End of Year CD Deals

[audreyh1]

Online banks have already been offering some better deals on CDs this year such as the Ally Bank 1.5% 11 month no penalty CD. Traditionally in November and December banks offer "holiday special" CD rates. Please post any good holiday CD rate specials you find here. Thanks!

 

[harley]

Yes, please do! I just had a significant CD mature, and I just rolled it into my savings account since I didn't see anything worth putting it in. A nice 3% or so like the one from Pen Fed a few years ago would be sweet.

 

[Rosie]

CIT Bank has a no-penalty 11 month CD at 1.45%

I recently moved a maturing 2 year CD (also at CIT) into that.

 

[Another Reader]

If you have $25k, Ally offers 1.65 percent for their high-yield 12 month CD.

https://www.ally.com/bank/high-yield-cd/?CP=142835282;0&CONBRR&term=12

ETA: Goldman Sachs offers the same rate for a $500 minimum.

 

[jazz4cash]

Penfed had a raise recently I think it s 1.6 for 12 mos , 2.02 for 60 mos, 2.27 for 72.

 

[Dash man]

Penfed had a raise recently I think it s 1.6 for 12 mos , 2.02 for 60 mos, 2.27 for 72.

Be careful of PenFeds early withdrawal penalties. They’re pretty stiff.

Edit to add:
“Early Redemption Penalties

If the certificate is redeemed within the first year, all dividends will be forfeited.

If after the first year, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned.”

 

[Free bird]

Penfed has become saver unfriendly. Vanguard ultra short term bond fund is the better choice for 12 month money.

 

[audreyh1]

Andrews FCU had 3% 5-year CDs as holiday specials last year, and brought them back early this year for a while.

 

[GrayHare]

The rates on some of the money market funds are moving up. I see VMMXX quoted at a 1.13% yield now.

 

[Free bird]

CDs are a third world prison for money. You have to pay to get out. The war on savers has created unfavorable terms for savers. Its a risk on environment as dictated by the system.

 

[Free bird]

By the the time its over saving money in a bank account or CD will be as popular as disco music land lines 8 tracks & dial up internet.

 

[Dash man]

By the the time its over saving money in a bank account or CD will be as popular as disco music land lines 8 tracks & dial up internet.

Bored tonight?

 

[Free bird]

No I'm livin on the edge. How bout you?

 

[34rlsa]

From the PenFed website:

Partial withdrawals for members over the age 59 1/2 (including Required Minimum Distributions) and qualified distributions regardless of age (including Disability) may be processed from IRA certificates without incurring an early redemption penalty.

https://www.penfed.org/accounts/disclosures/print-ira-disclosures

 

[jazz4cash]

From the PenFed website:

Partial withdrawals for members over the age 59 1/2 (including Required Minimum Distributions) and qualified distributions regardless of age (including Disability) may be processed from IRA certificates without incurring an early redemption penalty.

https://www.penfed.org/accounts/disclosures/print-ira-disclosures

I was just looking at the verbiage on a Penfed IRA CD I currently hold and it was different from what you noted above. I do hold some older PF IRA CDs that waive the penalty as noted above. It seems their policies on EWP are fluid. I'm not sure what is meant by qualified distributions.

 

[Free bird]

Regardless of age?

 

[Dash man]

No I'm livin on the edge. How bout you?

I went over the edge last year.

 

[Free bird]

Its all good.

 

[Free bird]

Being bored takes on new meaning when your retired.

 

[Dash man]

Being bored takes on new meaning when your retired.

It’s called stress free relaxation.

 

[Free bird]

I'm wasting time as I see fit. So far I'm taken care of business I love to w*rk at nothin al day.

 

[audreyh1]

CDs are a third world prison for money. You have to pay to get out. The war on savers has created unfavorable terms for savers. Its a risk on environment as dictated by the system.

It's not that bad. And it's all relative. Still better than Treasuries.

No penalty CDs are available. Also 6 months interest penalty for longer CDs if you want to get out early - not any forfeit of principal.

Unless the economy takes off like a rocket and/or inflation raises its ugly head (which would be worse in the big picture, IMO), there is no-one going to want to pay you more to hold your money with FDIC backing. You have to take much greater risks for higher yield.

There is just not demand for borrowing.

 

[Dash man]

I'm wasting time as I see fit. So far I'm taken care of business I love to w*rk at nothin al day.

Time for a nap before bed.
But to end my evening back on topic, I cashed in two Ally Bank no penalty CDs last week to come up with cash for a house on the Jersey Shore we’re buying. Ally Bank was so easy to deal with and transferred the money directly to the account we’re paying for the house from. They’re a great Bank for customer service.

 

[Free bird]

Good job Dash. I can barely take care of one house much less two. Borrowing is pretty easy these days. So penfeds CD terms are not that great. Some are better some are worse. I've got 2001/02 era ibonds 3% penfed CDs & 2.75% CDs at another CU. All have favorable access to the money. But overall the screws have been tightened.

 

[Dash man]

Good job Dash. I can barely take care of one house much less two. Borrowing is pretty easy these days. So penfeds CD terms are not that great. Some are better some are worse. I've got 2001/02 era ibonds 3% penfed CDs & 2.75% CDs at another CU. All have favorable access to the money. But overall the screws have been tightened.

My PenFed CDs @ 3% mature next year. Then goodbye to PenFed unless they change their ways.