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

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BergLust said:
Thanks for the tip. I will research a little bit more. As an aside, CapitalOne360 already gave me the bonus that was offered. I think it ended up bing something like 5 days after meeting the required timeframe for the bonus! I was impressed! I'll close that account soon.
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I just took out everything other than $100 rather than close it... if their rates get competitive or they have another bonus offer then i'll be all set.
 
pb4uski said:
I just took out everything other than $100 rather than close it... if their rates get competitive or they have another bonus offer then i'll be all set.
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I know you checked on this, pb4, so my comment is in general.

Be careful about leaving small amounts in accounts! Some banks have punitive "monthly service fees" on low balances. You have to read the most current fine print. Most of the on-line banks are OK. Some of the brick and mortar banks have outrageous fees if you don't keep a balance of 2 to 5k. That $100 can be drained away in a matter of a few months. Many of these fees were added in recent years and awareness may have been missed.
 
JoeWras said:
I know you checked on this, pb4, so my comment is in general.

Be careful about leaving small amounts in accounts! Some banks have punitive "monthly service fees" on low balances. You have to read the most current fine print. Most of the on-line banks are OK. Some of the brick and mortar banks have outrageous fees if you don't keep a balance of 2 to 5k. That $100 can be drained away in a matter of a few months. Many of these fees were added in recent years and awareness may have been missed.
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Actually, I hadn't checked that Joe, but it crossed my mind to do so. I will check but was being lazy and would have closed it at the first charge.

ETA:
I think I'm safe:
Fees - The following fees may be charged to your account:

  • If we agree to process an outgoing domestic wire transfer for you, the cost per wire will be $30.00.
  • A statement copy charge of $5 per statement will be charged for statements generated within the last 2 years.
  • If you present us with a foreign check, we will not charge a fee, but the paying bank may deduct a fee from the proceeds.
  • A Cashier's check purchased at a Capital One location is $10.00.
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pb4uski said:
Actually, I hadn't checked that Joe, but it crossed my mind to do so. I will check but was being lazy and would have closed it at the first charge.
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I had a look at this before I put the request in to move my money back to Ally. Here are the details.

Ally is my "hub" because they allow their online account to be held in the name of the trust. From what I understand, CapitalOne360 does not. So, if I ever go back to CapitalOne360 it'll just be for a short term bonus play...which in that case, the earlier I close the account, the better to try and avoid "time since last holding an account" issue in the T&C. :)
 
Here's one set of rules from a brick and mortar bank, PNC. Just be aware when moving around the cash. Check your bank.

https://www.pnc.com/content/dam/pnc...e-charges-fees-non-vw/all-ServiceChargesA.pdf
Performance Checking
Minimum Deposit to Open .................................... $25.00
Monthly Service Charge ....................................... $15.00
No Monthly Service Charge if you meet any one of thefollowing:
● $2,000.00 average monthly balance in this account
<etc., other rules>
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Marcus moves to 0.60%

"We’re writing to let you know that effective today, the rate on our Marcus Online Savings Account has been adjusted to 0.60% from 0.80% APY"
 
njhowie said:
Marcus moves to 0.60%

"We’re writing to let you know that effective today, the rate on our Marcus Online Savings Account has been adjusted to 0.60% from 0.80% APY"
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Ally can't be far behind.
 
Droppin' like rocks!
 
njhowie said:
Marcus moves to 0.60%



"We’re writing to let you know that effective today, the rate on our Marcus Online Savings Account has been adjusted to 0.60% from 0.80% APY"
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Dayum. That was fast. It makes the .10% AARP bonus more valuable, though.
 
jazz4cash said:
Dayum. That was fast. It makes the .10% AARP bonus more valuable, though.
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Percentage wise, yes, but it still amounts to $1 per $1000. I really like how I don't get much junk snail mail anymore. Do I really want to join AARP and change that? Not unless someone convinces me that has changed.

I moved my cash out of VG's MM fund to Penfed's Premium Savings (0.80%) but I'm not going to keep bouncing around for a fraction of a percent. And I'm not going to lock in on a CD either, unless it has no penalties for pulling all money out.
 
RunningBum said:
Percentage wise, yes, but it still amounts to $1 per $1000. I really like how I don't get much junk snail mail anymore. Do I really want to join AARP and change that? Not unless someone convinces me that has changed.

I moved my cash out of VG's MM fund to Penfed's Premium Savings (0.80%) but I'm not going to keep bouncing around for a fraction of a percent. And I'm not going to lock in on a CD either, unless it has no penalties for pulling all money out.
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Wow. Tough crowd. I don’t get much junk mail from AARP, I wasn’t advocating for joining to get the bonus, and I’m not trying to change your mind. I just thought it might remind some readers that didn’t know about it or never got around to signing up.
 
jazz4cash said:
Wow. Tough crowd. I don’t get much junk mail from AARP, I wasn’t advocating for joining to get the bonus, and I’m not trying to change your mind. I just thought it might remind some readers that didn’t know about it or never got around to signing up.
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Sorry, I didn't mean anything toward you or your post. It is a useful tip for those who want to take it. But my math is still correct. And one of the complaints I've heard for some time here is that AARP membership causes a lot of mail from them and their partners. Maybe that's not so true anymore?
 
I dunno. I’m fairly immune to junk mail. We get a crapload but AARP doesn’t stand out.
 
VMMXX Prime Money Market fund adjusting Fees so returns do not turn NEGATIVE! I just saw this on Bloomberg.
 
I took the leap and snailed mailed the Dominion Energy Reliability Investment application today. From what I read it is akin to directly investing in Dominion Energy commercial paper... but administratively operates somewhat like an online savings account. Obviously no FDIC insurance. S&P BBB, Moody's Baa so some credit risk.

1.50% for balances up to $10k, 1.75% over $50k and 1.60% in between... so for me about 1% better than online savings... similar functionality but higher credit risk. Not sure how much I will go in on this but I wanted to at least establsh the account.

https://www.sec.gov/Archives/edgar/data/715957/000119312519094557/d929220d424b5.htm
 
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^^^ Good find. I'd have to wonder how long the 0.9% will last give it is so much higher than other online savings accounts.
 
pb4uski said:
I took the leap and snailed mailed the Dominion Energy Reliability Investment application today. From what I read it is akin to directly investing in Dominion Energy commercial paper... but administratively operates somewhat like an online savings account. Obviously no FDIC insurance. S&P BBB, Moody's Baa so some credit risk.

1.50% for balances up to $10k, 1.75% over $50k and 1.60% in between... so for me about 1% better than online savings... similar functionality but higher credit risk. Not sure how much I will go in on this but I wanted to at least establsh the account.

https://www.sec.gov/Archives/edgar/data/715957/000119312519094557/d929220d424b5.htm
Click to expand...

I have been considering investing in these corporate notes also. About ten years ago when on-line accounts were under 1%, I had accounts in GE Interest Plus (2009- 2014) and in Duke PremierNotes (2012 to 2016). I would limit my account balances to about $50K plus $1 to gain the highest interest tier, you would get that rate on the entire account balance. I will need to check if Dominion works the same way (my credit union does not in their tiered accounts). Of course , the GE demand notes are long gone, but Duke still offers the accounts, but not as generous as they once were. (https://www.duke-energy.com/our-company/investors/individual-investors/premiernotes-investment). I have some CDs maturing in November that are paying 2.25% and will be looking for a place to park the proceeds.
 
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jazz4cash said:
It has geographic limits also:

Unfortunately, this type of account is not available in your location.
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Not available in my location either, though I'm in NYC & there are Citibank branches everywhere.
 
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