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

[Spock]

Ad showed up in Mint today for a 2.45% savings account at CIT.

25K minimum to get that rate.

https://www.cit.com/cit-bank/tiered-savings-account-savings-builder-direct/

 

[njhowie]

Figures..but doesn't make a whole lot of sense, either, if we assume the Fed actually will do 2 rate increases in '19.

You shouldn't assume 2 rate increases in '19...that is so last week.

All of a sudden, consensus believes there is a pause coming with many believing no hikes in 2019.

 

[almost there]

Just added a 5 yr through Ch Sch / Goldman Sachs CD @ 3.4%.
Sure wish Ally would move up from 3.10% on their 5 yr. But I don't look for it.
Will probably transfer the last of my IRA funds out of Ally today.
All they offer is a good 1 yr. and a 2% sav. They really have changed over the yrs.
Paid 150 day penalty to break from a 2% Ally 5 yr CD with 2.5 yrs to go on 12/31/18.
Unless I move to yet another institution 3.4% is as good as it gets for me on a 5 yr.
Have accounts with Ally, Charles Schwab, Navy Fed, Mountain America, and one other local credit union. Hate the thought of adding yet another institution to the rabble. Would think 5 should do it? with 750k to invest...

 

[almost there]

You shouldn't assume 2 rate increases in '19...that is so last week.

All of a sudden, consensus believes there is a pause coming with many believing no hikes in 2019.

This is getting as convoluted as the stock market.
Good jobs numbers today could change next weeks % forcast.

 

[Dtail]

Just added a 5 yr through Ch Sch / Goldman Sachs CD @ 3.4%.
Sure wish Ally would move up from 3.10% on their 5 yr. But I don't look for it.
Will probably transfer the last of my IRA funds out of Ally today.
All they offer is a good 1 yr. and a 2% sav. They really have changed over the yrs.
Paid 150 day penalty to break from a 2% Ally 5 yr CD with 2.5 yrs to go on 12/31/18.
Unless I move to yet another institution 3.4% is as good as it gets for me on a 5 yr.
Have accounts with Ally, Charles Schwab, Navy Fed, Mountain America, and one other local credit union. Hate the thought of adding yet another institution to the rabble. Would think 5 should do it? with 750k to invest...

Still with Ally for now for savings, but they also offer the no penalty CD at 2.3%, so effectively that is their savings rate for true unused cash.

 

[audreyh1]

You shouldn't assume 2 rate increases in '19...that is so last week.

All of a sudden, consensus believes there is a pause coming with many believing no hikes in 2019.

Except today after the strong jobs report. Now we’re back to possible raises again!

 

[sheehs1]

I'm planning on withdrawing the money from some 1.8 % cd's and taking the 6 month penalty and reinvesting in Penfed cd's for the 3.5 % 5 year term. Penfed says I don't have to contact my other bank/credit union in order to do the ACH transfer. I just give Penfed the routing number of my bank/credit union, and my checking or savings acct number there, make sure I have enough cash in the account, and they make it happen. No passwords needed. I just enter some personal identifying details in the phone tree system when I call Penfed. I'm already a member of Penfed, and I'll be requesting the transfer over the phone. I assume the ACH algorithm will verify IP addresses of Penfed and my bank, and who knows what else to make sure it is a legit transfer. Sound right? I have no reason to doubt Penfed, just asking, sort of out of curiosity. Thanks

PenFed makes it easy to set up an external account. It may take a couple or three days for an ACH transfer though. PenFed has to send 2 small cents (less than $1.00 each) transactions to the external account. Once those small transaction amounts appear in your external account, all you need to do is hit the "verify" button on PenFed screen, enter the amounts that posted and you are done in terms of setting the external account up.
When I wanted to ACH the interest that had earned on my CD's the last 5 years to my external account (leaving the principle to reinvest), after doing one ACH transfer that took 5 business days, I ended up doing a wire transfer for the remaining amount. It would have taken me forever to transfer out in $5,000 increments. The wire was done within 12 hours. Pen Fed has a limit of $5,000 for each ACH transfer out. Not sure if that is the same for ACH transfers in as I can not remember what I did 5 years ago. But I think they accepted the large amounts without a hitch. There is a fee in both directions for a wire transfer. Was surprised my external account bank charged me to receive the wire-$15.00 and Pen Fed charged me $20.00. Although I should not have been surprised.

 

[audreyh1]

To fund a CD at PenFed I was never constrained by their ACH limit. They pulled $25K (the size I bought for each CD) at a time from my bank account - no established link was required.

 

[sheehs1]

To fund a CD at PenFed I was never constrained by their ACH limit. They pulled $25K (the size I bought for each CD) at a time from my bank account - no established link was required.

That is interesting audreyh1 because I was.
I also had to do the same when transferring my accumulated interest out of Pen Fed to a newly established external account.
It wasn't a problem. Just took time.

 

[audreyh1]

I now initiate all transfers to/from PenFed at my brokerage. This avoids the annoyingly small PenFed ACH limits.

However - those initial PenFed CD purchases. They pulled from my bank.

 

[sheehs1]

Got it audreyh1. I was using a bank account. I'll have to consider my brokerage account in the future!

 

[almost there]

Brokered 5 YR CD's sold out yesterday at Charles Schwab. Must have got the last one. LOL LOL
1st time I have seen this.........From dozens to 0.

 

[ShokWaveRider]

^^^^^^^^^^ They have at Vanguard too.


Columbia Credit Union (WA/OR) 30-Month CD Earns Up To 3.60% APY

Limited to Washington / Oregon States

 

[njhowie]

Brokered 5 YR CD's sold out yesterday at Charles Schwab. Must have got the last one. LOL LOL
1st time I have seen this.........From dozens to 0.

Indeed - similar at Fidelity. On Monday there was a total of only 45 new issue CDs available across all maturities. It had gotten up to 115 at one point during the week, but now back down to 65 total. Only three 5-years left - one each at 3.2% (call protected), 3.6% (callable), and a JPM step-up starting at 3.0%. Only two remaining for 10-years at 3.45% and 3.55%.

It's a similar case with secondary market offerings - significantly less available for longer maturities and the yields have come down. Top yield is 3.75% for 10 to 15 year maturity. A few weeks ago I was able to pick some up at 3.9%-4.1%.

It appears that folks are beginning to panic and grab whatever they can get.

 

[calmloki]

...
Columbia Credit Union (WA/OR) 30-Month CD Earns Up To 3.60% APY
Limited to Washington / Oregon States

Ooo! Ooo! Now if it can just last through the month - we have a chunk at Ally in a $1000 bonus savings account that could move here real happily. Want to be real sure we get qualified for the $1000 Ally bonus though.

 

[John Galt III]

I wonder how large the hit has been to PenFed's deposit base as a result of this change in policy and competitive rate availability elsewhere? I suspect it has been substantial.

Well, their customer service reps are busy doing something. The 2 times I called Penfed last week, I had to wait on hold for about 15 minutes each time. At this point I do plan on getting some cd's with them, for the 3.5 % 5 year option, even with the 1.5 year early withdrawal penalty. I think the deposit base at my other credit union might be taking a hit, though. It's 1.8 % there for my existing 5 year cd's. And their *new* 5 year rate is only 2.1 %. I would imagine the flood gates are open, with folks bailing out.

 

[almost there]

15-30 minute wait time at Ally all last week....

 

[erkevin]

I went ahead (yesterday) and pulled the trigger on several brokered CDs through TD Ameritrade. Two 5-yr at 3.4% and a 1-yr at 2.6%. These were issued by Citibank and BofA respectively

 

[njhowie]

I went ahead (yesterday) and pulled the trigger on several brokered CDs through TD Ameritrade. Two 5-yr at 3.4% and a 1-yr at 2.6%. These were issued by Citibank and BofA respectively

Good job!

My view has always been not to fret too much over the rate you get. Unless you are investing a couple million, the additional 0.1% or 0.2% you might be able to get is not going to make too much of a difference. Further, if you wait, rates may continue lower, and in the mean time you'd be sitting in a cash account missing out on the differential.

I am rolling out maturing CDs and municipal bonds monthly. I've found it best to hunt around for a day or two at most (I'm actually doing the hunting in the days prior to maturity so I'm ready to go when the money is released) and go with what's available to you.

 

[ShokWaveRider]

I think banks and CUs will always want our money to lend to others at more than what they give us. So there will be plenty more CDs in the coming months. In the meantime ~2.4% for hard money in MM is just fine.

 

[erkevin]

I just went back to TD Ameritrade to maybe purchase another CD and......they.....are......all.......gone. Well, almost; a 3 year and a 7 year are still offered, but at much lower rates. There appeared to be quite a few short-duration CDs still available, however

 

[njhowie]

I just went back to TD Ameritrade to maybe purchase another CD and......they.....are......all.......gone. Well, almost; a 3 year and a 7 year are still offered, but at much lower rates. There appeared to be quite a few short-duration CDs still available, however

I mentioned earlier this morning (near the end of previous page of replies) that there were 65 available at Fidelity, now there are only 57. Still the same number of 5 and 10 years, though the number of each available is going down. Sure seems that it is indeed a mad rush flight to quality.

Only two 3-year remaining at 2.75% and 2.8% and two 4-year remaining at 3.0%.

 

[Another Reader]

I mentioned earlier this morning (near the end of previous page of replies) that there were 65 available at Fidelity, now there are only 57. Still the same number of 5 and 10 years, though the number of each available is going down. Sure seems that it is indeed a mad rush flight to quality.

Only two 3-year remaining at 2.75% and 2.8% and two 4-year remaining at 3.0%.

Sallie Mae and Live Oak Savings are offering 3.0 percent with directly purchased 24 month CD's. Only $2,500 minimums at both institutions. I have money at both institutions and I am tempted. VUSXX is at 2.31 percent compounded right now and Sallie Mae MM and savings are both at 2.20 percent for reference.

My minimum to tie up money now is 3.0 percent, so the offers are tempting...

ETA: Sallie and Live Oak are also at 2.85 percent for a one year CD.

You can do a little better at these terms if you are willing to take on one of the lesser known banks.

 

[powerplay]

^^^^^^^^^^ They have at Vanguard too.


Columbia Credit Union (WA/OR) 30-Month CD Earns Up To 3.60% APY

Limited to Washington / Oregon States

This looks good to me so guess I will be joining another CU. It's local for me so should be easy to go to one of their branches and set up a new account.

 

[MarieIG]

I just went back to TD Ameritrade to maybe purchase another CD and......they.....are......all.......gone. Well, almost; a 3 year and a 7 year are still offered, but at much lower rates. There appeared to be quite a few short-duration CDs still available, however

That's too bad! I was hoping to open a one year CD there in the New Year.