accumulates. You can use the account closure form to close it when the balance settles to $0.

https://bank.discover.com/bankac/customerservice/docCenterPDFs/Account_Closure_Authorization.pdf

1.8% is a good rate at this time. However, that's 1.8% for a full year - so you'll collect $270 on your $15k balance over 12 months. Do this - take $10k of it, and move it over to Capital One and you'll get $200 in 60 days...more than it would make in the Discover account for a full year. On top of that, the Capital One interest rate is 1.85%.

https://www.capitalone.com/offer200/
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Ah thanks for the tips! Unfortunately I already have a CapitalOne account from before...and almost all of the new offers require you don't have an active account with them. I need to start closing all the zero or near zero bank accounts out there that I previously used for cash back offers :facepalm:

Edit: I just looked into my CapOne account and turns out that I had a sharebuilder investment account that got scooped up by Capital One. Now looks like they're transferring it to ETrade soon according to the banner on top.
So may be I can open the account and see what happens.
 
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dvalley said:
Ah thanks for the tips! Unfortunately I already have a CapitalOne account from before...and almost all of the new offers require you don't have an active account with them. I need to start closing all the zero or near zero bank accounts out there that I previously used for cash back offers :facepalm:

Edit: I just looked into my CapOne account and turns out that I had a sharebuilder investment account that got scooped up by Capital One. Now looks like they're transferring it to ETrade soon according to the banner on top.
So may be I can open the account and see what happens.
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Is the current account in your name? Do you have other family members in your household which you can register the new account for (wife/kids)?
 
I've been keeping an eye on the 2year CDs offered via Fidelity, as the 2 year seems to be a sweet spot*. Finally today the Morgan Stanley offers a 2.85% 2 year CD - up from the 2.8% CD offered by several banks for quite a while now.

The 2 year Treasury has been lagging, but catching up recently. It finally made it to 2.76% today.

*Not counting the 3.25% 15 month CD special offered by NASA FCU this month.
 
audreyh1 said:
I've been keeping an eye on the 2year CDs offered via Fidelity, as the 2 year seems to be a sweet spot*. Finally today the Morgan Stanley offers a 2.85% 2 year CD - up from the 2.8% CD offered by several banks for quite a while now.

The 2 year Treasury has been lagging, but catching up recently. It finally made it to 2.76% today.

*Not counting the 3.25% 15 month CD special offered by NASA FCU this month.
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Do you typically buy new CDs or on the secondary market? Do you have a preference?
 
I'm all set up with my 3.25% CD at NASA! Applied Saturday, money transferred into CD this morning.

It was a much smoother process than I anticipated.
 
audreyh1 said:
Only new for me so far.
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Curious how you sort buying Treasuries at no cost vs buying OI CD's?
Personally not seeing much yield advantage in CDs over Treasuries and the cost for liquidity if necessary looks cheaper than CD penalties and/or sales commissions.
 
nwsteve said:
Curious how you sort buying Treasuries at no cost vs buying OI CD's?
Personally not seeing much yield advantage in CDs over Treasuries and the cost for liquidity if necessary looks cheaper than CD penalties and/or sales commissions.
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I’ve been buying short-term treasuries lately. But also picked up the Andrews FCU 2.75% 9 month CD. Treasuries recently have been beating CDs below 12 months, but not at and above.

Treasury costs for selling early in a rising interest rate environment is the loss on the value as well as the commission. It’s not just the commission.
 
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Montecfo said:
Simple girl, did you do ACH transfer?
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I used a credit card to open the savings account - easier than ACH IMO. I then wired the big $ from our our other
money market account to our new NASA savings account. That took 2 days by the time our money market account confirmed all of my data and then completed the wire (I'm not complaining - I really like their security features).

After the $$$ was in my NASA savings account I simply called and they transferred it into the CD (which I had set up upon opening the account initially).
 
njhowie said:
sengsational said:
I just opened a DiscoverBank account. No thaw required. No shenanigans. Just filled-out a form online and ACH'd the money from my CU. Only 1.8% APR, but getting $200 in cash as a new account bonus. When I pull from tax deferred accounts in December to fund all of 2019, I might research these CD opportunities, but at this point in the year, my after tax cash is low, and my tax advantaged accounts don't hold cash in very big amounts.
Click to expand...
I've mentioned this and similar bonus offers.

I did the Discover Savings Account offer last year. It is one of the best, because there are no fees, there is no early account closure restriction/fees, and you get your bonus in just a few weeks after funding the account. When I did it, I opened the account, had the bonus less than a month later, transferred all the money out immediately thereafter.
Click to expand...
I've got my $200 already! Given the 1.8% APR, the effective APR with the bonus stays above 3.25% for nearly 7 months!
njhowie said:
The one I've done for the best return on "investment" - HSBC checking account - put $1500 in, they give you $200 bonus after 90 days. Can close the account 6 months after opening with no early closure fee.
Click to expand...
I might need to try that next. Usually I don't mess around with stuff like this, but I could come to like it :LOL:
 
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nwsteve said:
Curious how you sort buying Treasuries at no cost vs buying OI CD's?
Personally not seeing much yield advantage in CDs over Treasuries and the cost for liquidity if necessary looks cheaper than CD penalties and/or sales commissions.
Click to expand...
Huh? NASA CU 15-month CD is 3.25%. Even the 30 year Treasury is less than that (@3.07%). The 12 month treasury yield is 2.49%, the 2 year is 2.66%.

Even with state tax free, that is a big yield advantage.
 
copyright1997reloaded said:
Huh? NASA CU 15-month CD is 3.25%. Even the 30 year Treasury is less than that (@3.07%). The 12 month treasury yield is 2.49%, the 2 year is 2.66%.

Even with state tax free, that is a big yield advantage.
Click to expand...

This is true. Even 5 yr CDs currently at 3.35% are beating any treasuries.
 
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