Best CD & MM Rates Thread 2019 - Please post updates here

[njhowie]

...(for example, even Marcus is still a full quarter point higher on their online savings..I'm not a big fan of Marcus - especially the website - but rates are rates..)

Ally may have been one of the first, but rest assured, they will all be lowering their rates over the next month.

 

[24601NoMore]

Ally may have been one of the first, but rest assured, they will all be lowering their rates over the next month.

Maybe on "Online Savings", but rate leaders like Navy will continue to eat Ally's lunch on Certificates / CDs.

Assuming the data on DepositAccounts.com is right, it looks like Navy is very close to Ally on AUM - and a couple thousand employees north of Ally. So, Ally better realize there's a new boss in town..and that boss is Navy Federal CU.

To that point, the Navy 18-month 3% Certificate is very attractive..grab it while you can..I've seen 5 YEAR rates that aren't much above 3%..18 months is a steal.

 

[njhowie]

Maybe on "Online Savings", but rate leaders like Navy will continue to eat Ally's lunch on Certificates / CDs.

Assuming the data on DepositAccounts.com is right, it looks like Navy is very close to Ally on AUM - and a couple thousand employees north of Ally. So, Ally better realize there's a new boss in town..and that boss is Navy Federal CU.

To that point, the Navy 18-month 3% Certificate is very attractive..grab it while you can..I've seen 5 YEAR rates that aren't much above 3%..18 months is a steal.

Once again, they are all going to be lowering rates - whether online savings or CDs...including Navy and "rate leaders".

 

[24601NoMore]

Once again, they are all going to be lowering rates - whether online savings or CDs...including Navy and "rate leaders".

Doubt it. Navy has been significantly higher than Ally, Marcus and all the others for quite some time. No reason it won't continue. They clearly have come to play while the others are watching their asset bases erode.

 

[njhowie]

Doubt it. Navy has been significantly higher than Ally, Marcus and all the others for quite some time. No reason it won't continue. They clearly have come to play while the others are watching their asset bases erode.

It's a financial institution. They make money the same way as every other financial institution - the spread between what they pay for money and what they can lend it for. When interest rates drop and the rates they are able to lend money at fall, the amount they pay on deposits likewise fall. That's simply how it works.

There's no need to get into a debate over this. We'll see what happens over the coming months.

 

[24601NoMore]

There's no need to get into a debate over this. We'll see what happens over the coming months.

Agreed. Let's see what happens. My money is on them keeping rates significantly higher than Ally and the others (simply because they seem to be in "asset grab mode" trying to be even larger than they already are), but time will tell.

In the meantime, the 3% 18-month is very compelling. I opened the 5 YEAR Certificate for only .5% more on the APY only a week earlier.

 

[Another Reader]

All except a token amount at Ally will be moved to an 18 month CD at NFCU as soon as the application is approved.

Ally has been one of the first to lower rates in this go around. The others will follow, but how soon and how much has yet to be determined.

 

[Dash man]

Sheese. I didn’t get the email till 2:22 this afternoon. I guess I’m not on the A-list.

I got my email at 6:00 pm eastern. I must be on the D-list.

 

[Dtail]

I got my email at 6:00 pm eastern. I must be on the D-list.

Same here.

 

[Another Reader]

Maybe it was alphabetical order...

 

[mickeyd]

PMMF is looking lazy @ 2.24%, but that looks better than the numbers being thrown around recently.

 

[jazz4cash]

Navy may have Ally beat on CD rates but I don’t think they’ll ever be competitive on savings accounts.

 

[GalaxyBoy]

Just moved a hunk of cash from my Ally savings account to their no-penalty CDs. I broke it up into $25k chunks so that if I cash one in early it won't break the whole amount if interest rates keep going down (if?). I'm sitting on cash to pay for a new house, if I can ever find one that meets our needs.

Can you join Navy FCU if your Navy veteran parent is deceased? I put in Dad's info on their web site but it said it couldn't find his information. I should call them. I still have his WWII discharge papers. Actually, he was in the reserves until the mid-1980s.

 

[RetireAge50]

Can you join Navy FCU if your Navy veteran parent is deceased? I put in Dad's info on their web site but it said it couldn't find his information. I should call them. I still have his WWII discharge papers. Actually, he was in the reserves until the mid-1980s.

My dad died this year and I mentioned this when I called and asked if I was eligible to join. The only question they asked me was if he had retired or was honorably discharged. I said yes and then they opened my account over the phone. Funded the CD’s 2 days later in person.

 

[njhowie]

Agreed. Let's see what happens. My money is on them keeping rates significantly higher than Ally and the others (simply because they seem to be in "asset grab mode" trying to be even larger than they already are), but time will tell.

In the meantime, the 3% 18-month is very compelling. I opened the 5 YEAR Certificate for only .5% more on the APY only a week earlier.

Doubt it. Navy has been significantly higher than Ally, Marcus and all the others for quite some time. No reason it won't continue. They clearly have come to play while the others are watching their asset bases erode.

Apparently not true - you forgot to mention that the 18-month and 5-year CDs were specials. For under $100k Marcus is better than all their other CDs.

NFCU Savings/MM account rate = 0.25%
Marcus Savings account rate = 2.15%

NFCU 1-year CD = 2.25% (2.4% with $100k minimum)
Marcus 1-year CD = 2.5%

NFCU 2-year CD = 2.4% (2.55% with $100k minimum)
Marcus 2-year CD = 2.55%

NFCU 3-year CD = 2.5% (2.65% with $100k minimum)
Marcus 3-year CD = 2.6%

NFCU 4-year CD = 2.55% (2.7% with $100k minimum)
Marcus 4-year CD = 2.65%

NFCU 6-year CD = 2.85% (3% with $100k minimum)
Marcus 6-year CD = 2.85%

 

[24601NoMore]

Apparently not true - you forgot to mention that the 18-month and 5-year CDs were specials. For under $100k Marcus is better than all their other CDs.

Not sure I follow why it matters if the 18-month and 5-yr rates are "specials" or not, as they can be bought with a $1K minimum by any member or anyone eligible to join..

CUs (especially Navy, Andrews, NASA, etc) frequently run specials..it's pretty much the rare exception when they don't.

 

[gailwinters]

Does Pentagon Federal require a medallion signature on IRA funds being transferred to another institution?

 

[REWahoo]

They didn't when I transferred IRA money to Vanguard a few months ago.

 

[gailwinters]

They didn't when I transferred IRA money to Vanguard a few months ago.

Thanks so much.

 

[Livefree]

One thing I found with NFCU is it's not as easy to setup Beneficiaries. With Ally Bank I could do this Online. NFCU requires emailing or scanning paperwork,or mailing in the forms.


Maybe I need to search their site better?

 

[jazz4cash]

One thing I found with NFCU is it's not as easy to setup Beneficiaries. With Ally Bank I could do this Online. NFCU requires emailing or scanning paperwork,or mailing in the forms.


Maybe I need to search their site better?

NFCU has a pretty easy tool on their website to manage primary and contingent beneficiaries for IRA. Not sure about non IRA accounts.

 

[Henry Lili]

Opened both an 18 month 3.0 % (80% of avail. $) and a 60 month, at 3.5% today at Navy FCU.

 

[GenXguy]

Crud, I served in the military for 1 year active duty and 5 years active reservist with an honorable discharge and don't qualify myself! When going through the process, it comes to a choice between "I'm currently serving or retired" and "I'm a veteran". Well, I'm certainly not currently serving or retired. And I'm not a veteran because of certain exclusions for veteran status when active duty time is for training for reserve duty, which doesn't count toward the minimum requirement for being a veteran, which I've known for many years.

Follow up. You don't technically have to be a veteran or retired, despite those being the choices. I went ahead and selected "veteran" and filled out the form that I had 9 months of active duty (didn't have an option to enter my 5 years reserve duty for which I have an Honorable Discharge), and it figured out which branch of service I had been in over 20 years ago and accepted me as a member. I thought I would have to wait for the application to be approved, but it was immediate, and then I went through the process of withdrawing $5 from a checking account to put in the NFCU Savings Account. I'm now in the process of linking the NFCU checking account within my Vanguard account settings so that I can ACH money to NFCU to start a CD.

 

[audreyh1]

DH served 4 years in the military so he could pay for college. He has his DD-214 papers that show honorable discharge, we even know where they are!

So - from that I figured he was eligible. But we haven't tried to create an account yet. Two many other accounts at the moment.

 

[wrigley]

I'm a 50+ year member of NFCU and think it's great! Another excellent CU I used to belong to is #66 on the list, Tower FCU. It started as a CU serving employees of NSA at Ft. Meade, MD. Over the years its field of membership expanded and the last I knew you only had to live or be employed in Howard Cty., MD (and, perhaps - I'm not sure of this - other counties in the Ft. Meade area.) I used to use a brick and mortar branch in Columbia, MD and the service was excellent. No idea of their current CD rates.

Also noticed PenFed is #3 - if they'd bring back some of those good deals on CDs maybe we could get them to #2!

I'm a member of Pen Fed also. Primarily for their Visa that offers 5% cash back on all gasoline purchases. I have a long drive to and from work so this definitely saves me a few bucks each month at the pump!

Mike