Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 08-16-2019, 10:45 AM   #541
Thinks s/he gets paid by the post
Gotadimple's Avatar
 
Join Date: Feb 2007
Posts: 2,605
Quote:
Originally Posted by calmloki View Post
Breathing deeply. OK, how about I open a free checking account at EBSB and transfer money out of our EBSB savings account into it, then have Navy do it's air check draw. EBSB rep says that can be done, but they need to have me fill out forms they will mail me. Mail me?!? Tick tock. I thanked the nice lady for the help she gave me. Oddly enough, I was able to open an EBSB account online immediately thereafter and transfer money out of our EBSB savings account into it Then called Navy and asked that they do a couple air checks and open three of the 5 year certs. Sometimes people say that which is not so, through imperfect understanding.
And sometimes, the branch staff are not trained to adequately deal with certificates. That's been my experience with adding CDs to an account our condo association has with a local bank.

It's like pulling teeth without the novacaine.
- Rita
__________________
Only got A dimple, would have preferred 2!
Gotadimple is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-17-2019, 11:18 AM   #542
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 7,281
Just got off the phone with Navy. The phone rep was soooo helpful - stark contrast with the EBSB rep. I had screwed up and bought two "Easy Start" 1 year 3.5% certs for a maximum of $3000 each last week - glossed over the requirement for direct deposits. The rep today was able to close those Easy Starts and fold the two $3000 amounts into the three 5 year 3.5% certs he set up with the EBSB money. Start date for the five year certs is backdated to the date Navy requested funds from EBSB.

Uniform excellent service from Navy - I'm very impressed.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
calmloki is offline   Reply With Quote
Old 08-18-2019, 12:30 AM   #543
Thinks s/he gets paid by the post
bmcgonig's Avatar
 
Join Date: Aug 2009
Posts: 1,577
Quote:
Originally Posted by calmloki View Post
Just got off the phone with Navy. The phone rep was soooo helpful - stark contrast with the EBSB rep. I had screwed up and bought two "Easy Start" 1 year 3.5% certs for a maximum of $3000 each last week - glossed over the requirement for direct deposits. The rep today was able to close those Easy Starts and fold the two $3000 amounts into the three 5 year 3.5% certs he set up with the EBSB money. Start date for the five year certs is backdated to the date Navy requested funds from EBSB.

Uniform excellent service from Navy - I'm very impressed.
My IRA transfer check is "in the mail" from E-Trade. Started the whole process 18 days ago. Navy told me they can't guarantee the rate and that I'll get whatever rate is available when the check arrives. Their request to E-Trade was snail mail, and it seems that the check is sent by snail mail. No idea why in this day and age.
bmcgonig is offline   Reply With Quote
Old 08-18-2019, 05:53 AM   #544
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 11,232
Quote:
Originally Posted by bmcgonig View Post
My IRA transfer check is "in the mail" from E-Trade. Started the whole process 18 days ago. Navy told me they can't guarantee the rate and that I'll get whatever rate is available when the check arrives. Their request to E-Trade was snail mail, and it seems that the check is sent by snail mail. No idea why in this day and age.
It is crazy. I just signed up with GTE for their special. Luckily, there is a branch 5 minutes from my house.
I chose to not wait out the trustee to trustee process, which usually avoids the 1099R form being generated.
So had Fido send the wire and then opened up the account within 2 days. Will deal with the 1099/5498 forms come tax time.
__________________
TGIM
Dtail is online now   Reply With Quote
Old 08-18-2019, 06:40 AM   #545
Recycles dryer sheets
 
Join Date: Jul 2018
Posts: 328
I renewed my Personal Choice annuity for 5 yrs @3.92% with a free 10% withdrawal. Don't put your money here if you want it out early for sure they have high surrender charges. https://sslco.com/content/personal-choice




Quote:
Originally Posted by almost there View Post
NFCU = only game in town at the moment.
Scored on their 40 month 3.75% $150k max cd earlier in the year.
17 month ok to add cd 3.25% started in Feb.
And am sweating the 5 yr 3.50% holds till Thurs as I have 140k in route.
That should show up Wed-Thurs............

Pen Fed 3.4 5yr, Ally 2.75 1 yr, and Mountain America 3.25-3.5 5yr, were great 8-12 months ago. But no mas.
Did score with brokered 12 month 2.7% CD's at Ch Schwab though. Was able to sell them last week at 100+%. As Ch Sch CD's are falling like a stone.
Their 5 yr is barley 2% now.........
Am locking everything up I can up for 5 yrs. As things do not look too good going forward. I can sleep like a rock with a 3.5% average..Just my take.
No idea why we had the rate cut this month. And again in Sep. But here we are.
Politics I guess. Huge Trump supporter over here. Until it comes to interest rates.
Bruno is offline   Reply With Quote
Old 08-18-2019, 08:14 AM   #546
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
Quote:
Originally Posted by bmcgonig View Post
My IRA transfer check is "in the mail" from E-Trade. Started the whole process 18 days ago. Navy told me they can't guarantee the rate and that I'll get whatever rate is available when the check arrives. Their request to E-Trade was snail mail, and it seems that the check is sent by snail mail. No idea why in this day and age.
Same thing here.... Vanguard mailed the check on Aug 12 and they have told me the same thing....I'll be pissed if I don't get the 3.5%... perhaps enough to have then send it back to Vanguard for spite even if they are offering a decent rate but below 3.5%.

What really makes me made is that they called me when they received my transfer paperwork and I told them that I wanted them to instruct Vanguard to wire it.... they said if I had wanted that that there was a section of the application that I should have filled out but they said that they would requet Vanguard to wire it... Vanguard said that the paperwork that they received did not request a wire which is why the sent the check by mail. If they don't give me the 3.5% because they didn't request a wire as they told me I may complain to their regulator.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is online now   Reply With Quote
Old 08-18-2019, 08:17 AM   #547
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
Quote:
Originally Posted by Bruno View Post
I renewed my Personal Choice annuity for 5 yrs @3.92% with a free 10% withdrawal. Don't put your money here if you want it out early for sure they have high surrender charges. https://sslco.com/content/personal-choice
A.M. Best B++ ..... no thank you.... the slight difference in yield isn't worth the negligible increased credit risk.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is online now   Reply With Quote
Old 08-18-2019, 08:29 AM   #548
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
Quote:
Originally Posted by pb4uski View Post
A.M. Best B++ ..... no thank you.... the slight difference in yield isn't worth the negligible increased credit risk.
We actually agree on something. Absolutely not worth the risk with any sub A or A+ institution.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
ShokWaveRider is offline   Reply With Quote
Old 08-18-2019, 08:36 AM   #549
Recycles dryer sheets
 
Join Date: Jul 2018
Posts: 328
Quote:
Originally Posted by pb4uski View Post
A.M. Best B++ ..... no thank you.... the slight difference in yield isn't worth the negligible increased credit risk.
Not much RISK here in Oklahoma. Just don't go over the Guarantee amount of $300K by Oklahoma Life & Health Insurance Guaranty Association.

https://www.oklifega.org/FAQ/
Bruno is offline   Reply With Quote
Old 08-18-2019, 08:58 AM   #550
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
I agree that the credit risk is negligible given regulatory constraints and guarranty protections.... but increase in yield is negligible as well.

3.5% FDIC insured vs 3.92% guaranty association insured isn't much of a decision to me (and I worked in the industry)... to me the 12% ncrease in yield isn't worth it.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is online now   Reply With Quote
Old 08-18-2019, 09:13 AM   #551
Recycles dryer sheets
 
Join Date: Jul 2018
Posts: 328
Quote:
Originally Posted by pb4uski View Post
3.5% FDIC insured vs 3.92% guaranty association insured isn't much of a decision to me (and I worked in the industry)... to me the 12% ncrease in yield isn't worth it.
Can you explain to me where the 12% came from? Was this supposed to be .42% increase?
Bruno is offline   Reply With Quote
Old 08-18-2019, 09:22 AM   #552
Thinks s/he gets paid by the post
 
Join Date: Aug 2010
Location: Back woods of Fennario
Posts: 1,170
Quote:
Originally Posted by bruno View Post
can you explain to me where the 12% came from? Was this supposed to be .42% increase?
(3.92 - 3.5)/3.5 = 12%
__________________
"Time wounds all heels...." - Groucho Marx
LRDave is offline   Reply With Quote
Old 08-18-2019, 09:27 AM   #553
Thinks s/he gets paid by the post
njhowie's Avatar
 
Join Date: Mar 2012
Posts: 3,931
"Best CD & MM Rates Thread 2019"

Let's stick to the topic. Annuities do not qualify to be here - not even close.
njhowie is offline   Reply With Quote
Old 08-18-2019, 09:28 AM   #554
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
Quote:
Originally Posted by njhowie View Post
"Best CD & MM Rates Thread 2019"

Let's stick to the topic. Annuities do not qualify to be here - not even close.
+1
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
ShokWaveRider is offline   Reply With Quote
Old 08-18-2019, 09:32 AM   #555
Recycles dryer sheets
 
Join Date: Jul 2018
Posts: 328
Quote:
Originally Posted by LRDave View Post
(3.92 - 3.5)/3.5 = 12%
Thanks... in my case it was over $5k more.
Bruno is offline   Reply With Quote
Old 08-18-2019, 09:44 AM   #556
Recycles dryer sheets
 
Join Date: Jul 2018
Posts: 328
Quote:
Originally Posted by njhowie View Post
"Best CD & MM Rates Thread 2019"

Let's stick to the topic. Annuities do not qualify to be here - not even close.
When i saw ppl talking about 5 yr CD I only think about making money. This is a fixed annuity. I do believe it would be a cousin to CD and MM. It would also be a lot harder to get into.

Please accept my apologies for getting off topic.
Bruno is offline   Reply With Quote
Old 08-18-2019, 10:20 AM   #557
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
I would agree... a fixed rate deferred annuity is very similar to a CD.... one initial deposit and a rate fixed for a term... withdrawal penalty differs... stated as a % withdrawn vs a number of days of interest... different credit risk profile... but very similar.

If the 3.96% was offered by a A+ or A++ rated carrier then I would view them as very similar.

Another notable difference is that if iis a taxable account investment then interest isn't taxed until withdrawn... can be helpful if you have taxable account cash and want to invest to reduce income for ACA.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is online now   Reply With Quote
Old 08-18-2019, 01:31 PM   #558
Thinks s/he gets paid by the post
 
Join Date: Feb 2007
Location: Upstate
Posts: 2,948
Quote:
Originally Posted by pb4uski View Post
I would agree... a fixed rate deferred annuity is very similar to a CD.... one initial deposit and a rate fixed for a term... withdrawal penalty differs... stated as a % withdrawn vs a number of days of interest... different credit risk profile... but very similar.

If the 3.96% was offered by a A+ or A++ rated carrier then I would view them as very similar.

Another notable difference is that if iis a taxable account investment then interest isn't taxed until withdrawn... can be helpful if you have taxable account cash and want to invest to reduce income for ACA.
Another possible advantage to those with children going to college (and who don't need the $ for college payments) is that annuities do not have to be reported on the FASFA (but do get reported on CSS for those schools requiring it). Disclaimer: I haven't done this, my knowledge (or lack of) is just from cruising on the internet.
copyright1997reloaded is offline   Reply With Quote
Old 08-19-2019, 04:10 AM   #559
Thinks s/he gets paid by the post
bmcgonig's Avatar
 
Join Date: Aug 2009
Posts: 1,577
Quote:
Originally Posted by pb4uski View Post
Same thing here.... Vanguard mailed the check on Aug 12 and they have told me the same thing....I'll be pissed if I don't get the 3.5%... perhaps enough to have then send it back to Vanguard for spite even if they are offering a decent rate but below 3.5%.

What really makes me made is that they called me when they received my transfer paperwork and I told them that I wanted them to instruct Vanguard to wire it.... they said if I had wanted that that there was a section of the application that I should have filled out but they said that they would requet Vanguard to wire it... Vanguard said that the paperwork that they received did not request a wire which is why the sent the check by mail. If they don't give me the 3.5% because they didn't request a wire as they told me I may complain to their regulator.
Crap. They've dropped it to 3.25%. I don't think it's enough of a drop for me to tell them to send it back but it's really annoying.

https://www.navyfederal.org/products...ates-rates.php
bmcgonig is offline   Reply With Quote
Old 08-19-2019, 04:30 AM   #560
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,008
The US 2 year treasury is a good indicator of future short term/cash interest rates. Right now it’s around 1.5%. So we could expect to see savings and MM rates gradually drift down to that level.

Of course markets can changed their mind, and rates go back up before reaching that level.....
__________________
Retired since summer 1999.
audreyh1 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Best CD & MM Rates Thread 2018 Archive ShokWaveRider FIRE and Money 820 01-21-2019 02:26 PM
When you put 2019 as your retirement year, does Firecalc assume January 1st, 2019 ? cyber888 FIRECalc support 12 09-26-2018 09:46 AM
Noticed more people holding signs "need work or food" rayinpenn Other topics 3 05-03-2015 02:51 PM

» Quick Links

 
All times are GMT -6. The time now is 03:20 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.