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Old 01-21-2019, 02:31 PM   #141
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I have just moved one from PenFed to Vanguard. Did it all by email, took 2 full business days for the money to get to Vanguard. I sent the email at 5pm on day 0, had confirmation of a properly filled out form by 7pm day 0, money was in VG by Afternoon of Day 2
Did you initiate the transfer with Vanguard or with PenFed?
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Old 01-21-2019, 03:04 PM   #142
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Did you initiate the transfer with Vanguard or with PenFed?
PenFed, I downloaded the forms, filled them out and emailed them to PenFed. Their CS dept. helped with all the details. PenFed does not allow any external entity to pull IRA funds. Saved 2 days by doing it direct with PenFed. Otherwise the same forms would need to be filled out and then mailed to VG who in turn would have to send them to PenFed.

Like anything else, research the rules and requirements before you need to actually do anything. I checked and had everything all lines up 1 month before maturity.
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Old 01-21-2019, 11:01 PM   #143
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I just noticed Penfed dropped their 5 year and 7 year CD rate from 3.5% APY to 3.35% APY for non-IRA CD.

So I just got in under the wire on the 3.50% deal. Got into a bunch of those a few days ago! But my old Penfed CDs which are renewing 1/24/19 will be renewing at the new 3.35% rate, assuming no further change. Arghhh. Oh well, I'm not going to shop around for a better deal.
I went to Penfed last week to authorize roll over of my cd and ira. Representative told me the rates would be good to the end of the month. I'm not sure I will get the higher rate on the 23rd when it rolls over. I guess I'll call tomorrow and find out. The IRA rolls over beginning of Feb.



When I transferred my Roth IRA to Penfed about 5 years ago, it took forever to get the money transferred from Fidelity. I had to set up camp at the local Fidelity office to make it happen and was very disturbed with them.
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Old 01-22-2019, 05:22 PM   #144
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I just rolled over a $100,000 CD for 18 months at 2.90% with Summit State Bank. They've been offering this same rate for awhile and I had hopes it would reach 3% by today. With my luck it'll be 3.10% tomorrow!
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Old 01-22-2019, 05:38 PM   #145
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I finally realized that DH qualifies us to join NFCU, but I'm not sure it's worth it for the single CD $50K limit, even though the 17 month CD has a 3.25% APR.
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Old 01-22-2019, 06:36 PM   #146
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VMMXX is up to a compound yield of 2.50%.
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Old 01-22-2019, 11:47 PM   #147
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Originally Posted by audreyh1 View Post
I finally realized that DH qualifies us to join NFCU, but I'm not sure it's worth it for the single CD $50K limit, even though the 17 month CD has a 3.25% APR.

From my experience, you should consider more than just this CD. Currently, they also have a 40-month 3.75% IRA CD (capped at $150K). I've topped up the 17-month one. I should have the IRA one topped up next month.


They periodically have odd term CDs with good rates. In August 2017, there was 5-month 3.0% one (untouchable at the time). In just under 2 months, I have a 2.25% 15-month CD maturing. That might not sound great now, but, 13 months ago it was pretty good.


As an institution, they are not without their quirks. You can ACH into their share accounts, but, not out. I've also set up a checking account ($0 minimum) to ACH money out.
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Old 01-23-2019, 05:50 AM   #148
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Originally Posted by audreyh1 View Post
I finally realized that DH qualifies us to join NFCU, but I'm not sure it's worth it for the single CD $50K limit, even though the 17 month CD has a 3.25% APR.

Audrey, my DH joined NFCU last week and after several days of on line application, uploading of docs and unfreezing of credit he opened a joint share account and a 17 mo CD. We are joint owners of the share account and CD. I then learned from one of their CSR's that I qualify for membership as well, as the relative of the qualifying member and even though I am joint on the CD, I was told if I join as a member, that we can open another $50,000 CD with Me as member and DH as joint owner, so $100,000 max, one per member. We are contemplating doing it.

I must say though that their process is not as smooth as NASA's for example. You can arrange for a free transfer with a verbal conversation with a CSR. I did this to fund the share account with $55, from my B&M bank, $5 for the Share account and $50 to start the CD. That was a 2 step process of $55 to the share account and then open a CD and fund with a transfer from the share ac. The $55 from B&M did happen overnight though. I then planned to push from Ally the remaining $49, 950 to the share account. In order to set up NFCU with Ally you of course have to verify. Instant verification did not work. Next choice was the small deposits method, which I thought worked, but after pushing the funds on 1/16 from Ally and not seeing them show up after 2 days, I realized the transfer was rejected and went back to Ally. After another phone call with NF, I found out that Ally wants to be able to pull and push. NF will not allow a pull, at least from a share account, so Ally disabled the link. They tried to pull back the small deposits before pushing the $49K, but the pull did not work. On that same call to NF, I arranged for a transfer again with NF as I had for the $55. I arranged for that on the 18th, but the funds only showed up overnight today. There was a holiday of course this week, but I found the time factor annoying. I did figure out finally though that I could open a checking account at NF which Ally can push and pull from, so if you decide to go through this, my suggestion is to open a checking account as well as your transfer vehicle.

Sorry about the long winded details, but you are so helpful, I thought I'd relay my experience to you.

Oh and the EWP is 180 days.

And I also just realized that Adrift laid all of this out, with many fewer words😬

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Old 01-23-2019, 01:36 PM   #149
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Just saw this when logging into my account: All America Bank & Red Neck Bank are now paying 2.50% on their mega money market fund. $50K limit (on each, so a couple couple theoretically have 200K in total at that rate), no mininum. https://www.allamerica.bank/ and https://redneck.bank/

Note that they have a $5K limit on ACH's in or out (per day), but I was easily able to have them raise the limit for me a while back for an inbound ACH (by chatting with/calling the CSR).
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Old 01-23-2019, 01:49 PM   #150
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^^^ That's the same yield as VMMXX and no limits... but not FDIC insured.
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Old 01-23-2019, 02:02 PM   #151
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Originally Posted by adrift View Post
From my experience, you should consider more than just this CD. Currently, they also have a 40-month 3.75% IRA CD (capped at $150K). I've topped up the 17-month one. I should have the IRA one topped up next month.


They periodically have odd term CDs with good rates. In August 2017, there was 5-month 3.0% one (untouchable at the time). In just under 2 months, I have a 2.25% 15-month CD maturing. That might not sound great now, but, 13 months ago it was pretty good.


As an institution, they are not without their quirks. You can ACH into their share accounts, but, not out. I've also set up a checking account ($0 minimum) to ACH money out.
Iím not considering moving around IRA money. Thatís just too many hoops.

Thanks for the tips about ACH out.
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Old 01-23-2019, 02:04 PM   #152
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Originally Posted by Golden sunsets View Post
Audrey, my DH joined NFCU last week and after several days of on line application, uploading of docs and unfreezing of credit he opened a joint share account and a 17 mo CD. We are joint owners of the share account and CD. I then learned from one of their CSR's that I qualify for membership as well, as the relative of the qualifying member and even though I am joint on the CD, I was told if I join as a member, that we can open another $50,000 CD with Me as member and DH as joint owner, so $100,000 max, one per member. We are contemplating doing it.

I must say though that their process is not as smooth as NASA's for example. You can arrange for a free transfer with a verbal conversation with a CSR. I did this to fund the share account with $55, from my B&M bank, $5 for the Share account and $50 to start the CD. That was a 2 step process of $55 to the share account and then open a CD and fund with a transfer from the share ac. The $55 from B&M did happen overnight though. I then planned to push from Ally the remaining $49, 950 to the share account. In order to set up NFCU with Ally you of course have to verify. Instant verification did not work. Next choice was the small deposits method, which I thought worked, but after pushing the funds on 1/16 from Ally and not seeing them show up after 2 days, I realized the transfer was rejected and went back to Ally. After another phone call with NF, I found out that Ally wants to be able to pull and push. NF will not allow a pull, at least from a share account, so Ally disabled the link. They tried to pull back the small deposits before pushing the $49K, but the pull did not work. On that same call to NF, I arranged for a transfer again with NF as I had for the $55. I arranged for that on the 18th, but the funds only showed up overnight today. There was a holiday of course this week, but I found the time factor annoying. I did figure out finally though that I could open a checking account at NF which Ally can push and pull from, so if you decide to go through this, my suggestion is to open a checking account as well as your transfer vehicle.

Sorry about the long winded details, but you are so helpful, I thought I'd relay my experience to you.

Oh and the EWP is 180 days.

And I also just realized that Adrift laid all of this out, with many fewer words��

Sent from my iPad using Early Retirement Forum
Oh, OK. As a spouse of a qualifying member I realized that I also qualified for membership, but didn’t consider that we each would be eligible to open one of those CDs. Thanks for the tip!
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Old 01-23-2019, 02:48 PM   #153
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Connexus Credit Union - 3-year CD = 3.35% - 5-year CD = 3.63%
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Old 01-23-2019, 04:17 PM   #154
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^^^ That's the same yield as VMMXX and no limits... but not FDIC insured.
Not sure I am reading this right, or what you are quoting, but All America Bank/Red Neck bank are FDIC insured: https://www5.fdic.gov/idasp/external...?inCert1=20093

Or were you trying to say that VMMXX has no limits, but is not FDIC insured, i.e. the "not FDIC insured" refers to VMMXX and not All America/Redneck?

Isn't the English language fun?
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Old 01-23-2019, 04:47 PM   #155
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I meant that VMMXX is not FDIC insured but has no limits and current yield is 2.5%.

I thought it would be evident that a brokerage money market fund was not FDIC insured but that bank money market accounts are FDIC insured but just wanted to call attention to that difference.
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Old 01-23-2019, 04:56 PM   #156
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I meant that VMMXX is not FDIC insured but has no limits and current yield is 2.5%.

I thought it would be evident that a brokerage money market fund was not FDIC insured but that bank money market accounts are FDIC insured but just wanted to call attention to that difference.
I use the Fidelity version which is 12 bps behind VMMXX, but usually they move up a little in response, but always behind.
I don't feel the "break the buck" risk is an issue of any kind, i.e. if Vanguard or Fidelity break the buck, then there are way more serious issues going on.
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Old 01-23-2019, 05:26 PM   #157
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Amen.
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Old 01-24-2019, 05:36 AM   #158
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I went to Penfed last week to authorize roll over of my cd and ira. Representative told me the rates would be good to the end of the month. I'm not sure I will get the higher rate on the 23rd when it rolls over. I guess I'll call tomorrow and find out. The IRA rolls over beginning of Feb.



When I transferred my Roth IRA to Penfed about 5 years ago, it took forever to get the money transferred from Fidelity. I had to set up camp at the local Fidelity office to make it happen and was very disturbed with them.
In early January the Penfed rep told me the 3.50% rate was good for the entire month of January. I took out some cds right away at 3.50% since customer service people are so often wrong. Also found out from penfed rep yesterday that we have a 10 day grace period after renewing a cd, to reconsider, ie, cancel it and do something else with the money.
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Old 01-24-2019, 06:08 AM   #159
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I think 3 years CDs with anything over 3% is my sweet spot for our first quarter maturities.
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Old 01-25-2019, 11:21 AM   #160
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Finally a decent rate available in Southern California. Premier America Credit Union (open to LA and Ventura County residents) now has a 17 month 3.20% CD. EWP is 180 days worth of dividends, which I can live with.

I think this is where I'm going to park much of my short term cash.
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