Best CD & MM Rates Thread 2019 - Please post updates here

[lordjust]

What about this Chase offer? Perhaps this was mentioned already.
https://accounts.chase.com/consumer/banking/online/sapphirebanking

so just meet with their banker .. deposit $75k and you get $1k after 90 days ?

 

[braumeister]

You have to leave that $75K there (minimum balance) or there is a $25/month service fee. So probably best to watch the timing and just leave it there the 90 days.

 

[Dtail]

so just meet with their banker .. deposit $75k and you get $1k after 90 days ?

You have to leave that $75K there (minimum balance) or there is a $25/month service fee. So probably best to watch the timing and just leave it there the 90 days.

Not only leaving the 75k there for 90 days, but it appears that the 1k will be deposited in another 10-12 business days after the 90 days, so effectively it is for 3.5 months.

Still ~4.5% effective annual rate.

 

[calmloki]

Haven't looked at this, but does small print have a penalty for closing account before, say, 6 months?

 

[jazz4cash]

I did ask Chase the question if I could use perhaps my Fidelity Brokerage or Roth account for the source of the direct deposit. The response was no, unfortunately those do not qualify. According to the terms for the direct deposit - needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Oh well. Maybe someone else can benefit.

I would think a monthly deposit from an IRA or 401k Account should be treated as pension. I would give it a try

 

[Dtail]

Haven't looked at this, but does small print have a penalty for closing account before, say, 6 months?

If you are referring to my Chase 1k post, there is nothing in the small print which I can see about length of time the checking account must stay open, except for the ~3.5 months.

Before the 11/9 deadline, I will be visiting a Chase branch near me to confirm there are no unusual gotchas.

 

[calmloki]

If you are referring to my Chase 1k post, there is nothing in the small print which I can see about length of time the checking account must stay open, except for the ~3.5 months.

Before the 11/9 deadline, I will be visiting a Chase branch near me to confirm there are no unusual gotchas.

We have some Marcus savings that would be available before the deadline and I don't see any limit other than the 3.5 months or so either. Unfortunately the Gal is happy with her Chase Sapphire card and Private client status so I don't think we qualify.

 

[pb4uski]

If you are referring to my Chase 1k post, there is nothing in the small print which I can see about length of time the checking account must stay open, except for the ~3.5 months.

Before the 11/9 deadline, I will be visiting a Chase branch near me to confirm there are no unusual gotchas.

Could we double dip and do a his account and a her account? I didn't see anything about one per household.

That might make it more worth the effort.

 

[lordjust]

If you are referring to my Chase 1k post, there is nothing in the small print which I can see about length of time the checking account must stay open, except for the ~3.5 months.

Before the 11/9 deadline, I will be visiting a Chase branch near me to confirm there are no unusual gotchas.

Just went into the branch "without" my code. You have to have it to get them to help you. I asked about just having the money there for 3.5 months and then lowering the account back down from sapphire status. "supposedly" it wont be an issue in the future. I will be taking advantage of the opportunity.

 

[lordjust]

Nothing on the document they handed me has a per household limit. You have 45 days to transfer the money in sooo..... i think it would be worth the effort to try and open two accounts. If not, just cancel the account before they hit you with the $25/mo fee.

 

[Montecfo]

A local credit union offers a 6 year CD with these key terms:

- One-time penalty free withdrawal of up to half the balance
- ability to add unlimited $ to it at any time
- ability to extend the term by a minimum of 6 months (no stated max)
-early withdrawal penalty is 180 days on the amounts exceeding 50% of balance.
- 3.35%

Seems pretty attractive in this low-rate (heading lower) environment.

 

[jazz4cash]

Yep. Sounds pretty good to me. Mind sharing the name in case others that qualify are interested?

 

[Montecfo]

Signal Financial Federal CU. Just available locally in DC area. It is on deposit accounts.

Which, I guess could include you!

 

[audreyh1]

While I'm not interested, I'm just wondering.... would an automated monthly transfer from one you your other accounts qualify as a direct deposit? So I set up and automated transfer of $1,500 on the 1st of each month from one of my other accounts... and then every 6 months get online and reverse it by transferring $9k from the Chase account back to the regular account... rinse and repeat.

Yes, my two transfers from FIDO to chase qualified, so I got the bonus.

Doctor of Credit including comments is pretty good at sussing out the details.

 

[audreyh1]

I did ask Chase the question if I could use perhaps my Fidelity Brokerage or Roth account for the source of the direct deposit. The response was no, unfortunately those do not qualify. According to the terms for the direct deposit - needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Oh well. Maybe someone else can benefit.

They lied to you. I don’t think they can tell the difference. I just did transfers from my Fido brokerage (non IRA). It qualified.

 

[Sunset]

They lied to you. I don’t think they can tell the difference. I just did transfers from my Fido brokerage (non IRA). It qualified.

I've had Chase rep's lie to me before.
It concerned opening a savings account for the bonus, and how much had to remain in the account from month 3 to month 6.
Of course the rep claimed it had to be the full many thousands, but the very small print buried in the details revealed it to be only a small amount needed after the 3 months.

Still I like the online banking part of the bank.

 

[Lsbcal]

This thread is about CD's and MM's. But what about short term bonds? If you hold them through their durations (at least) you are likely to get the SEC yield as I understand it. Plus even if rates go up you then are set to profit from those higher rates.

Some comparisons:
VFSUX Short term investment grade, 2.30% SEC yield, 2.6 yr duration
VSCSX, Short term corporate bond, 2.23% SEC yield, 2.4 yr duration
VMMXX, money market, 1.97% SEC yield

The objection that I can see is that short term IG bonds dropped in the 2008-2009 decline. If you look at the data it was clear that as stocks started to sell off in 2009 it would have been easy (and profitable) to move those IG bonds to short term treasury bonds (like VFIRX). It does take a bit of awareness though.

Here is a chart showing that 2008-2009 period we all remember:

I am mentioning this because of a recent inheritance and hence excess cash now.

Opinions?

 

[Montecfo]

This thread is about CD's and MM's. But what about short term bonds? If you hold them through their durations (at least) you are likely to get the SEC yield as I understand it. Plus even if rates go up you then are set to profit from those higher rates.

Some comparisons:
VFSUX Short term investment grade, 2.30% SEC yield, 2.6 yr duration
VSCSX, Short term corporate bond, 2.23% SEC yield, 2.4 yr duration
VMMXX, money market, 1.97% SEC yield

The objection that I can see is that short term IG bonds dropped in the 2008-2009 decline. If you look at the data it was clear that as stocks started to sell off in 2009 it would have been easy (and profitable) to move those IG bonds to short term treasury bonds (like VFIRX). It does take a bit of awareness though.

Here is a chart showing that 2008-2009 period we all remember:

I am mentioning this because of a recent inheritance and hence excess cash now.

Opinions?

I use ST bond funds but that is usually discussed in different threads. People seem to prefer to discuss their safest type funds here.

 

[Lsbcal]

I use ST bond funds but that is usually discussed in different threads. People seem to prefer to discuss their safest type funds here.

OK, if this is deemed inappropriate to this thread then everyone can ignore it. I absolutely do not mean to imply that others should avoid MM's or CD's.

It is just that I am dithering between ST bonds and a MM fund. Probably won't go with CD's as I'd like to keep it all at Vanguard and don't want brokered CD's.

 

[njhowie]

Not GTE?

Money going to Simple - $250 for $10k or $500 for $20k, money just has to sit there for 10 weeks. Open account now with $0, fund by 11/15.

https://www.simple.com/offer-v2

 

[Dtail]

Money going to Simple - $250 for $10k or $500 for $20k, money just has to sit there for 10 weeks. Open account now with $0, fund by 11/15.

https://www.simple.com/offer-v2

A better deal than the Chase 1k bonus, or if one has 95k they can do both.

 

[Montecfo]

I did go ahead and set up some CDs at Signal Financial Federal CU. I did the 6 year term. You can add at any time, providing downside protection. You can extend the term at the then-current rate, which provides upside opportunity. And you get one penalty free withdrawal per CD of up to 50% of the balance. Otherwise, 180 days interest penalty, not bad. 3.35%

Just available in DC, Md and Va.

 

[dvalley]

A better deal than the Chase 1k bonus, or if one has 95k they can do both.

True and that's why I wanted to jump on this one but then I calculated the difference between what VMMXX pays 1.97% currently (fully liquid) vs. this deal's 2.5% and the $100 hardly seems worth the effort. I used to have PenFed's 5% that matured last year but since then I haven't found a good offer like that so I've been keeping it in VMMXX.

 

[Dtail]

True and that's why I wanted to jump on this one but then I calculated the difference between what VMMXX pays 1.97% currently (fully liquid) vs. this deal's 2.5% and the $100 hardly seems worth the effort. I used to have PenFed's 5% that matured last year but since then I haven't found a good offer like that so I've been keeping it in VMMXX.

How is the calculated difference only $100?
Using 20k, VMMXX will provide ~ $83 for 2.5 months vs. the $500 bonus at Simple.

 

[dvalley]

How is the calculated difference only $100?
Using 20k, VMMXX will provide ~ $83 for 2.5 months vs. the $500 bonus at Simple.

I did the annual calculation

$20k x .00053 (2.5-1.97 APY) = $100

But...you have a valid point that this is for just 2.5 months so it's a great deal! Thanks!