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

[statsman]

Waiting for our credit union's money market rate to drop from the current 1.65%. I don't think I've ever seen them drop rates in the middle of a month, but this month might prove to be an exception. Their one-year CD is 1.5%, but then they tend to offer good rates on their money market account while not so much on their CDs.

 

[jazz4cash]

Anybody heard of an outfit called Fidelity Financial

They re running an ad in the Wash Post for 12 month CD @ 3.05 w/ FDIC. No website listed ...looks sketchy. I called them up and spoke to a rep. They offer brokered CDs from FDIC banks for taxable funds. They use some other product for IRA, probably a MYGA. Investment funds are made payable to the bank and not the broker so you don’t have an ongoing relationship with the broker. I’m curious/interested and might consider placing a tiny amour through them.

 

[brewer12345]

Unless it says add-on, I don't think they are. That said, sometimes in the IRA season,( Dec 15-April15) they allow you to add new money to existing IRA CD's. This is year to year and not guarenteed(per CSR about 2 1/2 week ago). I was able to add to a 3.2% CD, so I was happy(It was not an add-on CD). My 3.75% was already full up to add on limit.(This was on a Roth Conversion)

Some of the specials are add one. Easy start CDs are always add one. The variable CD allows you to add money on the anniversary date.

 

[almost there]

Just opened a 17 mo. at Navy Federal with $50.00
Pays 2.25%. $75k max dep. I believe.
As my last 17 month at NF is due in 3 months.
But it was at 3.25%
With the way things have been going, might as well.....
Cheap ins.

Hard to believe a 40 month was 3.75 150k max
and 5yr was 3.5% in 2019.............

 

[jazz4cash]

What looks Meh today will look great after awhile.

 

[harley]

Went in yesterday and set up my Fifth Third checking account to get the $500 bonus, then came home and read that they had been doing the same fake account thing as Wells Fargo. Oh well, as long as I get my cash I'll be happy. Works out to 12.5% annually over the required 3 months. I'll do that as many times as I get the opportunity.

 

[pb4uski]

Unless it says add-on, I don't think they are. That said, sometimes in the IRA season,( Dec 15-April15) they allow you to add new money to existing IRA CD's. This is year to year and not guarenteed(per CSR about 2 1/2 week ago). I was able to add to a 3.2% CD, so I was happy(It was not an add-on CD). My 3.75% was already full up to add on limit.(This was on a Roth Conversion)

Here is what I found out about my 3.5% NFCU Traditional IRA CD. It is not an add-on CD.... but, under a promotional add-on option they are currently allowing additional deposits until 4/30/2020. So I am in the process of doing the paperwork to top it up to the FDIC limit.

Unfortunately, you will not be able to add funds to your IRA certificate ending in xxxx at any time because the certificate is a fixed term that is not at maturity. Certificates that allow additional deposits throughout their term are:

• EasyStart
• Special EasyStart
• SaveFirst
• Some promotional certificates

All other certificates have fixed terms, you may only make additional deposits within your 21-day grace period after maturity; however, we are currently offering a promotion IRA Add-On where you may deposit to your fixed term IRA certificate. The minimum we allow for IRA Add-On is $500.00 and there is no limit. Please note your contributions are subject to limits set by the IRS. The promotional IRA Add-On option will expire on 04/30/2020. After this date, you will not be able to add funds to existing fixed term IRA certificates until the 21-day grace period after maturity.

 

[njhowie]

Varo (fintech):
https://www.varomoney.com/savings-account/

1.92% savings - no requirements
2.8% savings:

To earn 2.80% APY, meet these three requirements in the same calendar month:

• Make at least five Varo Visa® Debit Card purchases in each calendar month,
• Receive total direct deposits of $1,000 or more in the same calendar month,

AND

• Keep a Savings Account balance up to $50,000. You read that right. We have a $50,000 maximum to earn our higher APY, but no minimum balance requirement.

 

[njhowie]

Current yields:
Fidelity SPAXX = 1.03%
Fidelity FZFXX = 1.00%
Fidelity FDRXX = 1.08%

All will be sub-1.0% by month end.

Fidelity SPAXX = 0.91%
Fidelity FZFXX = 0.95%
Fidelity FDRXX = 1.01%

I'm reading market expectation is 100% for another interest rate cut at next week's Fed meeting. Only question is if they cut 0.5% or 0.75%. This will likely push all HY savings accounts to 1.0% and lower soon after. All new CDs up to 5 years will likely go below 1%.

Things are about to get ugly very quickly.

 

[ShokWaveRider]

Makes our ~4% from early last year look good. We are getting 3.82% average return.

 

[pb4uski]

+1 3.33% weighted average on credit union CDs and 5.82% on preferred stock portfolio, weighted average of 3.95% .... ~45% of portfolio but getting higher every day.

 

[harley]

Can't find a decent CD or savings account rate anywhere, so I signed up for another credit card for the $500 cash bonus if we charge $3K in the next 3 months. Also 1.5% cashback. I feel like a millionaire picking up coke bottles for the deposit money.

Just fyi, this was a Chase Ink Business Card. They mailed me the offer with a code on it I needed to enter in order to get the deal. So I don't know if it's generally available. We have a small business, so I assume that's why we got the offer.

 

[calmloki]

Ally just sent this:
https://www.ally.com/go/bank/bonus/?CP=EML400001698

Rates dropping to 1.5%, but a 1% bonus (up to $250) for moving money to them. $250 for moving $25k in, plus the 1.5% interest.

 

[audreyh1]

Hmmmm - a bunch of my funds are tied up in short-term CDs, and I am close to FDIC limit at Ally already as I bought several CDs earlier this year. I got the email.

Oops, they just dropped their no-penalty CD rate to 1.75% from 1.90% for $25K level. My CDs are maturing and rolling over on Monday! At least I get a .05% bonus for the automatic rollover, but I’ll be 1.8% instead of the hoped for 1.95%. Not a huge difference in terms of $$.

 

[Bruno]

That 1.25% or less for FZDXX might not be TOO bad right now. I moved 100k from FZDXX into a couple of dividend funds and lost 10k. This was in my IRA and wanted to put it to work. I have learned my lesson.

 

[audreyh1]

That 1.25% or less for FZDXX might not be TOO bad right now. I moved 100k from FZDXX into a couple of dividend funds and lost 10k. This was in my IRA and wanted to put it to work. I have learned my lesson.

FZDXX will continue to drop in yield, just FYI.

 

[Bruno]

FZDXX will continue to drop in yield, just FYI.

I got a mailier today from Discover 12 Mo CD for 2%. I logged on and its down to 1.75%. Called in and Discover said they would honor the 2%. Anything better out there?

 

[SoReady]

Hmmmm - a bunch of my funds are tied up in short-term CDs, and I am close to FDIC limit at Ally already as I bought several CDs earlier this year. I got the email.

Oops, they just dropped their no-penalty CD rate to 1.75% from 1.90% for $25K level. My CDs are maturing and rolling over on Monday! At least I get a .05% bonus for the automatic rollover, but I’ll be 1.8% instead of the hoped for 1.95%. Not a huge difference in terms of $$.

I'm in the same situation where my CD rolls over on Monday! But I never got an email! Hmmmm.

 

[SoReady]

I got a mailier today from Discover 12 Mo CD for 2%. I logged on and its down to 1.75%. Called in and Discover said they would honor the 2%. Anything better out there?

Is this mailer in snail mail or email?

 

[Bruno]

Is this mailer in snail mail or email?

It was Snail mail. phone number to call was 877-272-8093. Discover told me they would honor 2% flyer offer till April 4. I wonder it they keep track of who all they send those flyers too? Might be worth the call and use the 2%.

PS said new account would show 1.75 for about 30 days until it updated.

 

[njhowie]

Anything better out there?

Well, if you are looking at a jumbo CD, these guys have very good rates:
[mod edit: scam site]

9-Month No Penalty 3.2% for $500,000 minimum
12-Month No Penalty 3.04% for $200,000 minimum

15-60 Months $200k-$500k for 3.14%-3.56%

It is through Synovus and they are well known.

 

[kgtest]

The bank I work for lowered rates Monday. No word on guidance but likely to hell in a hand basket.

 

[Bruno]

Well, if you are looking at a jumbo CD, these guys have very good rates:
[mod edit: scam site]

Renewed one of my Jumbo several months ago but have another one coming out in Sept.

 

[RetiredAt55.5]

Hmmmm - a bunch of my funds are tied up in short-term CDs, and I am close to FDIC limit at Ally already as I bought several CDs earlier this year. I got the email.

Oops, they just dropped their no-penalty CD rate to 1.75% from 1.90% for $25K level. My CDs are maturing and rolling over on Monday! At least I get a .05% bonus for the automatic rollover, but I’ll be 1.8% instead of the hoped for 1.95%. Not a huge difference in terms of $$.

Too late now, but you could've opened new CD's at Ally this week, but not funded them (as a hedge in case the rates dropped before Monday). It's nice Ally gives you 10 days to fund CD's once opened, and the rate is guaranteed for that period. If you end up not funding them, the unfunded CD accounts just close and disappear in a couple of months. Yes, you would've lost the rollover bonus, but it looks like you would've been slightly ahead given the rate drop.

 

[Dtail]

Hmmmm - a bunch of my funds are tied up in short-term CDs, and I am close to FDIC limit at Ally already as I bought several CDs earlier this year. I got the email.

Oops, they just dropped their no-penalty CD rate to 1.75% from 1.90% for $25K level. My CDs are maturing and rolling over on Monday! At least I get a .05% bonus for the automatic rollover, but I’ll be 1.8% instead of the hoped for 1.95%. Not a huge difference in terms of $$.

Locked in 3 new CD's at Ally for the 1.90% 2 days ago, but lost out by 1 day getting a 5 yr 2.15% CD.
Timing is everything.