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Old 08-13-2020, 03:57 PM   #621
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It's a bit late at this point, but I set up multiple no penalty CD's to stake out territory. Those funds are still totally accessible. Currently we have 2 no penalty CD's at Ally at 1.95%, which mature early next year, 3 more also at Ally at 1.75% which mature in the spring of next year, a 3rd 1 yr Add on CD at Navy at .9% and an add on 4 year at GTE CU (now maturing in 3 years) at 2.94%.
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Old 08-13-2020, 03:57 PM   #622
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Yeah, VMMXX was a great place for cash last year... this year not so much... 0.07% 7-day SEC yield ... 0.13% distribution yield. Yuk.

I have a couple 1.35% add-on CD that I started with Navy in May that I'll add the Capital One money to if their yields disappoint after the bonus is credited.

Kicking myself that I didn't think to set up taxable account 5-year 3% add-on CDs at GTE Financial a year ago when I had the chance.
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Old 08-13-2020, 04:02 PM   #623
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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 picked CapOne years ago, and have been riding it. Not the best, not the worst. But I am not going to spend time chasing 10-20 basis points on less than $200k.
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Old 08-13-2020, 04:45 PM   #624
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I have three horses, now. Ally, Marcus, and PenFed. I just let one go. I donít move funds between them. I spread it around. Thatís all 6 month money. The serious funds are in laddered CDs.
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Old 08-13-2020, 07:30 PM   #625
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I'm still looking for bonus opportunities to stash cash temporarily, since VG MM is only slightly better than under the mattress. But I used a chunk of it to pay down one of my mortgages, so I'm looking at that as the equivalent of a 3.625% CD. I may regret it in the long run if inflation returns, but there are only 17 years left on the mortgage and we'll probably sell that house before the 30 years is up. So I think it will work out to be a good move. I hope.
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Old 08-13-2020, 07:51 PM   #626
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I only applied for one bank bonus deal and it's kind of a hassle for me. I just don't have that much taxable money available without jumping through hoops. If I did have a chunk of money to put into a fixed income investment, I would certainly consider paying down mortgage or buying MYGA. I will be facing this dilemma in 5 months but the funds are tax deferred so options are limited.
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Old 08-14-2020, 10:04 AM   #627
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Five hours later, Ally reduces their rate to .8%.

They monitor this site, and you gave them an idea
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Old 08-14-2020, 10:09 AM   #628
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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.
If a bank offers a bonus, like ALLY did for 3 months.
I moved $25K there to snag $250 over the 1% they were paying.

Otherwise, I don't jump around much as everything is close and heading down....
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Old 08-14-2020, 10:26 AM   #629
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In Denmark you can get a mortgage at NEGATIVE 0.5 %.

Soon this may be the only way to make money from banks

https://www.cnbc.com/2019/08/12/dani...est-rates.html
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Old 08-14-2020, 10:54 AM   #630
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If a bank offers a bonus, like ALLY did for 3 months.
I moved $25K there to snag $250 over the 1% they were paying.

Otherwise, I don't jump around much as everything is close and heading down....
Yep, same here, except I jumped on the CapOne bonus offers in December and again in May. By the end of this month, I'll have made $1,450 in bonus money from my CapOne 360 online savings account over the past 8 months... not bad in this ultra-low IR environment.

Like @CardsFan posted, I've decided to stop worrying about chasing 10, 20, 30 basis points by opening new accounts and shuffling money back and forth. But I'll still be on the lookout for other $500+ "new customer" bonus offers.
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Old 08-14-2020, 11:38 AM   #631
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I've used Alliant Credit Union for years. They're currently at 0.75% on their HYS product:

https://www.alliantcreditunion.org/b...-yield-savings

But I don't keep that much in there, so getting an additional 20-30 basis points for switching isn't worth it to me for the hassle of opening a new account, connecting it to my other accounts, getting to know a new website, etc.

I agree with Sojourner that chasing new customer bonus offers does make it worth it. Chase just sent me another coupon for their $500 checking/savings bonus deals, so I may look into that.
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Old 08-14-2020, 02:56 PM   #632
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I think it was mentioned here earlier, but PenFed also offers 0.80% on their HYS account. Not a bad option if you already have an account with them.
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Old 08-14-2020, 05:19 PM   #633
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They monitor this site, and you gave them an idea
Well, I think i can check one item off list:

Move $ from CapOne to Ally.
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Old 08-18-2020, 09:29 AM   #634
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Effective 8/18, American Express Savings High Yield Account changes to .80% APY from 1.0%
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Old 08-18-2020, 12:06 PM   #635
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Ally is now 0.80% on all account levels.
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Old 08-18-2020, 12:11 PM   #636
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Discover just went down to 0.80% as well.
I told them to socially distance themselves from the other online banks, but no...
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Old 08-18-2020, 12:13 PM   #637
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Discover just went down to 0.80% as well.
I told them to socially distance themselves from the other online banks, but no...
Not distant at all. They appear to be all in bed together.
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Old 08-18-2020, 01:15 PM   #638
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So is 0.80% the low point, or do we still down further?
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Old 08-18-2020, 06:49 PM   #639
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I received the $200 bonus from PenFed for just opening a checking account and making one deposit of $1200 plus 5 debit card purchases. It was a total of 14 weeks. Easy money since I had other accounts there already. I canít imagine how it pays for a credit union or bank to make these offers so easy. I donít think I would do it if I didnít already have an account there. Most of the others also require direct deposit.
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Old 08-19-2020, 09:50 AM   #640
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Knights of columbus annuity

Checking this for my father (84 years old).
He has a Knights of Columbus annuity that he can add to and it pays 3.5% interest. He doesn't take any payments from it, its more like a nice savings account for him.
Given KoC is rated pretty well, I told him he should feel comfortable putting 250K into it (somewhat insured by the state agency), but over that as it becomes a larger portion of his nest egg, there is some risk there.

Given all cash / mm / CD options are around 1% of sometimes lower, what % of nest egg do folks think is ok to put w/ KoC; given its nice interest rate?

Their pensions and Soc Sec basically pay all their expenses, and this nest egg really will probably end up w/ me, siblings, and grand children. They don't have much in equities anymore so its all low risk. And they have LTC insurance so even that would be largely covered.

Thoughts on how deep to go in w/ KoC?
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