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

[MarieIG]

Interesting how Schwab has 3 banks with non-callable 5.05% five year CDs and they are moving very slowly. Go back 1 year and these would have flown off the shelf in a day or two.

I believe higher inflation and cd rates are ahead. Holding out right now as I have plenty I bought last year at 5%.

This is true for me as well. In my case, I would want them in an IRA - but I gobbled up shorter term CDs in my IRAs when they hit the 5% level - so will wait until they mature before I buy a longer term CD - if a good one is still available.

 

[Car-Guy]

This is true for me as well. In my case, I would want them in an IRA - but I gobbled up shorter term CDs in my IRAs when they hit the 5% level - so will wait until they mature before I buy a longer term CD - if a good one is still available.

Me too, but those are maturing now. I actually over bought in both my taxable and IRA accounts. But it has worked out for me as those shorter term CD's have been maturing since this summer and will continue all through next year. As I've said before, I'm simply parking that cash in SWVXX earning ~5.25% and waiting and watching. Powell speaks next week and may push me into 2 and 3 yr CD's. I'm not going out longer than that. If he doesn't push me this time, maybe he will in mid December or early next year. We will see. As long as SWVXX stays in the range it is today, I don't care! BUT, when I see longer term rates start to tick down, that will be my signal to re-buy.

 

[MarieIG]

Me too, but those are maturing now. I actually over bought in both my taxable and IRA accounts. But it has worked out for me as those shorter term CD's have been maturing since this summer and will continue all through next year. As I've said before, I'm simply parking that cash in SWVXX earning ~5.25% and waiting and watching. Powell speaks next week and may push me into 2 and 3 yr CD's. I'm not going out longer than that. If he doesn't push me this time, maybe he will in mid December or early next year. We will see. As long as SWVXX stays in the range is today, I don't care! BUT, when I see longer term rates start to tick down, that will be my signal to re-buy.

Schwab is a taxable account for me (and I went a bit nuts on treasuries in taxable accounts), lost my head when the rates went up, and bought a few CDs in a taxable account over at Navy Federal so the majority of my dry powder over at Schwab (TD) is in their NY tax exempt MM. Yes, in my IRAs I do have some funds in Vanguard's MM which is about the same rate as SWVXX.

 

[Chuckanut]

Interesting how Schwab has 3 banks with non-callable 5.05% five year CDs and they are moving very slowly. Go back 1 year and these would have flown off the shelf in a day or two.

I believe higher inflation and cd rates are ahead. Holding out right now as I have plenty I bought last year at 5%.

I'm not sure we are on that glide path to 2% inflation in another year or two, so I have the same concerns. But, my attempts to predict future interest rates has been notoriously bad. Therefore, I ended up spitting the difference - One call protected 5 year CD near 5% and one 5 years TIPS from Uncle Sam. I should name my next dog Diversification.

 

[Montecfo]

The BEA today said core PCE was at 2.4% for the 3rd quarter. That is the Feds preferred index.

That certainly appears headed toward 2%.

https://www.bea.gov/news/2023/personal-income-and-outlays-september-2023

 

[MarieIG]

I'm not sure we are on that glide path to 2% inflation in another year or two, so I have the same concerns. But, my attempts to predict future interest rates has been notoriously bad. Therefore, I ended up spitting the difference - One call protected 5 year CD near 5% and one 5 years TIPS from Uncle Sam. I should name my next dog Diversification.

 

[teej1985]

The BEA today said core PCE was at 2.4% for the 3rd quarter. That is the Feds preferred index.

That certainly appears headed toward 2%.

https://www.bea.gov/news/2023/personal-income-and-outlays-september-2023

And what is the significance of this ?

 

[erkevin]

This may be obvious to many of you, but I discovered something useful/cool. Like most of us, i have all of my fixed income rungs on a spreadsheet. It's not always easy to visualize when payouts are coming. I use Google Calendar daily. I made a new calendar to put the amounts and dates of pay out. It's convenient in that you can create a repeating event- not having to add the monthly payers in 60 times. By having it as a separate calendar, i don't have to have it clutter up my regular calendar, I can just click on it when needed.

 

[Al18]

All of the brokered CD's I've purchased at Fidelity have a Survivor option, defined by Fidelity as:
survivor's option also known as a "death put," a feature of certain debt instruments allowing for the estate of a deceased investor to "put back" or redeem both principal and interest of that instrument without penalty; CDs or bonds that carry a survivor's option usually redeem for par value when the survivor's option is exercised; partial withdrawal of the owner’s interest is not permitted; the survivor’s option must be invoked by the estate prior to any account re-registrations or transfer; issuers may limit the permissible early withdrawal of CDs or bonds to the FDIC insurance limits (currently $250,000 for each insurable capacity), and/or may limit the amount being put back in a particular time period

 

[audreyh1]

^^^very useful info. I hadn’t noticed that. But would that apply for POD cases where the account is not part of the estate controlled by an executor?

 

[Al18]

I haven’t a clue. Probably a good question for a CFP or an estate lawyer.

 

[11522914]

The BEA today said core PCE was at 2.4% for the 3rd quarter. That is the Feds preferred index.

That certainly appears headed toward 2%.

https://www.bea.gov/news/2023/personal-income-and-outlays-september-2023

That is good news. But the Sept core PCE price index M/M went up from 0.1% prior to 0.3% which if held steady for the 4th quarter would equate to a Y/Y of 3.6%. And that is if it holds steady. So heading down in 3rd quarter but may start heading up again in 4th quarter. Y/Y core PCE is currently at 3.7%.

Will be interesting to see what happens.

 

[Montecfo]

That is good news. But the Sept core PCE price index M/M went up from 0.1% prior to 0.3% which if held steady for the 4th quarter would equate to a Y/Y of 3.6%. And that is if it holds steady. So heading down in 3rd quarter but may start heading up again in 4th quarter. Y/Y core PCE is currently at 3.7%.



Will be interesting to see what happens.

Yeah it is hard to draw conclusions from just one month. As you can see the numbers bounce around a bit.

But we do seem headed in the right direction at 2.4% core.

And looking at the YOY figure is a data point, but would seem to say little about the near term trend.

 

[PatrickA5]

All of the brokered CD's I've purchased at Fidelity have a Survivor option, defined by Fidelity as:
survivor's option also known as a "death put," a feature of certain debt instruments allowing for the estate of a deceased investor to "put back" or redeem both principal and interest of that instrument without penalty; CDs or bonds that carry a survivor's option usually redeem for par value when the survivor's option is exercised; partial withdrawal of the owner’s interest is not permitted; the survivor’s option must be invoked by the estate prior to any account re-registrations or transfer; issuers may limit the permissible early withdrawal of CDs or bonds to the FDIC insurance limits (currently $250,000 for each insurable capacity), and/or may limit the amount being put back in a particular time period

Interesting. Not sure how this works with POD/TOD accounts. I might try to find out when I meet with my Fidelity advisor next week. I did a "chat" a few days ago asking what happens when a person dies with brokered CDs, but the first line chat guy didn't know and gave me the number to the Fixed Income people.

I've put off buying a bunch of brokered CDs mainly just trying to keep things simple. IF the inheritance of brokered CDs turns out to be easy, I'll look into them further.

 

[Timeisprecious]

Okay, so I've been through the last couple pages of this thread and haven't seen many high rates or recommendations. I had the idea that's what this thread is all about. I'm looking to move some money into a short-term CD (maybe 6 mo to a year). What are the highest rates anyone's seen lately, and at what institutions are they?

 

[Car-Guy]

Okay, so I've been through the last couple pages of this thread and haven't seen many high rates or recommendations. I had the idea that's what this thread is all about. I'm looking to move some money into a short-term CD (maybe 6 mo to a year). What are the highest rates anyone's seen lately, and at what institutions are they?

Depends on what you consider high rates. Plenty of short term 6mo to 1yr brokered CD's are now available at ~5.5% at Schwab these days.

 

[Badger]

A CD just matured so I bought a non-callable 1 yr CD (5.5%) and 2 yr CD (5.05%) at Schwab. I thought about a longer term CD but since I have another CD maturing in a month and another in a year I thought I would wait for that money. Maybe the rates will improve for longer terms. If not then I doubt they will go down much if at all by then. If they are still 5% or higher for 1 and 2 years then I will settle for those.

Cheers!

 

[Tracer]

Okay, so I've been through the last couple pages of this thread and haven't seen many high rates or recommendations. I had the idea that's what this thread is all about. I'm looking to move some money into a short-term CD (maybe 6 mo to a year). What are the highest rates anyone's seen lately, and at what institutions are they?

Credit Human has a one year 6% APY. Has an option to increase maturity up to 17 months.
This certificate is the first rung of the ladder I just built.

Sandia Area Credit Union also has a 6%, but it's for 13 months.

Both are federally insured and both are an easy join. These are the highest APY's I've seen anywhere.

If you're looking for less than a year, here's a few to consider...

One American Bank 5.85% 5.5-month CD ($100k minimum)
USAlliance 5.75% 6-month CD
Presidential Bank 5.75% 7-month CD
Abound CU 5.75% 10-month CD
Blupeak 5.75% 9-month CD
Credit Human 5.75% 6-11 month CD (join via ACC)

 

[copyright1997reloaded]

Okay, so I've been through the last couple pages of this thread and haven't seen many high rates or recommendations. I had the idea that's what this thread is all about. I'm looking to move some money into a short-term CD (maybe 6 mo to a year). What are the highest rates anyone's seen lately, and at what institutions are they?

Well, since this thread is based on user contributions, perhaps you can find some deals and post them here?

Here's a start for your research: https://www.depositaccounts.com/blog/

 

[erkevin]

Flagstar Bank 9mo, 5.5% #33847GAY8 at Schwab. Pays at maturity.

 

[Dtail]

A CD just matured so I bought a non-callable 1 yr CD (5.5%) and 2 yr CD (5.05%) at Schwab. I thought about a longer term CD but since I have another CD maturing in a month and another in a year I thought I would wait for that money. Maybe the rates will improve for longer terms. If not then I doubt they will go down much if at all by then. If they are still 5% or higher for 1 and 2 years then I will settle for those.

Cheers!

Is your 5.05% for the 2 year at Schwab correct?
You should be able to get 5.40% for 2 years non callable (at Fidelity).

 

[stephenson]

Is your 5.05% for the 2 year at Schwab correct?
You should be able to get 5.40% for 2 years non callable (at Fidelity).

Not a bad rate for callable - anyone use non-callable and accept the risk?

 

[erkevin]

Is your 5.05% for the 2 year at Schwab correct?
You should be able to get 5.40% for 2 years non callable (at Fidelity).

Yes, Schwab has 2-year, non-callable at 5.4% from Morgan Stanley, Bmo, and UBS. What I have found with Schwab is that to get all of the 2-yr CDs to show up in your search results is to change the parameters to "3-year CDs". That way, 2-yr CDs being issued in the coming weeks will populate in your search results.

 

[copyright1997reloaded]

Purchased (order placed) DSNAQ6969 SYNCHRONY BANK CD 5.50000% maturity 05/05/2025. Issue date 11/03/2023, pays Semi-annually, non-callable, has survivor option. I bought at Fidelity but it is also available at Ameritrade under 87165G4P4. It doesn't appear to be available at Schwab.

 

[RetiredAndLovingIt]

You can select your term in the drop down menu. These are for CD's, there is a separate tab for IRA CD's
You can also buy New Issue CD's on Fidelity for no fee, really easy and you don't need to keep opening multiple accounts with various institutions.

https://www.depositaccounts.com/cd/1-year-cd-rates.html