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Old 03-07-2020, 09:56 PM   #121
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Got it. I guess I've got used to seeing some really nice juicy rates offered by some CUs that after a little research I figured out that I didn't qualify to join.
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Old 03-08-2020, 08:07 AM   #122
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Not disappointed that I "couldn't become a member" per se. Disappointed that I didn't get the better rate that they were offering. Also disappointed that we couldn't qualify in case they continue to have good rates in the future.

Always looking for good rates to continue building my CD ladder. It was over 2% today.


Have you used depositaccounts.com to monitor CD rates? It has a lot of details on eligibility requirements, rate alerts, customer contacts etc. I think itís always good to ask for an exception to whatever the standard policy is. They might say yes!
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Old 03-08-2020, 09:50 AM   #123
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We have far more money in our trust savings account (single inheritor) than I am comfortable with, exceeding the $500k insured limit. DW worked in banking for 40 years and has zero fears about the financial institution in question, but she understands if I want to move out some of the funds.

I would move some of the funds to someplace else, but all I see are recommendations for online accounts and some obscure credit unions that are a complete unknown to me. I guess insurance is insurance (FDIC or NCUA). Not seeing a lot available here outside Austin, TX. Those that are pay less than the money market rate we're earning on the excess funds.
I've used online banks, for many years, without issues. I do ONLY use online banks that have been around for years, and are listed on the FDIC site (name,address,etc).
I certainly recommend ALLY bank, as it's easy to use and is competitive in the rates paid ( which means might not be the highest all the time, but close enough to the highest for me).

I have found a brick & mortar bank usually pays the worst or no interest, which is why I use online for savings & CD's and brick & mortar for checking account.
I just ACH transfer (it's free) between the two types to move money.
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Old 03-08-2020, 12:29 PM   #124
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I've used online banks, for many years, without issues. I do ONLY use online banks that have been around for years, and are listed on the FDIC site (name,address,etc).
I certainly recommend ALLY bank, as it's easy to use and is competitive in the rates paid ( which means might not be the highest all the time, but close enough to the highest for me).

I have found a brick & mortar bank usually pays the worst or no interest, which is why I use online for savings & CD's and brick & mortar for checking account.
I just ACH transfer (it's free) between the two types to move money.
Exactly the same scenario for me.
Ally has an intuitive website and allows for very high daily transfers, if one wants to catch a special deal at another financial institution which might be limited in time.
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Old 03-08-2020, 12:43 PM   #125
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I just had a one year Ally renew at 2% + 05% bonus, but the one year is now 1.75%. I have another one coming due in about a month - so I hope there's something better available by then, maybe the 13 month or no-penalty.
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Old 03-08-2020, 02:24 PM   #126
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I just had a one year Ally renew at 2% + 05% bonus, but the one year is now 1.75%. I have another one coming due in about a month - so I hope there's something better available by then, maybe the 13 month or no-penalty.
Can someone remind me please of the Ally bonus details? I'm actually falling out of Ally lately but maybe the bonus would help keep me onboard. I have moved everything out of there as it matures because I always find better places to lockup CD money. I have the minimum in the savings right now and the no-penalty CD looks OK.
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Old 03-08-2020, 04:18 PM   #127
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Just locked in the NFCU 17 month 2.25% add on cd (not ira) with a CC. I will transfer the balance next week.

Thanks to all here that have recommended them. Wish I got on the bandwagon earlier.

Even the regular CD rates are around 2%.

And, I can't say enough about the customer service via telephone.

I am sure this forum has saved/made me 10's of thousands of dollars with simple things like this.

Thanks all.
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Old 03-08-2020, 06:05 PM   #128
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Can someone remind me please of the Ally bonus details? I'm actually falling out of Ally lately but maybe the bonus would help keep me onboard. I have moved everything out of there as it matures because I always find better places to lockup CD money. I have the minimum in the savings right now and the no-penalty CD looks OK.

Three of one of my one year high yield CDs recently renewed at 2.05% due to the .05% bonus.

They had emailed me in advance:

GenXguy, you recently received a maturity notice with details about your maturing CD. Did you know you'll get an extra 0.05% added to your new interest rate when your CD renews? It's our way of thanking you for banking with us.

What do you need to do to get the loyalty reward?

Nothing — it's automatically added when your CD renews. Want to change terms? No problem. Your loyalty reward will be added to any CD you choose.

To change terms or add funds, you will need to manage your CD account on your desktop computer or through the Ally Mobile app.
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Old 03-08-2020, 06:40 PM   #129
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Thanks GenX, I think I pulled me last CD funds out early.
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Old 03-08-2020, 07:31 PM   #130
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We have far more money in our trust savings account (single inheritor) than I am comfortable with, exceeding the $500k insured limit. DW worked in banking for 40 years and has zero fears about the financial institution in question, but she understands if I want to move out some of the funds.
I would never keep a balance substantially over the FDIC/NCUA limit. There is no real benefit for doing so (other than a bit of convenience).
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Old 03-09-2020, 09:41 AM   #131
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I noticed my CIT available balance still less the $300 BONUS money after the 90 days. I called and CIT Bank 90 days are really more like 114 days. CIT has several things that extend the 90 days you need to keep your money in CIT Bank. Once you open the account you have 15 days to fund it. The clock does not START until these 15 days have passed. Then you have the actual 90 days. Then CIT has another 7 days to review it before you can get your BONUS on the 8 day. I still Like CIT Bank just hate all the small print.
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Old 03-09-2020, 09:46 AM   #132
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I noticed my CIT available balance still less the $300 BONUS money after the 90 days. I called and CIT Bank 90 days are really more like 114 days. CIT has several things that extend the 90 days you need to keep your money in CIT Bank. Once you open the account you have 15 days to fund it. The clock does not START until these 15 days have passed. Then you have the actual 90 days. Then CIT has another 7 days to review it before you can get your BONUS on the 8 day. I still Like CIT Bank just hate all the small print.
I'm going in today to start my 5th/3rd account. I am planning to fund it as required for the bonus, plus some additional. I'll keep it open and use it for automatic payments on our new mortgage. So it won't really matter if they skim a few days as per your example. I'll only shut it down if I find another good bonus deal in the future.
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Old 03-09-2020, 12:23 PM   #133
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I had been rolling TBills in my taxable account due to the high state income tax here. With rates collapsing to under 0.50%, I guess I’m going back to the banks.
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Old 03-09-2020, 12:25 PM   #134
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I had been rolling TBills in my taxable account due to the high state income tax here. With rates collapsing to under 0.50%, I guess Iím going back to the banks.
You can run but you canít hide. Bank rates will follow Treasuries...
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Old 03-09-2020, 12:33 PM   #135
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You can run but you canít hide. Bank rates will follow Treasuries...
lol. For rates this low, itís hardly worth bothering with.
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Old 03-09-2020, 12:50 PM   #136
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I'm starting to feel like a freaking genius for loading up on those 3.5% and 3.0% CDs last summer.... while it is true that I haven't received the runup that bond funds have, the 3.0%-3.5% return for the next 4 1/2 years seems pretty juicy right now!
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Old 03-09-2020, 01:29 PM   #137
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I'm starting to feel like a freaking genius for loading up on those 3.5% and 3.0% CDs last summer.... while it is true that I haven't received the runup that bond funds have, the 3.0%-3.5% return for the next 4 1/2 years seems pretty juicy right now!


I know how you feel. The only way to benefit from the bond fund run up is to sell. Then you lose the divvy and need to find a new home for the funds. Thatís OK for drawdown mode but If youíre not ready to spend I prefer the CDs.
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Old 03-09-2020, 02:14 PM   #138
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I'm starting to feel like a freaking genius for loading up on those 3.5% and 3.0% CDs last summer.... while it is true that I haven't received the runup that bond funds have, the 3.0%-3.5% return for the next 4 1/2 years seems pretty juicy right now!
I only wish I had followed your lead back then, but I did not think I would qualify for membership at NFCU (Dad served in WWII, but I have zero paperwork).

Finally applied last month, and managed to lock in a 3% 37 month IRA CD, and just locked in a 2.3% 17 month Share CD. Should have both of these fully funded over the next few weeks.

On a side note, does anyone know if the regular CD's offered by NFCU are add-on, like these specials? They still are offering 2% CD's, which looks pretty good right now, and I have some other CD's maturing over the next few months. If they are add-on, it might make sense to fund one now with seed money for the future additions.
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Old 03-09-2020, 02:50 PM   #139
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Similiar situation here.. Dad served but after WWII.. but they accepted my enrollment and thankfully never asked for documentation... I think there might be some somewhere but it would be a scavenger hunt of my Dad's old desk and files.
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Old 03-09-2020, 02:51 PM   #140
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Originally Posted by pb4uski View Post
I'm starting to feel like a freaking genius for loading up on those 3.5% and 3.0% CDs last summer.... while it is true that I haven't received the runup that bond funds have, the 3.0%-3.5% return for the next 4 1/2 years seems pretty juicy right now!
I got the GTE 3.05/3.30% 5 yr CD's and will put more into it this week with my maturing Ally CD.
Also bought the Fidelity TSY bond fund on 02/19 for 5.5% of our portfolio, so getting a little extra juice there too.
Still lots of losses overall. Will continue to stay the course and will never consider working again.
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