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

[jazz4cash]

Apple is now offering that interest rate for their new savings product, though you have to have the Apple Card.



No withdrawals though.



.

That wouldn’t work for me.

 

[audreyh1]

Apple is now offering that interest rate for their new savings product, though you have to have the Apple Card.

No withdrawals though.

But presumably easy to apply for, then you have to figure out some ACH set up to transfer money in and out.

ACH transfers from another institution work just fine, the wallet gives you the routing number and account number of your Apple Savings account. We linked our Fidelity account to it.

 

[Car-Guy]

Not a big deal, but another interesting thing I've noticed recently about brokered CD's that seems to be happening (at Schwab anyway)... As I've mention before, I like to buy CD's that pay "earned interest" on a monthly basis. That way I can reinvest the interest payments in more CD's and/or MM funds. (My way of compounding) Anyway, in the past I could buy 6mo, 9mo, 1yr or 18mo CD's that paid monthly. Now it's either semi-annually or at maturity. I have to go out to two year CD's to find any that pay monthly.

Maybe it's just a short term aberration. As I say, not a terribly big deal but an interesting evolution in the way brokered CD's are being offered. So now, I'm holding my increasing pile of dry powder in MM funds, until I see if this tend continues.

 

[jldavid47]

For anyone looking for 2-year duration CDs, there are two Morgan Stanley CDs on Schwab this morning, non-callable, paying 4.9% maturing 5/19/25.

CUSIPs: 61690U5Z9, 61768ETN3

 

[mf15]

Not a big deal, but another interesting thing I've noticed recently about brokered CD's that seems to be happening (at Schwab anyway)... As I've mention before, I like to buy CD's that pay "earned interest" on a monthly basis. That way I can reinvest the interest payments in more CD's and/or MM funds. (My way of compounding) Anyway, in the past I could buy 6mo, 9mo, 1yr or 18mo CD's that paid monthly. Now it's either semi-annually or at maturity. I have to go out to two year CD's to find any that pay monthly.

Maybe it's just a short term aberration. As I say, not a terribly big deal but an interesting evolution in the way brokered CD's are being offered. So now, I'm holding my increasing pile of dry powder in MM funds, until I see if this tend continues.

Also noticed at FIDO they are going fast.Believe late last week Eagle bank had over 213,000 CD's with monthly payout,gone in a day or so.

 

[ShokWaveRider]

For anyone looking for 2-year duration CDs, there are two Morgan Stanley CDs on Schwab this morning, non-callable, paying 4.9% maturing 5/19/25.

CUSIPs: 61690U5Z9, 61768ETN3

We only have a small $200k left for CDs for a while and are currently getting 5% in MM at Schwab. So it is not worth investing at the moment. Our current CDs are averaging 5.25%

 

[Car-Guy]

MM fund SWVXX (Schwab) is up to 4.85% (SNAXX is @ 5% if you have an extra million to invest)... I "think" that's a new high.

 

[ShokWaveRider]

MM fund SWVXX (Schwab) is up to 4.85% (SNAXX is @ 5% if you have an extra million to invest)... I "think" that's a new high.

You do not need $1m if you already have $1 in SNAXX, You do if you are opening it for the FIRST time. I have always kept a little in it. I use it as a sweep account. Incremental investments int SNAXX can be anything.

 

[Car-Guy]

^^^^^^
Interesting... I believe the most spare cash I've had in my MM's has been ~500k, so I've had to stay with SWVXX for my sweep. I try to keep most of my cash in CD's. I guess I could let some of my maturing CD's accumulate and put in over a mil in SNAXX for a "short time" and then play that game too. Might do that.

 

[ShokWaveRider]

^^^^^^
Interesting... I believe the most spare cash I've had in my MM's has been ~500k, so I've had to stay with SWVXX for my sweep. I try to keep most of my cash in CD's. I guess I could let some of my maturing CD's accumulate and put in over a mil in SNAXX for a "short time" and then play that game too. Might do that.

That is exactly what I did.

 

[dobig]

7 day yield on VMFXX is now 5.05%.

 

[Free bird]

7 day yield on VMFXX is now 5.05%.

Gotta love it

 

[JohnnyBGoode]

7 day yield on Fidelity's SPAXX (govt money market sweep account) is 4.69%. On May 1 2022 it was about 0.1% Crazy times.

 

[MJ]

7 day yield on VMFXX as of 5/9 4.96% while the compound yield is 5.07%.
Anyone know what is the difference?

 

[dmpi]

^^^^^^
Interesting... I believe the most spare cash I've had in my MM's has been ~500k, so I've had to stay with SWVXX for my sweep. I try to keep most of my cash in CD's. I guess I could let some of my maturing CD's accumulate and put in over a mil in SNAXX for a "short time" and then play that game too. Might do that.

I only managed to get in because a sold off a huge amount of bond funds. If you do manage to accumulate enough to get in make sure you actually call Schwab's trading desk. They can sell your SWVXX and buy SNAXX in one transaction. That way you won't miss a single day of interest.

 

[Graybeard]

7 day yield on VMFXX is now 5.05%.

That's the compound yield (Compound yield 5.07% as of 05/09/2023).

7 day SEC yield 4.96% C as of 05/09/2023

 

[Graybeard]

7 day yield on VMFXX as of 5/9 4.96% while the compound yield is 5.07%.
Anyone know what is the difference?

SEC yield
A non-money market fund's SEC yield is based on a formula developed by the SEC. The method calculates a fund's hypothetical annualized income as a percentage of its assets.



A security's income, for the purposes of this calculation, is based on the current market yield to maturity (for bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30-day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience. As a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous 7 days.


Compound yield
Compound yield is the interest earned on the original principal invested and also on the interest earned in previous periods.

 

[statsman]

Aren't most (all?) of the MM funds in Schwab, Fidelity, and Vanguard non-FDIC insured?

 

[ShokWaveRider]

Aren't most (all?) of the MM funds in Schwab, Fidelity, and Vanguard non-FDIC insured?

Yes, they are not.

 

[JohnDoe]

Should I expect my fido CD orders that I put in this morning to fill today? They are still showing pending in my orders.

Thanks.

 

[RetiredAndLovingIt]

Should I expect my fido CD orders that I put in this morning to fill today? They are still showing pending in my orders.

Thanks.

Did you check the settlement date for the CD's? Rarely have I bought one that settles the same day, it's usually 2-3 days away. I looked at the new issues on Fidelity and the earliest settlement date right now is 5/12.

 

[JohnDoe]

Did you check the settlement date for the CD's? Rarely have I bought one that settles the same day, it's usually 2-3 days away. I looked at the new issues on Fidelity and the earliest settlement date right now is 5/12.

Not sure where to see that now in the order.

Is that the last date in the description?

Just making sure they will fill at what I put them in at.

Description
WELLS FARGO BANK NA 5.150000 02/16/2024 05/16/2023

 

[RetiredAndLovingIt]

Not sure where to see that now in the order.

Is that the last date in the description?

Just making sure they will fill at what I put them in at.

Description
WELLS FARGO BANK NA 5.150000 02/16/2024 05/16/2023

Yes, 5/16 is the settlement date. When shopping you can also see the settlement date in the main screen, it's one of the columns all the way to the right. I'm glad you brought this up, I meant to buy this one earlier today and got sidetracked.

 

[stephenson]

Hi All,

Another question related to "general lack'o'knowledge!"

I was looking a the Fidelity listing for 3 mo CDs ... one bank was Fall River Five Cent SB ... while I think Fall River is an interesting place (except I have a hard time following their accent , should them being so small and others being much larger, matter?

I also looked at Santander - they are everywhere in Europe ... any issues wrt to their NA component?

 

[audreyh1]

Hi All,

Another question related to "general lack'o'knowledge!"

I was looking a the Fidelity listing for 3 mo CDs ... one bank was Fall River Five Cent SB ... while I think Fall River is an interesting place (except I have a hard time following their accent , should them being so small and others being much larger, matter?

I also looked at Santander - they are everywhere in Europe ... any issues wrt to their NA component?

FDIC insured and stay under limits - small banks are fine.

Same with Santander US.