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

[pb4uski]

Yup. Sad that 1% seems pretty good. I suspect that it will be a while before we see 2% for liquid investments with no credit risk.

 

[Carol1862]

I apologize for not researching this before posting. I didn’t realize many banks were offering this. Thought it was much lower. I use Ally and should’ve noticed that. Thanks for the replies

 

[Sue J]

Update about the Key Bank $400 cash bonus offer -

Thanks for posting that! I read some of the posts and I may just transfer some regular old money to them and see if it satisfies the requirement. I'm such a rule follower that if they say "payroll, Social Security, pension and govt benefits" I assume they mean it.

I just set it up to do a push from a DiscoverBank Checking account. I'll post a followup if it works.

My deposit pushed from DiscoverBank showed up on Key as a "ACH, DiscoverBank P2P".

When I tried to change my SS direct deposit online, Sept was the earliest that I could choose for it to happen. My deposit is the 4th Wed of the month and that would be too late. Instead, I called the SS office and they could change it. I called on 7/10 and they told me I missed the cutoff date for the July 22 deposit but that it would happen on Aug 26. Ok, Good enough. I'll just be patient.

Surprise! My July 22nd SS deposit went to Key Bank and shows as "ssa treas 310 xxsoc sec"

And then on July 28th I got the $400 "Gift from Key Bank for recent offer" YAY!!

So I can't tell you that the transfer from DiscoverBank would have qualified as a direct deposit. The SS direct deposit definitely qualified.

Nice offer, easy enough. Now I'll keep the account open for the rest of the 6 month period and keep it fee free with my monthly SS deposit or a monthly $500 transfer.

 

[audreyh1]

Wow - just noticed that Synchrony Bank dropped their High Yield Savings rate from 1.05% to 0.75% on July 31st.

That's a huge move!

 

[Dash man]

Wow - just noticed that Synchrony Bank dropped their High Yield Savings rate from 1.05% to 0.75% on July 31st.

That's a huge move!

Ouch!!!!

 

[aja8888]

Wow - just noticed that Synchrony Bank dropped their High Yield Savings rate from 1.05% to 0.75% on July 31st.

That's a huge move!

I'll bet Ally follows.

 

[stepford]

Boy am I P.O.'d. I got in on the Citibank $400 for $15K deal last December, waited the 4 months then pulled the $15400 and closed my account.

I get a Robocall yesterday about my Citi account. Turns out they say the account was never closed and they have been charging me fees and now overdraft charges (because the fees gave rise to a negative balance) every month.

I'm thinking I should call the Better Business Bureau. For me this is just an annoyance, but imagine someone living paycheck to paycheck getting screwed out of $100 this way.

Needless to say I won't be doing business with Citi again, and hope I can drive as many potential customers away as possible.

 

[pb4uski]

Discover Bank dropped from 1.01% to 0.95%.

Capital One still hanging in there at 1.0%

 

[Richard4444]

FWIW, I had 2 CDs mature recently: opted for 2 GNMAs (not funds) paying over 2% for expected 3 - 4 years

Rich

 

[JoeWras]

I recently opened an account at Marcus. While reading around here, I thought the name was a joke, didn't know what you all were talking about.

Now with a few weeks under my belt, I'm happy with it.

I decided to park some cash here instead of any MM funds at Vanguard. Looking for some FDIC assurance.

 

[njhowie]

I recently opened an account at Marcus. While reading around here, I thought the name was a joke, didn't know what you all were talking about.

Now with a few weeks under my belt, I'm happy with it.

I decided to park some cash here instead of any MM funds at Vanguard. Looking for some FDIC assurance.

FDIC protects you if the bank/trustee goes under or tries to steal your funds. It provides "government backing" of a product (CDs and savings accounts) which without it provides no such insurance/backing.

Money market funds at the major fund families/brokerages are protected by SIPC insurance should the broker/trustee go under or attempt to steal your funds. Money market funds, are predominantly comprised of government backed securities. So, in this case, the fact that the underlying product is backed by the government in itself provides a portion of what FDIC does.

There are reasons why one might choose a savings account or CDs over money market funds. However, FDIC insurance is not one which should carry much weight. Money market funds have as good (if not better) protections. SIPC limits are generally $500,000 per investor account, where FDIC tops out at $250,000. Additionally, the major brokerages carry excess insurance which provides coverage above SIPC limits, many times to $1 million or more.

 

[Dtail]

FDIC protects you if the bank/trustee goes under or tries to steal your funds. It provides "government backing" of a product (CDs and savings accounts) which without it provides no such insurance/backing.

Money market funds at the major fund families/brokerages are protected by SIPC insurance should the broker/trustee go under or attempt to steal your funds. Money market funds, are predominantly comprised of government backed securities. So, in this case, the fact that the underlying product is backed by the government in itself provides a portion of what FDIC does.

There are reasons why one might choose a savings account or CDs over money market funds. However, FDIC insurance is not one which should carry much weight. Money market funds have as good (if not better) protections. SIPC limits are generally $500,000 per investor account, where FDIC tops out at $250,000. Additionally, the major brokerages carry excess insurance which provides coverage above SIPC limits, many times to $1 million or more.

Inquiring on one aspect of your statement.
Not currently as to yield but in the recent past, hasn't many of the higher yielding MM accounts at the brokerages invested in other securities at least partially such as Commercial Paper, etc?

 

[njhowie]

Inquiring on one aspect of your statement.
Not currently as to yield but in the recent past, hasn't many of the higher yielding MM accounts at the brokerages invested in other securities at least partially such as Commercial Paper, etc?

Of course - money market funds do routinely include commercial paper and other very high quality things. However, the bulk is government-backed. I don't think anything I stated contradicts that.

Money market funds, are predominantly comprised of government backed securities.

 

[jazz4cash]

Marcus currently offers hi yield savings bonus of 0.10% and special 8 mo no penalty CD @ 1.1 % for AARP members.

https://www.depositaccounts.com/banks/marcus-goldman-sachs/offers/

 

[Dtail]

Marcus currently offers hi yield savings bonus of 0.10% and special 8 mo no penalty CD @ 1.1 % for AARP members.

https://www.depositaccounts.com/banks/marcus-goldman-sachs/offers/

Nowadays that's a good rate for that product.

 

[JoeWras]

Well with Marcus, the FDIC thing was only part of it. The 1.05% was the other part. Better than the MM's at Vanguard.

Heck of a time to be celebrating 1%.

 

[jazz4cash]

I already have AARP and Marcus Online Savings but couldn't find any info on this promo. I looked back at the Deposit Accounts announcement and there is a link to an AARP sign up page. I put in my AARP member number and presto chango my rate rose to 1.15. I expect it will drop in the future, but this is my main accumulation account for major expenses so I'll take whatever I can get. I don't need the no penalty CD at present time.

 

[jazz4cash]

And Marcus dropped to .8% today. The .10% bonus lasts for 2 yrs.

 

[JoeWras]

And Marcus dropped to .8% today. The .10% bonus lasts for 2 yrs.

Yep. Just got the email. Oh well. I'm primarily transferring from PNC Bank which has a terrible MM rate of 0.02%

How long before Ally drops their savings rate?

 

[calmloki]

Sheesh - saw the rate drop by Marcus and was just bragging to the gal yesterday about my keeping our accounts open with them in anticipation of future offers and talking up the new AARP rate bump and their 1.05% rate. Didn't move money though. On the good side, figured out that I could have the interest on our 3% GTE CD moved to a GTE savings account automatically each month, thence on to our linked Ally account paying decent interest.

 

[jazz4cash]

Considering the rate drop at Marcus ( I earned 1.1 % for one day), I decided I DO have a use for the 1.1% no penalty 8 mo CD. I’m going to use it for some fixed expenses instead of using the online savings. They haven’t changed the 8 mo CD rate yet.

 

[camfused]

Viobank's High Yield Savings just dropped to 1.04% (from 1.11%), but seems to be staying near the front of the pack.

 

[Debinnov a]

Sheesh - saw the rate drop by Marcus and was just bragging to the gal yesterday about my keeping our accounts open with them in anticipation of future offers and talking up the new AARP rate bump and their 1.05% rate. Didn't move money though. On the good side, figured out that I could have the interest on our 3% GTE CD moved to a GTE savings account automatically each month, thence on to our linked Ally account paying decent interest.

Can you explain the GTE part? I have a GTE add on CD. Am I able to have the interest go into a GTE savings account and then transfer to Ally? Does it not need to stay in the CD account? Is it not compounding?

 

[phil1ben]

where FDIC tops out at $250,000.

It is important to remember that it is $250,000 per account holder. So if the account is a joint account for husband and wife the FDIC coverage is $500,000.00. If you add your child as a third account holder then FDIC coverage is $750,000 and so on.

 

[audreyh1]

Can you explain the GTE part? I have a GTE add on CD. Am I able to have the interest go into a GTE savings account and then transfer to Ally? Does it not need to stay in the CD account? Is it not compounding?

CDs usually offer the option to transfer interest to another account which accommodates those who wish income from their CDs. In this case, you’re right, there is no compounding.