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Old 08-05-2020, 06:59 AM   #601
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I guess I donít understand the ďGTE partĒ either. These CDs specials purchased months or years ago pay so much better than anything currently available I canít see taking dividends out unless you need the money for expenses, or maybe transfer to an add-on CD. I have scraped some dividends to transfer them to an add-on. If you leave them in the CD they do compound in every case Iíve seen. Some only compound quarterly, though
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Old 08-05-2020, 09:19 AM   #602
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We hold the GTE in one name only, so $250K insurance. Don't need the money, was just moving the amounts which exceed $250k into an insured account. A terrible thing to say, but GTE doesn't give me a rock solid sense of security, so I don't want any uninsured money there.

Thinking about it, we do have a beneficiary on the account, so doesn't that cover us for up to $500k? Sometimes I stir things around needlessly.
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Old 08-05-2020, 10:35 AM   #603
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Best CD, MM Rates & Bank Special Deals Thread 2020 - Please post updates here

AFAIK the FDIC limit is per owner w/o regard to beneficiary. Could you re-title the account with a joint owner? I think you can have IRA funds at the same bank and it has a separate limit.

Edit: according to this FDIC calculator having a beneficiary is significant on some types of accounts.

At least I finally understand the GTE bit.
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Old 08-05-2020, 10:53 AM   #604
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And Marcus dropped to .8% today. The .10% bonus lasts for 2 yrs.

And I was about to open an account with Marcus. Looks like Iíll go with American Express instead and hope they donít drop their rates anytime soon.
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Old 08-05-2020, 10:57 AM   #605
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Discover's online account is still at 0.95%.
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Old 08-05-2020, 02:41 PM   #606
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Citizens Access On-Line Bank is still at 1.0%. It is a division of Citizens Bank but you can't use any of the B&M locations to transact any business with the on-line division. Read the FAQ under the help tab for added information as some of their processes are slightly different from some other on-line banks. They also have a no-penalty CD (liquid CD) for 11 moths currently at 0.75%
https://www.citizensaccess.com/onlin.../overview.html

Edited to correct CD rate to a more realistic figure, typed 9.75% initally
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Old 08-05-2020, 02:52 PM   #607
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I think that no penalty CD is 0.75%
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Old 08-05-2020, 03:03 PM   #608
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I think that no penalty CD is 0.75%
I really got optimistic!!
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Old 08-05-2020, 04:21 PM   #609
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Looks like Iíll go with American Express instead and hope they donít drop their rates anytime soon.
I expect American Express (now 1.0%) to drop any minute. Their rate has generally been very close to Barclays, which fell to .80% a few weeks ago, so I'm surprised they haven't acted yet.

Penfed's premium savings account is at .90%.
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Old 08-05-2020, 04:57 PM   #610
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AFAIK the FDIC limit is per owner w/o regard to beneficiary. Could you re-title the account with a joint owner? I think you can have IRA funds at the same bank and it has a separate limit.

Edit: according to this FDIC calculator having a beneficiary is significant on some types of accounts.

At least I finally understand the GTE bit.


Forgot to add https://edie.fdic.gov/calculator.html
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Old 08-13-2020, 06:04 AM   #611
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Just noticed that CapOne is at .8% while Ally is still 1%

If that disparity continues, CapOne will be losing me as a customer after I receive the bonus for opening an account w/ them 3 months ago.
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Old 08-13-2020, 06:49 AM   #612
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Does anyone have the Citi Accelerate Savings? It’s not offered in every state but looks like it’s a 1% rate and qualifies for the $700 bonus. Seems too good to be true so thought I’d check here. We would move our HSBC funds (now at .5% from 1.6% in April) if I can figure out again how to get back into my account online....seems to never work without speaking with their online support!
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Old 08-13-2020, 06:54 AM   #613
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Does anyone have the Citi Accelerate Savings? It’s not offered in every state but looks like it’s a 1% rate and qualifies for the $700 bonus. Seems too good to be true so thought I’d check here. We would move our HSBC funds (now at .5% from 1.6% in April) if I can figure out again how to get back into my account online....seems to never work without speaking with their online support!
That high yield savings at Citi does not qualify for the $700 bonus. The savings that you have to open is a different, very low yielding savings account. You have to read the fine print and focus on the name of the savings vehicle that you must open along with the checking to qualify.
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Old 08-13-2020, 11:28 AM   #614
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Just noticed that CapOne is at .8% while Ally is still 1%

If that disparity continues, CapOne will be losing me as a customer after I receive the bonus for opening an account w/ them 3 months ago.
Five hours later, Ally reduces their rate to .8%.

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Old 08-13-2020, 12:14 PM   #615
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Five hours later, Ally reduces their rate to .8%.

It looks like a contest to see who can get to 0.01% first!
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Old 08-13-2020, 01:39 PM   #616
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I thought historically Ally's lowest rate was 0.75%.
Is this true?
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Old 08-13-2020, 02:34 PM   #617
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As I set up my cash fund (something between 1 - 3 yrs cash), I was going to look into one of these high yield savings accounts. It appears to me at the end of the day, most of the well known banks are all pretty much in line with each other? Are you guys jumping from bank to bank chasing 10 -20 basis points in yield or generally picking a horse and riding it? Just curious if there are any special tricks to maximizing the measly potential interest on your cash holdings. It's a shame brokerages like Schwab don't have a competitive product to keep everything under 1 roof.
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Old 08-13-2020, 02:45 PM   #618
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I just checked Ally rates and you can still get .9 for a 12 mon HY CD. I moved cash out of online savings a week ago ( when cap one cut their rate ) to a CD-no penalty 11 month for .9 but that has gone to .75.
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Old 08-13-2020, 03:35 PM   #619
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As I set up my cash fund (something between 1 - 3 yrs cash), I was going to look into one of these high yield savings accounts. It appears to me at the end of the day, most of the well known banks are all pretty much in line with each other? Are you guys jumping from bank to bank chasing 10 -20 basis points in yield or generally picking a horse and riding it? Just curious if there are any special tricks to maximizing the measly potential interest on your cash holdings. It's a shame brokerages like Schwab don't have a competitive product to keep everything under 1 roof.
I pretty much pick a horse and ride it. I've been with Discover Bank for many years. While they are rarely the best online savings account yield out there they are usually in the hunt... sometimes better and sometimes worse.

I did recently set up a couple online savings accounts with Capital One because they were offering a $500/1% bonus for a $50k deposit for 3 months. When the 3 months is up and they credited the bonus to my account I'll assess whether I'll keep the account or not.

I'm with you... I wish Vanguard or Fido would offer some attractive options for cash... or even for fixed income for that matter. vanguard has lost a lot of my money to 3-3.5% credit union CDs over the last couple years.
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Old 08-13-2020, 03:55 PM   #620
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I'm willing to ride the same horse too, but my VG money market horse pretty much stopped dead, so I moved my cash elsewhere.
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