Best CD, MM Rates & Bank Special Deals Thread 2020 - Please post updates here

[ShokWaveRider]

Quote:

Originally Posted by Spock I just had the exact opposite with an ACH with Discover Bank. Took 10 days to do a xfer between accounts that have had a regularly scheduled monthly transfer for a couple of years.

Very Sad, I am sorry to hear that. One possibility could be that Banks are "for profit" based and like to hang on to the money for longer, credit unions are not.

In all honesty we have been with one CU or another for over 30 years with no issues. Why I am sure there are good reasons for folk continue to patronize the "for profit" banks except for business type services is beyond my personal understanding. I am sure there are valid reasons though.

[Spock]

Quote:

Originally Posted by ShokWaveRider Very Sad, probably because Banks are profit based and like to hang on to the money for longer, credit unions are not. In all honesty we have been with one CU or another for over 30 years with no issues. Why I am sure there are good reasons for folk continue to patronize the for profit banks except for business type services is beyond my personal understanding. I am sure there are valid reasons though.

The local CU here is a complete basket case. It took them 4 days to do a wire transfer on multiple occasions.

[jim584672]

Quote:

Originally Posted by Spock The local CU here is a complete basket case. It took them 4 days to do a wire transfer on multiple occasions.

Almost every CU I have dealt with is terrible with ACH stuff. I initiate the push or pull from the outside bank and that always seems to work.

[RetireBy90]

Quote:

Originally Posted by ShokWaveRider In all honesty we have been with one CU or another for over 30 years with no issues. Why I am sure there are good reasons for folk continue to patronize the "for profit" banks except for business type services is beyond my personal understanding. I am sure there are valid reasons though.

We have been with a bank for since 1978, after several times being bought we had Wachovia now Wells. With being moved in our 20 years in Army, there was a Wachovia everywhere we were sent, except Germany. Now with traveling, we most times can find a local branch. Despite problems in the news over past several years we haven’t had any real issues. Just one reason.

[pb4uski]

Ok, so help me out here. My "go-to" MM funds at Vanguard are the Municipal MM (VMSXX) for taxable account and Prime MM (VMMXX). I noticed today that 7-day SEC Yield is 2.53% for VMSXX and for VMMXX is 1.03%. Why not swap out VMSXX for VMMXX and get the 1.5% higher yield for as long as it lasts?

[jazz4cash]

I’d say definitely go for it. I use a single state muni fund at Fido but it’s an income fund not a MM fund so it moves around quite a bit and earns a bit over 2% usually. I think I’ll also open their national muni MM fund and use it as my core.

[pb4uski]

As of this morning, VMSXX dropped overnight to 1.79% vs VMMXX dropping to 0.97%, but 82 bps is still better than none.

[almost there]

I liked this thread better when I made it up last year.
I wonder where things will be 1 - 2 years from now?
Crystal ball anyone?

[MrsHaloFIRE]

Quote:

Originally Posted by jim584672 Almost every CU I have dealt with is terrible with ACH stuff. I initiate the push or pull from the outside bank and that always seems to work.

Yes. CUs a bit dopey on transferring in and out also. Have to mail myself a check literally to one if them. Initiate via another bank etc etc.

[njhowie]

Marcus 7-month no penalty CD 1.7%

[ShokWaveRider]

Hughes Federal Credit Union Has Rate Leading 36-Month Jumbo CD

36-month CDs – Jumbo, 2.22% APY, $99k; Mini-Jumbo, 2.12% APY, $50k; and CD, 2.02% APY, $1k.

[ut2sua]

Has anyone tried CitiBank offer of $700 bonus with $50000 deposit for 90 days .Link at: https://banking.citi.com/cbol/checki...0A2FF552CDC9BC
I believe after 90 days, one can down grade the account to the next tier to have $10K or less maintained without a monthly fee (instead of having to maintain a balance of $50K to avoid the $30 monthly fee)
Also, I don't know if one can cancel a CitiBank account online, or one has to go to a physical location to do that (that would be too much work imo)

[jim584672]

Quote:

Originally Posted by ut2sua Has anyone tried CitiBank offer of $700 bonus with $50000 deposit for 90 days .Link at: https://banking.citi.com/cbol/checki...0A2FF552CDC9BC I believe after 90 days, one can down grade the account to the next tier to have $10K or less maintained without a monthly fee (instead of having to maintain a balance of $50K to avoid the $30 monthly fee) Also, I don't know if one can cancel a CitiBank account online, or one has to go to a physical location to do that (that would be too much work imo)

I did one last year. Read the terms very carefully and follow them exactly. Closing I went to a branch and closed the account. You could probably do it online.

[JustKickItForward]

Quote:

Originally Posted by pb4uski As of this morning, VMSXX dropped overnight to 1.79% vs VMMXX dropping to 0.97%, but 82 bps is still better than none.

Thanks a lot for this post as it got me to actually log onto my Vanguard acct to verify where my cash is sitting in. I did not realize they had multiple MM's.


So, I see my cash is sitting in VMFXX
7 day SEC yield as of 04/09/2020 = 0.59%

Comparing this to:
VMMXX
7 day SEC yield as of 04/09/2020 = 0.92%

VMSXX
7 day SEC yield as of 04/09/2020 = 1.25%

I am surprised there is such a big difference in yields. So, is there any downside(s) to moving all my cash from VMFXX to VMSXX ?

Do people around here regulary (like every quarter or two) move cash between these three (or is there more MM funds at Vanguard?) depending on what the best rate is at the time?

[Livefree]

My Ally online savings account is yielding 1.5% as of today, so I may move VMMXX to Ally.

[njhowie]

Quote:

Originally Posted by Livefree My Ally online savings account is yielding 1.5% as of today, so I may move VMMXX to Ally.

Marcus (Goldman) is paying 1.7% for online savings.

[Timeisprecious]

Quote:

Originally Posted by ShokWaveRider Very Sad, I am sorry to hear that. One possibility could be that Banks are "for profit" based and like to hang on to the money for longer, credit unions are not. In all honesty we have been with one CU or another for over 30 years with no issues. Why I am sure there are good reasons for folk continue to patronize the "for profit" banks except for business type services is beyond my personal understanding. I am sure there are valid reasons though.

One reason is that most high-yield savings accounts with banks earn more than accounts with most credit unions.

[Timeisprecious]

Quote:

Originally Posted by njhowie Marcus (Goldman) is paying 1.7% for online savings.

My high-yield savings account with Vio Bank certainly took a hit from the previous APY of 2.52%, but it's still yielding an APY of 1.74% which I believe is higher than most.

[pb4uski]

Quote:

Originally Posted by Timeisprecious ... most high-yield savings accounts with banks earn more than accounts with most credit unions.

I don't think that is at all true. While there are a dozen or so online banks that pay attractive high-yield savings rates the vast majoirty of banks and credit union high-yield savings rates just plain suck.

What is true is that credit union CD specials have been spanking banks for the past year to 18 months... or arguably even longer.

[bearkeley]

Quote:

Originally Posted by janniemac This rate seems suspiciously high in this market. Website says Globe Limited Group is an HSBC Company and FDIC insured. Sold a rental property and looking for something safe. Anyone have experience with them?

Hi, it looks like HSBCDirect is offering 1.7%. Is this a legitimate offer or related o the scam you guys were previously discussing?