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

[Golden sunsets]

I also have the GTE add on.
Would either one of you be willing to go over the NCUA limit on these CD's?
I keep thinking about it, but for now will not do it.

No, I don't plan on it, but the CD is in a joint account, so we have quite a bit of room left before facing that decision. Our Maturing CD's are in either 50K or 100K amounts.

 

[LRDave]

Honestly, this thread is more depressing than many of our Covid conversations....

 

[pb4uski]

I also have the GTE add on.
Would either one of you be willing to go over the NCUA limit on these CD's?
I keep thinking about it, but for now will not do it.

I am but in a small way. I originally deposited $215k since that would grow to $250k at 3% over 5 years... then about 6 months later got greedy and added $35k... so I do have some interest in excess of the $250k I deposited that is technically at risk. If I get nervous about them I'll just withdraw the interest.

 

[mrfeh]

Has anybody tried onjuno.com? The 2% interest up to $50K looks attractive, even with the monthly fee.

 

[Dtail]

I am but in a small way. I originally deposited $215k since that would grow to $250k at 3% over 5 years... then about 6 months later got greedy and added $35k... so I do have some interest in excess of the $250k I deposited that is technically at risk. If I get nervous about them I'll just withdraw the interest.

Kind of considering the same.

 

[jazz4cash]

Has anybody tried onjuno.com? The 2% interest up to $50K looks attractive, even with the monthly fee.

Never heard of this before. Looked it up. Not really impressed. Kinda VCish but it it is FDIC. $50k? I don’t see that. Is it some special program? Here’s what I see

Bonus on Deposits
2.15% on balances up to $5,000

 

[pb4uski]

I seem to remember a similar dodgy deal in the last 6 months or so... where the onjuno-like party held the deposits as liabilities to depositors and the onjuno-like party's assets were FDIC insured bank accounts... but the depositor's deposits were not really FDIC insured... but the onjuno-like party represented that the depositor's funds were FDIC insured, but because they were not a bank they really were not.

If it seems too good to be true....

Try it for a year with your money first and let me know how it goes.

 

[mrfeh]

Never heard of this before. Looked it up. Not really impressed. Kinda VCish but it it is FDIC. $50k? I don’t see that. Is it some special program? Here’s what I see

Bonus on Deposits
2.15% on balances up to $5,000

It's actually 2.15 up to $30K, but $10/month fee, "metal" plan.

 

[jazz4cash]

Ok but what are they, really? It says they are not a bank. Their FDIC is through a partner affiliate. I don’t see any savings acct or loan portal. I can’t tell how they make money so I’ll pass but I’m interested in any first hand experience.

 

[pb4uski]

If they aren't a bank then I don't see how my deposits can be FDIC insured.

Perhaps their deposits can but I don't care about their deposits being FDIC insured, I'm interested in my deposits being FDIC insured. I'll pass too unless they are transparent about the answer.

 

[jazz4cash]

The FDIC is through an entity called Evolve Bank. I believe there was some other fin tech that ran into trouble recently claiming to have 3rd party FDIC affiliation.

 

[pb4uski]

Yes, see post #932... I just can't recall the name but it was a similar scam.

 

[Dtail]

Yes, see post #932... I just can't recall the name but it was a similar scam.

Was it Robinhood?

 

[pb4uski]

No, it wasn't Robinhood.

 

[jazz4cash]

It wasn’t Robinhood but they had their own similar problems and bad behavior. These fin tech companies are way riskier than they appear IMO.

 

[RetiredAndLovingIt]

Are you talking about Beam?

https://www.depositaccounts.com/blo...problems-highlight-risk-banking-fintechs.html

 

[jazz4cash]

Yep, that’s the one I was thinking of.

 

[pb4uski]

+1

 

[retiredunder50]

amex savings is down to .5%

 

[Gotadimple]

amex savings is down to .5%

I was waiting for this to happen. They have been earlier than others to declare a decrease. So when Ally declared .50% I was surprised that Amex didn't follow immediately.

 

[Perryinva]

In sync with the race to the bottom, DERI is now down to 1.5% for $50k or more. So based on that, I went ahead & paid off the rental house mortgage ($95k) that was at 3.5% from it, rather than refi it. In the middle of a refi for the primary home that will drop P&I about $300/mo.

 

[harley]

While I did pay one mortgage down by 60+%, I still plan on maintaining mortgages and will start the refinance process right after New Year. I agree that rates right now don't lend themselves to carrying mortgages, but I'm sure enough that in 5-10 years things will be different and the 2.5% mortgages will essentially be free money. Of course, if you read back through my history making financial prognostications you'll see that following my advice can lead to less than happy endings. But I feel pretty confident about this. YMMV.

 

[Richard4444]

I purchased some GNMAs which yield ~2% with an expected duration of ~4.5 years. FDIC guaranteed, compared to a CD, it seems like a no brainer (but I've been wrong way too many times).

Rich

 

[youbet]

I purchased some GNMAs which yield ~2% with an expected duration of ~4.5 years. FDIC guaranteed, compared to a CD, it seems like a no brainer (but I've been wrong way too many times).

Rich

Rich, did you purchase a GNMA fund or actual individual bonds?

 

[audreyh1]

Negative Convexity is a feature of mortgage backed bonds including GNMAs.
Do-It-Yourself (DIY) Investor: What is Negative Convexity?