Best CD & MM Rates Thread 2018 Archive

[Ready]

I was wondering myself how a savings or checking account would be covered by SIPC instead of FDIC. Of course the members of this forum picked up on this right away, but I’m sure the general public was oblivious to it. What I don’t understand is how the executives of Robinhood could be so oblivious.

 

[TDub]

Hmm.... sounds familiar.....

Lol I missed that one!

 

[almost there]

Back to reality. Should know more next week.

 

[Chuckanut]

My PenFed 5 year CDs are done, kaput, over. They gave me bragging rights for over Four years and I will miss that.

 

[njhowie]

My PenFed 5 year CDs are done, kaput, over. They gave me bragging rights for over Four years and I will miss that.

So where is the money going to now? Jumping in to another 5 year CD might give you bragging rights going forward as well depending how things play out over the next year.

 

[RAE]

My PenFed 5 year CDs are done, kaput, over. They gave me bragging rights for over Four years and I will miss that.

Yeah, same here. I have to decide this week where to put the money. It will be going back into CDs, but I am undecided as to what term to use. I know that rates have been rising, which would argue for going with a short-term CD, but I get the feeling that rates are not going any higher from here. So I may go for something a little longer term.........like maybe 2 or 3 years. I don't think I will need the money for at least a few years. Anyone have any thoughts on which way to go?

 

[Ready]

I just transferred my PenFed money to Ally online savings at 2% while I wait for some promotions.

I just noticed that SunEast FCU is offering a 27 month CD at 3.5%, with nationwide availability. That sounds pretty good actually. I’m going to look at that one a bit further.

 

[jim584672]

I have some money opening up this week. Thinking of a 1 year CD 2.85%, kick the can down the road a bit.

PenFed 5 years at 3.5%. The EWP is too much for me.

 

[ShokWaveRider]

I would wait till the 19th..... FOMC Meeting ends and Powell Comments.

 

[copyright1997reloaded]

I follow the deposit accounts web site daily. The number of new long term CD deals (e.g. 3-5 years) has dried up drastically in the last month or so. The move ups have mostly been on savings/mm accounts and other shorter term CD's.

It seems as if banks also sense that rates on the longer side of the CD ladder have peaked, at least temporarily.

I have some Penfed CD's maturing tomorrow. I had intended to keep it in money market funds, but am starting to question whether I should instead grab one of the remaining decent 4 year deals, e.g. 3.2% at Connexus or something like that...at least with part of the money.

 

[ShokWaveRider]

We will see tomorrow....

 

[almost there]

Agree. Tomorrow will tell the tale. Its been 2.8% 1 yr and 3.6% 5 yr. where I am looking.
Will be buying several after the 1st. Might lock up a 1 yr in the next week or two though.
Will see how it plays out. The good thing is, its not overnight. Seems to be a slow process lately.

 

[ShokWaveRider]

Anyone here have significant cash ($250k and above) in a CD with a B+ rated Credit Union, or do you stick to A and A+?

 

[calmloki]

Anyone here have significant cash ($250k and above) in a CD with a B+ rated Credit Union, or do you stick to A and A+?

What rating service are you using? I'm finding lots of star ratings.

 

[ShokWaveRider]

What rating service are you using? I'm finding lots of star ratings.

The default one on depositaccounts.com. Select the CU and drill down till you see it.

 

[Spock]

I follow the deposit accounts web site daily. The number of new long term CD deals (e.g. 3-5 years) has dried up drastically in the last month or so. The move ups have mostly been on savings/mm accounts and other shorter term CD's.

It seems as if banks also sense that rates on the longer side of the CD ladder have peaked, at least temporarily.

I have some Penfed CD's maturing tomorrow. I had intended to keep it in money market funds, but am starting to question whether I should instead grab one of the remaining decent 4 year deals, e.g. 3.2% at Connexus or something like that...at least with part of the money.

Fidelity brokered CDs only has six 5year CDs available, and 2 of the 6 are "Bank of India". Also the rates are back down to 3.5%. The 10year I was looking at has also dropped. One gets the impression the banks have people on staff to forecast where the rates are going to go....

 

[audreyh1]

When did Ally up their 11 month no penalty CD to 2.3%?

Also - I see they are offering their 12 month CD for 2.75%. This matches the best offerings through Fidelity new issues CDs. Ally has 60 days interest early withdrawal penalty for CDs up to 24 months.

 

[Drake3287]

It was 2.5% just the other day so recently then.

 

[Drake3287]

Anyone here have significant cash ($250k and above) in a CD with a B+ rated Credit Union, or do you stick to A and A+?

I have three separate $100,000. CD's in various local and Online banks that are FDIC insured but no credit unions. These CD's are laddered simply so I have access to the cash within a short time frame if needed.

For me, as long as a Credit Union is NCUSIF insured I wouldn't overly care about it's rating.

 

[Spock]

Anyone here have significant cash ($250k and above) in a CD with a B+ rated Credit Union, or do you stick to A and A+?

I avoid CDs from the low ranked and foreign institutions.
Yes, they are insured, but why risk going through the take over process and probable cash-out of your CD when steps can be taken to avoid it?

 

[Dtail]

When did Ally up their 11 month no penalty CD to 2.3%?

Also - I see they are offering their 12 month CD for 2.75%. This matches the best offerings through Fidelity new issues CDs. Ally has 60 days interest early withdrawal penalty for CDs up to 24 months.

I will be switching most of my Ally 2% savings to the no penalty CD in Jan after the bonus holding period ends. 30 extra bps for no extra risk.
When the rates are on the rise, do you just keep canceling the existing no penalty CD's and get the new one?

 

[audreyh1]

I will be switching most of my Ally 2% savings to the no penalty CD in Jan after the bonus holding period ends. 30 extra bps for no extra risk.
When the rates are on the rise, do you just keep canceling the existing no penalty CD's and get the new one?

Me too. I’m just hoping they don’t drop rates Jan 1. But none of these are labeled as “specials” with an expiration date.

Maybe come Jan 15 they’ll have deals to entice new money to stay.

Yes, I have upgraded my no-penalty CDs every so often as rates have risen. But I might lock in higher rates somewhere.

 

[Drake3287]

There's nothing in Ally's fine print about not being able to do just that. I'm in that same boat with that 1% bonus money.

 

[almost there]

Folks with credit card debt will see the rate increase immediately.
5 yr. CD's? Could be a while till it trickles up...Meanwhile the one year CD is only
about .5% away from the 5 yr?
Strategic thoughts?

 

[Dtail]

Me too. I’m just hoping they don’t drop rates Jan 1. But none of these are labeled as “specials” with an expiration date.

Maybe come Jan 15 they’ll have deals to entice new money to stay.

Yes, I have upgraded my no-penalty CDs every so often as rates have risen. But I might lock in higher rates somewhere.

Related question - is there a hard pull on the credit when opening a CD at Ally, or soft pull?