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Old 03-02-2020, 05:46 PM   #81
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Originally Posted by pb4uski View Post
^^^^^ No disrespect but not very useful if maximum deposit is $500/month
None taken.

I did try to edit to say that and somehow posted 3 times , does anyone know how to delete them.
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Old 03-02-2020, 05:48 PM   #82
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Use your edit button.
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Old 03-02-2020, 05:51 PM   #83
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Got it.
By the way, this same credit union was advertising 5 year 4% CD last year and I locked a ton of money up at that rate.
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Old 03-02-2020, 06:02 PM   #84
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Originally Posted by RetiredAndLovingIt View Post
Got it.
By the way, this same credit union was advertising 5 year 4% CD last year and I locked a ton of money up at that rate.
Looks like it's only for active and retired military.
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Old 03-02-2020, 06:06 PM   #85
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And residents of 3 California counties and immediate family members of existing members.
4% for non military and 5% for military
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Old 03-03-2020, 08:51 AM   #86
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I'm thinking of borrowing some of my emergency fund cash to open this 5 year CD, at 3.2%, now to replace a CD maturing this June, in order to maintain my 5 year CD ladder at an average of over 3%. Details are:


3.20% $1k - Freedom Northwest Credit Union 60 Month Share Certificate
RATE HISTORY

RATE TIERS
$1k+ 3.20% APY
Updated: 2/29/2020

There is a 365 day withdrawal penalty, but partial early withdrawals are allowed. Has anyone had any experience with this CU? Easy membership requirements it seems.
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Old 03-03-2020, 12:55 PM   #87
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That GTE 3% unlimited add-on many of us bought last year is looking pretty good right now!
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Old 03-03-2020, 12:57 PM   #88
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+1 but does one take a flyer and exceed the FDIC limit?

I haven't but the though has crossed my mind.
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Old 03-03-2020, 01:29 PM   #89
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That GTE 3% unlimited add-on many of us bought last year is looking pretty good right now!
Yep, it's great that they also participate in the CU Shared Branching network. I have a local credit credit union (Alaska FCU) that I use for most of my transfers between my credit unions accounts. I will just walk in there and transfer the funds from my local account over to the other credit union and it's done instantly.
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Old 03-03-2020, 02:11 PM   #90
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Originally Posted by pb4uski View Post
+1 but does one take a flyer and exceed the FDIC limit?

I haven't but the though has crossed my mind.
Quote:
Originally Posted by BeachOrCity View Post
That GTE 3% unlimited add-on many of us bought last year is looking pretty good right now!
Yep.
I have a 2.85% Ally CD which is maturing on Apr 9th for 100k. Putting it into GTE for 3%.
Also DGF has 145k in a GTE IRA for 3.25%.

Not willing right now to exceed the FDIC limit.

Just to make sure, my DGF should be able to get 250k on her IRA CD, plus the non IRA joint account with me should get her another 250k.

Is that correct?
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Old 03-03-2020, 02:38 PM   #91
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+1 but does one take a flyer and exceed the FDIC limit?

I haven't but the though has crossed my mind.

I would not and here is why:
-- This was a "mistake fare" for lack of better comparison
-- 250K paying 1.5% (guesstimate) more than they should to 10,000 customers would be $37M in excess interest per year (no idea what the real number is).

I doubt their exposure if THAT bad as we don't know how much they took in deposits on this offer, but you get the idea. Bottom line is they could end up calling on their regulator to get them out of this, and if the regulator assigns them to another financial institution all existing CD's can be cancelled.

So while the insurance will protect the principal, it won't protect the rate, and it certainly won't protect you if they drown because of this mistake.

I doubt it is all this bad, but CD's are our risk free money, and over insurance this institution has risk because of the mistake.
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Old 03-03-2020, 06:49 PM   #92
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Transportation Federal Credit Union Has Rate Leader 5-Year CD

Deal Summary: 5-year Jumbo CD, 2.98% APY, $100k min; 5-year CD, 2.78% APY, $1k min.

Availability: Easy membership through American Consumer Council. Active or retired employee, military personnel, contractor, and other related occupational group affiliated with U.S. Department of Transportation or Federal Aviation Administration.
They killed the rates on this one yesterday.
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Old 03-03-2020, 06:59 PM   #93
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That GTE 3% unlimited add-on many of us bought last year is looking pretty good right now!
Yup. 2.85 ish in my case
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Old 03-03-2020, 07:01 PM   #94
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I've had several CDs with NWFCU. No more or less work then others and lots of shared branches in my area.
Quote:
Originally Posted by Golden sunsets View Post
I'm thinking of borrowing some of my emergency fund cash to open this 5 year CD, at 3.2%, now to replace a CD maturing this June, in order to maintain my 5 year CD ladder at an average of over 3%. Details are:


3.20%$1k-Freedom Northwest Credit Union60 Month Share Certificate
RATE HISTORY

RATE TIERS
$1k+3.20% APY
Updated: 2/29/2020

There is a 365 day withdrawal penalty, but partial early withdrawals are allowed. Has anyone had any experience with this CU? Easy membership requirements it seems.
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Old 03-04-2020, 08:01 PM   #95
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Possible short term play for ~ 3.5% for $100k or $500 for a $15k deposit:

First Republic Bank, offer good for people in the bank's foot print, but they have California, Portland, some Right coast and Florida locations - even Wyoming!

I went in for an offer of $500 for a deposit of $15k for 120 days (plus $250 if you do $2500 in direct deposits). Was offered $$1770 for a 6 month deposit of $100k. That beats other accounts that are dropping rates like mad right now. Check them out -
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Old 03-05-2020, 07:13 AM   #96
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I've had several CDs with NWFCU. No more or less work then others and lots of shared branches in my area.
Calmokie; When you say NWFCU, do you mean Freedom Northwest Credit Union in Idaho, which is the institution that has this offer as described in my post? It is a very small credit union, which is making me pause before jumping in.
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Old 03-05-2020, 08:41 AM   #97
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Possible short term play for ~ 3.5% for $100k or $500 for a $15k deposit:

First Republic Bank, offer good for people in the bank's foot print, but they have California, Portland, some Right coast and Florida locations - even Wyoming!

I went in for an offer of $500 for a deposit of $15k for 120 days (plus $250 if you do $2500 in direct deposits). Was offered $$1770 for a 6 month deposit of $100k. That beats other accounts that are dropping rates like mad right now. Check them out -
NOTE: This is an "ATM Rebate Checking account", not a CD. Pretty good sized toaster for opening the account though - $1770 for maintaining $100k in the account for 6 months. Plus another $250 if you direct deposit $2500 within 120 days. Their CD rates are pitiful, so this banking relationship may hit rocky shoals about 7 months from now. 116B in assets makes them a bit larger than the Freedom NW CU in Idaho.
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Old 03-05-2020, 08:50 AM   #98
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Calmokie; When you say NWFCU, do you mean Freedom Northwest Credit Union in Idaho, which is the institution that has this offer as described in my post? It is a very small credit union, which is making me pause before jumping in.
Hopefully Henry Lili has more info on Freedom - I noticed the assets of under 200 million (?) as well, though CU insurance may make that a non-issue.

Regarding insurance: feel like I recall from the last banking crash times that insurance covered deposits but not earnings and that it took 6 months or more for people to get their hands on their money? My memory is wildly suspect though - does anyone have vivid knowledge of how CU or bank insurance has worked in actual fact?
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Old 03-05-2020, 12:33 PM   #99
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My understanding is that interest paid on the CD/account is still covered. Certainly true for FDIC insurance, and NCUA coverage is essentially identical, just covering different financial institutions.
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FDIC insurance covers depositors' accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit.
from fdic.gov .
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Old 03-05-2020, 02:53 PM   #100
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My understanding is that interest paid on the CD/account is still covered. Certainly true for FDIC insurance, and NCUA coverage is essentially identical, just covering different financial institutions.
from fdic.gov .
Quote:
FDIC insurance covers depositors' accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit.

So if the bank closes and it takes "X" time to pay off the claim, one gets $0 in interest earned during "X" while waiting for the money? That would be my reading of your quote. Reasonable, but not something you want to be surprised by. And if it does take a long time to pay claims that could sting.
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