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

[audreyh1]

I am trying to lock in at Ally's no penalty CD before they lower the rate. I have money in two MM accounts at Fido, but it appears I can only move $100k per account at a time. I have to call Fido today to see what the limit is about. I have 10 days total to get the money into the CD.

That’s simply their standard limit for transfers to an external account.

 

[audreyh1]

Ally Bank already lowered the no penalty CD to 1.30% on all tiers.

Sounds like she already opened the CD and is just trying to fund it.

 

[Dtail]

Since our main Fidelity brokerage account is taxable, I routinely do a sweep to a high yield savings account. Seems to be one day either direction, so it’s fast enough.

Makes sense.
The accounts I manage in Fidelity are either in trusts or TIRA, so that option would not work on a frequency/admin basis.

 

[Helen]

Didn’t you have a variable rate MM account tied to some index? How’s it doing? I have one at a local community bank that is indexed to 13 week tbill + .5%. It held up pretty well until last month. It is now .62% which is not bad but I’m moving it to a CD to lock in a better rate for 2 yrs.

No, I had money in 3 month T-bills. I stopped the reinvestment last week before they came due.

 

[Helen]

That’s simply their standard limit for transfers to an external account.

Thank you, I suspected it was something like that.

 

[audreyh1]

Thank you, I suspected it was something like that.

Just to be clear that’s their daily limit. You can transfer more the next day.

 

[Chuckanut]

Ally Bank already lowered the no penalty CD to 1.30% on all tiers.

I just slipped in under the wire with 1.45%.

Today, I opened a 1 year CD with Marcus for 1.6%.

I have some 2.5% CDs floating around. I dread having to reinvest it later this year.

 

[Chuckanut]

Is there a way to join Navy Federal if one hasn't been in the service and has no family members currently in the service?

 

[dvalley]

FYI, Marcus Goldman's 12mo CD (it's not a no-penalty) is still offering 1.60%. I just opened two of them and moved 15k in one and 10k in another. I really like that they do 'instant link' to external accounts so it took all of 5 mins this morning. Now I have most of my idle cash stashed away in CDs except for $27k in my BoA checking and another $20k in my VG brokerage.

 

[Carol1862]

Is there a way to join Navy Federal if one hasn't been in the service and has no family members currently in the service?

Were any family members Veterans?

 

[Carol1862]

I am trying to lock in at Ally's no penalty CD before they lower the rate. I have money in two MM accounts at Fido, but it appears I can only move $100k per account at a time. I have to call Fido today to see what the limit is about. I have 10 days total to get the money into the CD.

Got me a little concerned because we had an IRA CD come due and put into our MM account. I am transferring it out to Ally. I called Fidelity to ask about the limit and they informed me that this doesn’t pertain to IRA’s and direct transfers. Hope I got the right info from them. I’ll know soon enough.

 

[CardsFan]

Is there a way to join Navy Federal if one hasn't been in the service and has no family members currently in the service?

In my case, it was based on my dad serving in WWII, but I had zero documentation, and he is long gone. Basically, they took my word for it.

The family member does not have CURRENTLY be in the service.

 

[mn54]

https://www.ufbdirect.com/

anyone use ufb bank? there high yield savings account is 1.7%

 

[RetiredAndLovingIt]

Is there a way to join Navy Federal if one hasn't been in the service and has no family members currently in the service?

I'm from Europe. Last year I got in by asking my son in law to join, he called and gave them his grandfathers name who served in the Korean war. He was accepted immediately and then added his wife, my daughter to the account and Navy gave them a code for me to call to sign up as their family member. Took one phone call for them to join and I called the next day and set up my account within about ten minutes. The reps at Navy are the best, can't say enough about them. In fact every time I call them, I stay on the phone to leave 5* feedback they are so great. Oh and a couple of weeks later they ask grandpa if 3.5% is a good rate and he's so impressed with how they were able to join using his name and lock in that great rate for 5 years. Turned out he had a CD maturing at another institution within a couple of weeks so immediately makes plans to visit his local branch so he can join and open a CD for himself. He never even knew that he was eligible to join till then, he was 85 at the time.

 

[wrigley]

https://www.ufbdirect.com/

anyone use ufb bank? there high yield savings account is 1.7%

I opened an account at HSBC about 2 weeks ago. Their high yield online savings account interest rate was 1.7% at the time. 2 days after I funded the account the interest rate dropped to 1.6%. It’s just a matter of time before they all drop.

Mike

 

[Chuckanut]

Were any family members Veterans?

My daughter was in the Army reserves for 6 years. After her 6 months of training she was never called up to active duty.

 

[CardsFan]

My daughter was in the Army reserves for 6 years. After her 6 months of training she was never called up to active duty.

Sounds like you are eligible.

 

[lordjust]

Is there a way to join Navy Federal if one hasn't been in the service and has no family members currently in the service?

i dont think they really check...

 

[Golden sunsets]

I just slipped in under the wire with 1.45%.

Today, I opened a 1 year CD with Marcus for 1.6%.

I have some 2.5% CDs floating around. I dread having to reinvest it later this year.

Yeah. I was so proud of the five year CD ladder that I finally managed to finish last year with a blended yield of 3.25%. This year's rung matures in June. One option I have is to throw those proceeds into the GTE add on CD opened last year rather than establishing a new 5 year CD at the best prevailing rate that I can find. Not sure which course we'll follow. The whole idea of a rolling 5 year ladder is to smooth out the return while maintaining the ladder. I don't really want to stray from that plan. We'll see what the actual numbers look like when the time comes.

 

[pb4uski]

Unless you are using the proceeds from a ladder, I'm not sure a ladder makes sense... IOW, if you are just rolling the proceeds of the ladder over then I'd add it to the GTE CD.

 

[jazz4cash]

Unless you are using the proceeds from a ladder, I'm not sure a ladder makes sense... IOW, if you are just rolling the proceeds of the ladder over then I'd add it to the GTE CD.

I agree.
In “normal times” you get more yield by going out 5 yrs vs shorter terms and that is why the ladder makes sense. Currently there is almost no premium for going out 5 yrs. I buy whatever maturity seems to be the best value. My add-on CDs are far superior to anything currently available. My CD ladder is lumpy. I use about a third for expense and roll the rest into my add-on CD.

 

[Golden sunsets]

Unless you are using the proceeds from a ladder, I'm not sure a ladder makes sense... IOW, if you are just rolling the proceeds of the ladder over then I'd add it to the GTE CD.

No, proceeds are not used for anything. Just another piece of our fixed income portfolio, ultrasafe, and with rates last year in the 3's, I was racing to establish it, with a high blended rate, rather than keeping the money all in short term CD's. The ladder concept includes the advantage that you only need to look for a new home for 20% of the money each year and during normal times usually rates at the long end offer the highest rates. So this approach should generate a dividend stream that does not fluctuate much from year to year. (I know you know this PB). If I throw the 2020 maturity into the 2023 CD(it was a 4 year CD when I purchased it), then I'll have to invest 40% of the ladder in 2023, and be subject to the prevailing rates at the time, kind of contrary to the original principle.

 

[Golden sunsets]

I agree.
In “normal times” you get more yield by going out 5 yrs vs shorter terms and that is why the ladder makes sense. Currently there is almost no premium for going out 5 yrs. I buy whatever maturity seems to be the best value. My add-on CDs are far superior to anything currently available. My CD ladder is lumpy. I use about a third for expense and roll the rest into my add-on CD.

Yes. I wish I had more add ons. I only have the one at this point.

 

[pb4uski]

No, proceeds are not used for anything. Just another piece of our fixed income portfolio, ultrasafe, and with rates last year in the 3's, I was racing to establish it, with a high blended rate, rather than keeping the money all in short term CD's. The ladder concept includes the advantage that you only need to look for a new home for 20% of the money each year and during normal times usually rates at the long end offer the highest rates. So this approach should generate a dividend stream that does not fluctuate much from year to year. (I know you know this PB). If I throw the 2020 maturity into the 2023 CD(it was a 4 year CD when I purchased it), then I'll have to invest 40% of the ladder in 2023, and be subject to the prevailing rates at the time, kind of contrary to the original principle.

For my fixed income in CDs I just go out as far as I need to to get a juicy good rate... it seems that the sweet spot tends to be 5 years more ofter than not. The good part is that I only have to looks for a new home every 5 years... the bad part is reinvestment risk. When the 3% 5-year PenFed CDs matured in Dec 2018 I had to park the money for about 6 months before I foudn some other CDs that I liked and they happened to be 5-year CDs.

 

[almost there]

Looks like we avoided negative rates. For the moment anyway...........
Will see what things look like mid 2022 when about 1/2 of mine expire / and go from there.
Hate to lower my 3.40% average .........But here we are....