Best CD, MM Rates & Bank Special Deals Thread 2023 - Please post updates here

[Car-Guy]

All CD's at Schwab keep creeping up. Very small incremental changes but still going up. 12mo now at 5.55 and 18 month at 5.5

It will be interesting to see what rates do in a week or so after Powell speaks today. I'm guessing they will hold as is "today". Maybe a 70/30 "hold vs .25 increase". What will be interesting to me is his directional comments.

 

[Car-Guy]

Well as we now know, Powell said no rate changes this time but suggested one more this year. Also he said it's less clear on how long rates will be maintained at this level. But it sounded like longer than previously expected.

So with that, I expect all CD's to continue to trickle up and the inverted yield curve will flatten a bit more.

So my opinion is given free and is my POV, so consider that too!

 

[Montecfo]

It was a hawkish pause which was what I expected. The Fed's easiest tool to use is rhetoric. And it is powerful, look how bonds (Treasury yields up noticeably) and stocks (down) are reacting.

They are signalling cuts next year according to the dot plot and that seems correct. Let's say they do a final 25bp in Nov. (They will not assure us it is final). And inflation continues to moderate. And jobs and economic signals further weaken. Then they will probably cut midyear.

Which is about right. If I recall mean time to first cut from last hike is 5-6 months since 1970.

So higher for longer (again, rhetoric) buy not much higher and not for much longer.

This may be another opportunity to lock in better yields for longer duration. I have not seen a lot to buy in my wheelhouse: 5+ years duration, high investment grade, non-call.

 

[copyright1997reloaded]

Just picked up (ordered) some 5.5% 19-month non-callable brokered CD at Fido. CUSIP is DSN9J2587, ISRAEL DISC BK NEW YORK N Y CD 5.50000% 04/21/2025, FDIC Certificate #19977, Interest payable semi-annually.

I didn't put a ton into this (might regret this decision if it sells out quickly) as I don't have a super lot of cash nor quickly maturing issues. (I am trying to keep some $ in FZCXX just in case something really desirable pops up (either fixed or equities).

Current stats on my fixed investments (across all accounts, including regular old checking yielding 0% etc.): Weighted yield: 5.198%, weighted days till maturity: 347. These are slightly impacted due to having some TIPS (lower % rate but too lazy to calculate inflation adjustment). At the end of February (when I first started tracking month end data), my weighted yield was 4.792%. I've been able to work it up every month, and a year ago it was much lower.

 

[jldavid47]

Current best non-callable CD rates at Schwab:

12 mo - 5.55%
18 mo - 5.50%
24 mo - 5.35%
36 mo - 5.10%
48 mo - 4.85%
60 mo - 4.75%

Maturities <=48 months rose by 5 basis points since last week. 60 month maturities increased by 10 basis points.

 

[Car-Guy]

Current best non-callable CD rates at Schwab:

12 mo - 5.55%
18 mo - 5.50%
24 mo - 5.35%
36 mo - 5.10%
48 mo - 4.85%
60 mo - 4.75%

Maturities <=48 months rose by 5 basis points since last week. 60 month maturities increased by 10 basis points.

IMO, we will probably see those rates creep up just a little more in the next 2 to 4 months, especially if the FED does raise rates another .25 point this year. (As they suggest they might). Regardless I think we are nearing the peaks. The questions in the back of my mind is, how long will these rates remain at this level before that start falling and then how fast might they fall. YMMV

 

[11522914]

IMO, we will probably see those rates creep up just a little more in the next 2 to 4 months, especially if the FED does raise rates another .25 point this year. (As they suggest they might). Regardless I think we are nearing the peaks. The questions in the back of my mind is, how long will these rates remain at this level before that start falling and then how fast might they fall. YMMV

As we all know it's going to depend on inflation and how the economy does. I still believe the 4th quarter will surprise to the upside on inflation. After that who knows.

I do know based on some inflation charts I've seen that rates can drop pretty darn fast if the economy is going south quickly. If, if, if.

Bottom line is time will tell. I still have a nice chunk of change waiting to lock in 5 to 10 year CDs/treasuries. The big question is if we see 5% on 5 or 10 year do we lock it in. The window to lock in is pretty small. Plus I'm still saving 15-20% to put back into equities but no rush on that one.

 

[Car-Guy]

In my particular case, I'm really only interested in rates for the next 3 or 4 years. As mentioned before, either here or in another related thread, I overdid buying CD's last year, but as they start maturing, I'm holding off a lot of re-buys. I think early next year I'll start adding to "or" rebuilding a 1 to 3 year ladder. But this time, I'm only going in with ~75% of my available cash. The rest will just stay in something like SWVXX until I need it for something.

 

[Badger]

IMO, we will probably see those rates creep up just a little more in the next 2 to 4 months, especially if the FED does raise rates another .25 point this year. (As they suggest they might). Regardless I think we are nearing the peaks. The questions in the back of my mind is, how long will these rates remain at this level before that start falling and then how fast might they fall. YMMV

That would suit me just fine. I have 2 CDs maturing this year (Oct and Dec) that would be in time to make a 4 year ladder. If the rates hold for 2024 I may buy more. Since I have MFs and stocks this is the easiest way for me to keep track of cash I don't need to access frequently. Once the rates go down I may have to have another plan.

Cheers!

 

[retire4now]

new to group..anybody use synchrony financial??

they appear to be a digital bank so a little leery but appear to be FDIC ins

 

[audreyh1]

new to group..anybody use synchrony financial??

they appear to be a digital bank so a little leery but appear to be FDIC ins

Yes, I use them extensively. They aren’t new, but are were formerly GE Capital Retail Bank. They changed the name in 2014.

Yes, they are FDIC insured so you don’t have to be concerned about that. I think they are fairly well run and easy to deal with online and by phone. They tend to be more aggressive with raising their savings rates which is nice. They occasionally have good CD specials.

My only complaint is that CDs are set to rollover by default and I have to call in some time before maturity to get that changed. But that call is straightforward.

 

[Car-Guy]

new to group..anybody use synchrony financial??

they appear to be a digital bank so a little leery but appear to be FDIC ins

Yep, I have a small (100k) CD with them. From a CD perspective they look like any other financial institution to me.

 

[retire4now]

so when u call in do they put it in a high yielding saving acct till u buy another cd??

 

[audreyh1]

so when u call in do they put it in a high yielding saving acct till u buy another cd??

I specify to transfer to my saving account on maturity. Then yes you can use your savings account to fund new CD purchases.

 

[retire4now]

synchrony financial

Yes, I use them extensively. They aren’t new, but are were formerly GE Capital Retail Bank. They changed the name in 2014.

Yes, they are FDIC insured so you don’t have to be concerned about that. I think they are fairly well run and easy to deal with online and by phone. They tend to be more aggressive with raising their savings rates which is nice. They occasionally have good CD specials.

My only complaint is that CDs are set to rollover by default and I have to call in some time before maturity to get that changed. But that call is straightforward.

so when u call in do they put it in a high yielding saving or checking acct till u buy another cd??

 

[retire4now]

sorry for the double up

again new here

LOL

 

[retire4now]

You can edit and delete posts.

yep it worked on 1 I did but for some reason did not on that one

thanks!

 

[Gotadimple]

American Express declares new interest rate on it's High Yield Savings Account effective 9/27: 4.30% - up 5 bp from it's August rate of 4.25%. New this time is an 11-month CD yields 5.0% - the best rate they offer. 24-month is 4.75% and 12-month 4.25%

 

[check6]

American Express declares new interest rate on it's High Yield Savings Account effective 9/27: 4.30% - up 5 bp from it's August rate of 4.25%. New this time is an 11-month CD yields 5.0% - the best rate they offer. 24-month is 4.75% and 12-month 4.25%

AMEX seems to lag in their CD rates. I am getting 5.30% for an 11-month CD thru Wings Financial CU.

 

[Drake3287]

new to group..anybody use synchrony financial??

they appear to be a digital bank so a little leery but appear to be FDIC ins

The OP has obviously seen the new 5.40% CD offer for 16 months. I also have an account with them and so far so good. No worries here.

 

[mealstar]

Fidelity / Wells fargo just issued some non-callable, 18mth/2y/3y=5.55/5.4/5.15 which are all leading rates. Looks pretty good?

 

[Tracer]

6% APY 12-17 month certificate at Credit Human. Easy join.

 

[jldavid47]

Current best non-callable CD rates at Schwab:

12 mo - 5.50%
18 mo - 5.55%
24 mo - 5.40%
36 mo - 5.15%
48 mo - 4.90%
60 mo - 4.80%

The best 12 month rate dropped by 5 basis points since last week. The rest of the maturities moved up by 5 basis points, mostly thanks to new CD issues from Wells Fargo.

 

[Car-Guy]

Current best non-callable CD rates at Schwab:

12 mo - 5.50%
18 mo - 5.55%
24 mo - 5.40%
36 mo - 5.15%
48 mo - 4.90%
60 mo - 4.80%

The best 12 month rate dropped by 5 basis points since last week. The rest of the maturities moved up by 5 basis points, mostly thanks to new CD issues from Wells Fargo.

I think that's just round off. Some bank paying top dollar just sold out of their CD offering. Others new ones will follow, maybe even today and I think we still have some room to move up a little more. I'm going to hold on to my growing stash of dry powder until early next year.

 

[Montecfo]

It is a bit disappointing that we have not breached the highs from March on the 5YR CDs. They seem a bit non-competitive.