Best CD & MM Rates Thread 2018 Archive

[Dtail]

If someone needs to take regular periodic distributions from the account the NP CD won’t work.

The way around that is to establish multiple smaller CD's if one is willing to do the work.
Wondered the same thing at first.

 

[teej1985]

the ally on-line savings acct pays 1.9% but the no-penalty 11 month c/d pays 2.1%. why would you leave money in the savings acct and not put it in a c/d? Is there something I'm missing?

I didn't open a CD during the enrollment period. I'd be nervous that it doesn't count if I open one now.

 

[audreyh1]

I got a reminder from Ally today to open and fund a new account. But I already opened and funded a new CD!

I’m not too worried.

 

[ShokWaveRider]

This seems to be turning into a how to on Ally as opposed to it's intention as posting the latest favorable CD Rates.

 

[njhowie]

This seems to be turning into a how to on Ally as opposed to it's intention as posting the latest favorable CD Rates.

Ok - I will get it going on the right track again.

Digital Credit Union has a high yield savings account for 5.12% - to keep it in the CD/MM realm, let's call it the equivalent of a 1-year $1000 CD at 5.12%.

https://www.dcu.org/personal-banking/savings-reg-shar.html

They pay 5.12%, but only on the first $1000, above that is 0.25%. If you don't live in their service area, work for one of their participant employers, or have a family member participant you can become a member with a $10 donation to their local school charity. So, effectively 4.12% first year for a new non-member account.

After the first family member pays the $10 donation to join the credit union, you could sign up wife/child/other relatives with additional $1000 accounts for 5.12% without them becoming members.

 

[Another Reader]

FWIW, Live Oak Savings just raised their rate on savings accounts to 2.00 APY. E-mail showed up this morning.

ETA: Sallie Mae MM is now at 2.12 percent. Interest rates are going up so fast that I'm only buying 4 week treasuries and stashing new cash in VUSXX and Sallie Mae.

 

[ShokWaveRider]

McGraw-Hill Federal Credit Union Adds 19-Month CD Promo, 3.00% APY

 

[simple girl]

LOL I got in under the enrollment deadline just in time...now we'll see if I can get my $ in in time.

My No-Penalty CD was officially funded this morning. Yip yip!

 

[copyright1997reloaded]

I decided to transfer my $ in NorthernDirect.com @ 2.25% to Ally to take advantage of the 1% bonus offer. Also wired some $ from Ameritrade, that of course went quick...still waiting for the ACH to complete (the funds have already left ND but still show in-progress at Ally. It's been a busy year, I have opened at least three new accounts this year capturing higher rates.

 

[jazz4cash]

Marcus / Goldman Sachs

13 Month No-Penalty CD 2.15 with $500 min

 

[njhowie]

I purchased a 9 year CD on secondary market today yielding 3.93%. There's still a few out there for anyone who uses Fidelity.

4% and just above are now showing up at 13, 15, and 20 years. I think 4% for 10 years will be more common in early 2019.

 

[copyright1997reloaded]

Great jobs report this morning, rates w/be moving on up.

 

[Aerides]

i doubt rates move again before EOY, unlikely until we are safely past this wobble and well into 1Q imo.

 

[copyright1997reloaded]

i doubt rates move again before EOY, unlikely until we are safely past this wobble and well into 1Q imo.

By whom? The fed? We will see the December increase.
By investors? 10 year: TNX @ 3.398 this morning vs. 3.315 a week ago. I'd say that is up.
By banks/savings institution - we will see.

 

[Aerides]

Ah yeah forgot the december rate is pretty much a done deal, but beyond that I think they will slow down. Yes I mean the fed. I'd like to see rates get better, but I think they may be a bit gun shy hence my doubts on the near-term timing of anything else.

 

[TDub]

FWIW, Live Oak Savings just raised their rate on savings accounts to 2.00 APY. E-mail showed up this morning.

ETA: Sallie Mae MM is now at 2.12 percent. Interest rates are going up so fast that I'm only buying 4 week treasuries and stashing new cash in VUSXX and Sallie Mae.

I've got to get out of my "high yield" savings account with AmEx. Is this Sallie Mae MM my best option these days? I'm not currently a Sallie Mae account holder but I do have Vanguard (if the VUSXX is the better option).

(Unfortunately I missed all the talk about Ally until today. Gotta do a better job keeping my ears to the ground)

 

[ShokWaveRider]

I must admit, I am leery about going to 5 years right now, even PenFED is Paying 2.71 APY for 1 year now. 3 months penalty is not so bad.

 

[audreyh1]

I must admit, I am leery about going to 5 years right now, even PenFED is Paying 2.71 APY for 1 year now. 3 months penalty is not so bad.

Is PenFed offering a straight 3 months penalty? They seemed to have gone for some bizarrely complex penalty scheme that was not too generous.

 

[njhowie]

Ah yeah forgot the december rate is pretty much a done deal, but beyond that I think they will slow down. Yes I mean the fed. I'd like to see rates get better, but I think they may be a bit gun shy hence my doubts on the near-term timing of anything else.

Quite the opposite - they are not getting gun shy at all. The data continues to confirm that their approach is the correct one. They will keep raising quarterly until something in the economic data tells them it's time to ease up. We aren't there yet. They likely won't pause for at least another two or three quarterly hikes.

 

[ShokWaveRider]

Is PenFed offering a straight 3 months penalty? They seemed to have gone for some bizarrely complex penalty scheme that was not too generous.

I thought I read that for 6 months CD, but I would double check. I have never really considered short term before. Sorry I was incorrect about the 1 year.


Here is the excerpt:

.Early Withdrawal Penalties. All requests for early withdrawal must be in writing. In the event of early withdrawal, one of the following penalties shall apply: 1) Six-month Money Market Certificates. a) If redeemed within 90 days of the issue date or any renewal date, all dividends will be forfeited. b) If redeemed thereafter, but prior to the maturity date, dividends for 90 days will be forfeited. 2) Certificates Having a Term Greater Than Six Months. a) If redeemed within the first year, all dividends will be forfeited. b) If redeemed thereafter, 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 3) Exceptions. The penalties described above will not be applied if the redemption is made: a) Subsequent to the death of any holder of the certificate; b) As a result of the voluntary or involuntary liquidation of the credit union.

 

[ShokWaveRider]

I am finding that a lot of rates changed 11-1-2018, but not all the search engines reflect them yet. So please check. Deposit Accounts.com seems to be the most up to date for CDs and StanTheAnnuityMan seems to be the most up to date for MYGAs.

 

[jazz4cash]

Ah yeah forgot the december rate is pretty much a done deal, but beyond that I think they will slow down. Yes I mean the fed. I'd like to see rates get better, but I think they may be a bit gun shy hence my doubts on the near-term timing of anything else.

I expect rates will continue to move up until the economy slows for some reason even if the Fed does not continue to hike. Without the Fed's help the rate of increase may decline. The increase in bonus deals and no-penalty CDs are market driven.

 

[audreyh1]

Quite the opposite - they are not getting gun shy at all. The data continues to confirm that their approach is the correct one. They will keep raising quarterly until something in the economic data tells them it's time to ease up. We aren't there yet. They likely won't pause for at least another two or three quarterly hikes.

Agreed. December hike is virtually assured. How many next year is the big question. And whether they’ll go past 3% or 3.25%.

 

[Aerides]

Welp, I hope I'm wrong. Maybe I'm a bit pessimistic given the last month, and reading axios this morning (lots of indicators looking bullish going into 2019).

 

[copyright1997reloaded]

I've got to get out of my "high yield" savings account with AmEx. Is this Sallie Mae MM my best option these days? I'm not currently a Sallie Mae account holder but I do have Vanguard (if the VUSXX is the better option).

(Unfortunately I missed all the talk about Ally until today. Gotta do a better job keeping my ears to the ground)

I seem to have accounts everywhere these days chasing rates.

Sallie Mae MM is at 2.12%. I've had money there for several years w/o issues with the exception that they put a 10 business day hold on funds coming in over $5K, and a 5-day hold on incoming funds under $5K.

AllAmerican.bank (& Redneck bank) is at 2.25% on their mega MM (up to $50K at each institution). Note their ACH (if done w/i the bank limits you to $5k per day - in or out - but they were happy to waive the inbound limit for me.

Northpointe Bank is at 2.30%, but min $25K to get that rate. I don't have an account their so can't comment further.

There are a variety of others in the 2-2.25% range.... See DepositAccounts.com

I really wish Ameritrade had a decent MM fund as I can ACH from their to my local credit union in 1 day (e.g. initiate transfer at 4:15PM and it is there the next moring) AND I can WIRE funds from their for no cost in about a hour.