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

[Timeisprecious]

Quote:

Originally Posted by njhowie I like how Ally has implemented their website and makes it extremely easy to do everything in comparison to others I've dealt with over the years. Ally's savings rate is currently 1.9% so it's still making something. Also, that 2.52% savings rate at Vio is now 2.42% https://www.viobank.com/online-savings-account

Yep - I didn't check the rate this morning, but I got in on this offer not too long ago. So far I've been happy with Vio's customer service with no problems whatsoever, and the last I checked they offered the highest rate available on savings accounts.

[calmloki]

Yesterday some Navy certificates matured. Plan was to stick them in the GTE account I'd opened, but Navy had 5 year certs at the same 3% as GTE's 5 year. Given the recent GTE drama there was no good reason to move from Navy. I'd kicked the can down the road and have a number of short term certificate/savings things maturing in the next couple months, so do appreciate having the GTE as a backup account, just no advantage in using it yet.

[wolf]

Quote:

Originally Posted by Golden sunsets I am in the process of opening a CD at PSECU. 3 year 3.25%. NCUA insured. Membership, if one does not meet the local eligibility criteria, is a one time $10 fee to join a local Parks and Recreation entity. The CU is rated A. The only thing I've run into so far that is a bit inconvenient, is one can only get the funds into the CU via wire or snail mail. ACH's are limited to $1,500. When the CD matures, one can retrieve the funds via wire for $10, or snail mail check.

Interesting. Pennsylvania credit union. On their website now. Sat. So cannot call them for details.

1. Noticed on their website. They belong to the "ATM collective network".
Allows access to withdrawal and "depository" ATMs.

2. I think I remember a poster saying, you could open a CD, make your
deposit at your local CU ATM. Avoid snail mail and wire.

3. When you called them. Will they "hold" the special 3.25% rate, while
your $ deposit is in the mail?

4. Also, I read this on their website:

If you withdraw money early from a 3 to 24 month certificate, you’ll lose 90 days’ worth of earnings on the principal amount you withdraw, whether or not the certificate has earned an initial dividend. If you withdraw money early from a 36 to 60 month certificate, you’ll lose 180 days’ worth of earnings on the withdrawn principal amount, whether or not the certificate has earned an initial dividend. Penalties are deducted from the certificate value and calculated at the certificate’s annual dividend rate.

5. Need clarification. Sounds like you cannot withdraw the "interest" earned
on your CD's. Without incurring the EWP.

If you have an update, will be appreciated.

[Golden sunsets]

Wolf; I completed the app yesterday. I was approved today. I intend to wire money in on Monday and open the CD on Tuesday. I will check with them to make sure the rate has not changed and ask the question about what would happen if they changed the rate overnight while funds are in transit. Their membership and new accounts departments have been very helpful.

Regarding your points 3 and 4, I assume they would invade principle if you hadn't had funds on deposit for the length of the early withdrawal period. Is that not the way most institutions work?

On point 5, I honestly did not review the withdrawal of interest issue, as we don't routinely withdraw interest.

[RetiredAndLovingIt]

This post may be of interest to anyone that moved their IRA to Achieva last year when they had the 4.12% APY, they have reduced the excess share insurance amount.
https://www.depositaccounts.com/bank...tml#promo39132

[jazz4cash]

On withdrawal of interest it says.....
“If you withdraw money early from a 3 to 24 month certificate, you’ll lose 90 days’ worth of earnings on the principal amount you withdraw, whether or not the certificate has earned an initial dividend. “

I read that as the EWP calculation is based on the amount of principal so if you withdraw interest only the EWP wools be 0.

[Golden sunsets]

Quote:

Originally Posted by wolf Interesting. Pennsylvania credit union. On their website now. Sat. So cannot call them for details. 5. Need clarification. Sounds like you cannot withdraw the "interest" earned on your CD's. Without incurring the EWP. If you have an update, will be appreciated.

Opened the CD this morning at PSECU. There is an option for withdrawing the interest monthly, either by transferring automatically to your share account, or receiving a check in the mail. And they will allow ACH's up to $1,500 so if one wanted to, one could transfer from the share account to their account at another institution. Also funds wired by Ally showed up the same day as date of transfer out of Ally.


Now our previous certificates all invested in short term higher rates, have finally been deployed into our long term goal of a 5 year ladder with an average yield of 3.24%

[njhowie]

Just received from Ally...

Quote:

njhowie, the Annual Percentage Yield (APY) on your Online Savings Account will be moving from 1.90% to 1.80% on all balance tiers. Your new APY is effective 10/10/2019 and will show online in your account details on 10/11/2019.

[Dtail]

Quote:

Originally Posted by njhowie Just received from Ally...

Just great.

[Henry Lili]

Quote:

Originally Posted by Dtail Just great.

If you're looking to park cash for 2-3 years, many Credit Unions have better rates on CDs. Been the case for a long time. Not so good on MM/Savings. Best bet for me has been small/mid size local banks.

[Dtail]

Quote:

Originally Posted by Henry Lili If you're looking to park cash for 2-3 years, many Credit Unions have better rates on CDs. Been the case for a long time. Not so good on MM/Savings. Best bet for me has been small/mid size local banks.

Yes been doing that too with 5 year GTE CD's, but need to stay more liquid with some monies for living expenses for taxable for ACA management.

[Free To Canoe]

Quote:

Originally Posted by Golden sunsets I am in the process of opening a CD at PSECU. 3 year 3.25%. NCUA insured. Membership, if one does not meet the local eligibility criteria, is a one time $10 fee to join a local Parks and Recreation entity. The CU is rated A. The only thing I've run into so far that is a bit inconvenient, is one can only get the funds into the CU via wire or snail mail. ACH's are limited to $1,500. When the CD matures, one can retrieve the funds via wire for $10, or snail mail check.

This is why I love the posters at ER. I have been looking for a good credit union near me and now I found it. This one fits the bill. Me and DW are naturally eligible and they have a brick and mortar presence nearby, too.

[Golden sunsets]

Quote:

Originally Posted by Free To Canoe This is why I love the posters at ER. I have been looking for a good credit union near me and now I found it. This one fits the bill. Me and DW are naturally eligible and they have a brick and mortar presence nearby, too.

Great. Glad you've found a good fit. They change CD rates only on Mondays, so if you plan on opening a CD, you may want to keep that in mind.


Sent from my iPad using Early Retirement Forum

[jim584672]

These CU places usually have very restrictive ACH policies. The way around them is to initiate the transfer from the outside, this seems to fix the problem, and no need for wires.

[rpguy4]

Received this offer from Chase.com. When you open both a Chase Checking and Chase Savings account, receive $600. The gotcha for us is that I may not qualify for the Chase Checking incentive due to NOT having a qualified direct deposit.



To get the full $600 you need a $15K deposit in the savings accounts, and $1500 deposit in the checking account. The accounts have to be open for 6 months.


Appears to be a good deal, if you compare it to an internet bank or a 6 month CD somewhere. But is it worth the hassle ? (Important to read/reread the requirements)



https://accounts.chase.com/consumer/...sehome_3/trip1

[jazz4cash]

Quote:

Originally Posted by rpguy4 Received this offer from Chase.com. When you open both a Chase Checking and Chase Savings account, receive $600. The gotcha for us is that I may not qualify for the Chase Checking incentive due to NOT having a qualified direct deposit. To get the full $600 you need a $15K deposit in the savings accounts, and $1500 deposit in the checking account. The accounts have to be open for 6 months. Appears to be a good deal, if you compare it to an internet bank or a 6 month CD somewhere. But is it worth the hassle ? (Important to read/reread the requirements) https://accounts.chase.com/consumer/...sehome_3/trip1

Great deal. Looks like you can maintain (fairly low) minimums in each account r
In lieu if direct deposit.

Chase is weird around here. There’s a few branches but they’re more focused on business banking.

[Drake3287]

Those same Chase deal's have been around for years. Nothing new and of course the direct deposit is the big issue. The typical on-again, off-again Ally and Capital One cash back deal's are always a much better way to go.

[pb4uski]

Quote:

Originally Posted by rpguy4 Received this offer from Chase.com. When you open both a Chase Checking and Chase Savings account, receive $600. The gotcha for us is that I may not qualify for the Chase Checking incentive due to NOT having a qualified direct deposit....

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.

[rpguy4]

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.

[Dtail]

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