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

[jazz4cash]

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.

 

[Sunset]

Five hours later, Ally reduces their rate to .8%.

They monitor this site, and you gave them an idea

 

[Sunset]

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....

 

[Sunset]

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/dan...r-mortgages-with-negative-interest-rates.html

 

[Sojourner]

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.

 

[SecondCor521]

I've used Alliant Credit Union for years. They're currently at 0.75% on their HYS product:

https://www.alliantcreditunion.org/bank/high-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.

 

[tulak]

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.

 

[Montecfo]

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.[/-]

 

[Gotadimple]

Effective 8/18, American Express Savings High Yield Account changes to .80% APY from 1.0%

 

[Chuckanut]

Ally is now 0.80% on all account levels.

 

[braumeister]

Discover just went down to 0.80% as well.
I told them to socially distance themselves from the other online banks, but no...

 

[JoeWras]

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.

 

[Dtail]

So is 0.80% the low point, or do we still down further?

 

[jazz4cash]

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 can’t imagine how it pays for a credit union or bank to make these offers so easy. I don’t think I would do it if I didn’t already have an account there. Most of the others also require direct deposit.

 

[BeachOrCity]

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?

 

[Dash man]

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?

I would look at the financial health of the insurance company the annuity is with. I’m a member of KoC, but don’t know anything about their insurance or annuities. Also check to see if new money still pays that 3.5%. We each have fixed rate annuities with USAA that are paying about 2.55% on the money in there, but would only pay 1% on any new money added.

 

[Sue J]

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

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 can’t imagine how it pays for a credit union or bank to make these offers so easy. I don’t think I would do it if I didn’t already have an account there. Most of the others also require direct deposit.

I did that one too. I completed the requirements on 6/12/20 and have not received the $200 bonus yet.

If you keep that checking account open you get an extra .5% cash back on one of the credit cards. It’s the Power Cash Reward card that’s pays 2% instead of 1.5%.

And opening that card has a $100 bonus after spending $1500 in 90 days.

 

[jazz4cash]

Thanks Sue. I didn’t know about another bonus but I don’t need another credit card. I looked back and see it only took 10 weeks to get paid after completing all requirements. The 14 weeks I cited was from account opening.

 

[njhowie]

Just completed Citizens Bank new account bonus offer for $300 with a new checking account and one direct deposit of $500 (did an ACH in from Chase which was accepted as direct deposit) within 60 days of opening the account. The bonus gets credited within 90 days after the first 60 days - and they waited until the very end of the 90 day period (over 80 days from the end of the 60 day period). I don't believe there's anything which prevents withdrawing the $500 after the $500 direct deposit settles.

Can do it for $600 by additionally opening a savings account (with $15,000 minimum deposit).

Depending on the checking account you choose, they do have monthly fees unless you meet minimum balance requirements or deposit requirements. We opened the Student Checking account in DD's name which has no fees and no minimum balance. Their OneDeposit Checking account allows you to avoid the monthly fee with a single deposit of any amount each statement period - could just set up a monthly or bi-weekly auto transfer in from your external bank for some minimal amount like $1 or $5.

Offer is good until 10/1/2020.

https://www.citizensbank.com/promotion/checking/cash-offer-600g.aspx

 

[stepford]

Got me all excited about the Citizen's Bank deal, but availability is apparently limited to: CT DE MA MI NH NJ NY OH PA RI VT.

So, no soup for me!

 

[njhowie]

Got me all excited about the Citizen's Bank deal, but availability is apparently limited to: CT DE MA MI NH NJ NY OH PA RI VT.

Sorry, my bad for not mentioning.

 

[Sue J]

Originally Posted by jazz4cash
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 can’t imagine how it pays for a credit union or bank to make these offers so easy. I don’t think I would do it if I didn’t already have an account there. Most of the others also require direct deposit.

I did that one too. I completed the requirements on 6/12/20 and have not received the $200 bonus yet.

If you keep that checking account open you get an extra .5% cash back on one of the credit cards. It’s the Power Cash Reward card that’s pays 2% instead of 1.5%.

And opening that card has a $100 bonus after spending $1500 in 90 days.

My $200 bonus for the checking account showed up today (10 weeks). We will keep this one open to get the extra .5% cash back on the credit card.

 

[Freedom2021]

As of this writing...
T-Mobile Money - online checking account still pays 5% interest up to $3K and 1% interest above.
Eligibility: T-Mobile customer and a min monthly deposit of $200.
I just use it as if it were a savings account although it does come with a debit card.
No account fees either.

Should have signed up DH at the same time - $240 pa for only $6K is not bad.

When my CDs expire there is no place for them to go unless I can find a bonus offer for a cash deposit.

I'm hoping Navy Fed CU will keep their $3K annual CD at 3.5%. It has been a great little perk. A free hundred bucks times two is not a bad thing especially in the absence of any other good opportunities.
The last time I looked their CD high was 1% and 1.25%.
If you or a member of your family is or was military you will qualify for membership.

 

[RetireAge50]

As of this writing...

T-Mobile Money - online checking account still pays 5% interest up to $3K and 1% interest above.

Eligibility: T-Mobile customer and a min monthly deposit of $200.

.

Thanks for the reminder, I forgot about the 1% for balances above $3,000. It has been cool collecting the $10/mo. I set up an auto deposit of $200 and a auto withdrawal of $210 (to/from my everyday credit union account).

 

[mn54]

As of this writing...
T-Mobile Money - online checking account still pays 5% interest up to $3K and 1% interest above.
Eligibility: T-Mobile customer and a min monthly deposit of $200.
I just use it as if it were a savings account although it does come with a debit card.
No account fees either.

Should have signed up DH at the same time - $240 pa for only $6K is not bad.

When my CDs expire there is no place for them to go unless I can find a bonus offer for a cash deposit.

I'm hoping Navy Fed CU will keep their $3K annual CD at 3.5%. It has been a great little perk. A free hundred bucks times two is not a bad thing especially in the absence of any other good opportunities.
The last time I looked their CD high was 1% and 1.25%.
If you or a member of your family is or was military you will qualify for membership.

I just looked online at tmobile banking and it shows 4% interest on the first 3K. did you have a link that shows 5%?