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

[lucky penny]

+1 on the need for a separate thread.

Let's just be careful out there. Losing one's money is a lousy way of fighting back against low interest rates.

+1 for both

 

[splitwdw]

I've never heard of DERI or the Uhaul investors, is this common and does it have a common name? I started reading the Uhaul link and it was interesting. Don't know if I'd invest but never knew this investing existed. Thanks, learned something new.

 

[jazz4cash]

I've never heard of DERI or the Uhaul investors, is this common and does it have a common name? I started reading the Uhaul link and it was interesting. Don't know if I'd invest but never knew this investing existed. Thanks, learned something new.

I've seen the DERI type referred to as corporate note programs. Uhaul is called direct investment or alternative investment program. I've started a thread just for this topic
https://www.early-retirement.org/forums/f28/non-fdic-deposit-account-programs-105827.html

 

[Perryinva]

Mine Capitalone360 is their Money Market account. They have been yearly offering cash bonus for 90 day deposits. Last year it was $500/$50000, and this year it was $450/$50000. But last year their rates didnt change during the promotion, and this year they dropped from 1.4% to 0.4%

 

[RetireAge50]

T-Mobile money pays 1% and is FDIC insured. I think this was mentioned here earlier but wanted to add that it does not require you to be a cell phone customer.

https://www.t-mobilemoney.com/en/faq.html

 

[Dtail]

T-Mobile money pays 1% and is FDIC insured. I think this was mentioned here earlier but wanted to add that it does not require you to be a cell phone customer.

https://www.t-mobilemoney.com/en/faq.html

That's a fairly good MM rate currently.

 

[retired1]

With CD Rates so low for even longer duration, I'm diverting cash to broker MM accounts at Vanguard & Fidelity. No FDIC but some better yield.

 

[lucky penny]

With CD Rates so low for even longer duration, I'm diverting cash to broker MM accounts at Vanguard & Fidelity. No FDIC but some better yield.

Examples?

 

[audreyh1]

With CD Rates so low for even longer duration, I'm diverting cash to broker MM accounts at Vanguard & Fidelity. No FDIC but some better yield.

MM funds at brokerages aren’t paying anything. You are better off going to high yield savings accounts at FDIC insured online banks.

 

[Sue J]

The usual bonus promo offers have been coming from banks that want you to open new accounts. I got a surprising one from my own bank last week - move $15,000 into your savings, leave it there for 60 days and you get a $100 bonus! That sounds like 4% to me. Easy enough.

I'm going to do this one later in the month so that the bonus (taxable) is posted in 2021. Due to some CARES Act unemployment this year we are getting close to the ObamaCare cliff. We both started Medicare this year but had a few months of ObamaCare subsidies before that and I don't want to have to pay those back.

 

[Sunset]

The usual bonus promo offers have been coming from banks that want you to open new accounts. I got a surprising one from my own bank last week - move $15,000 into your savings, leave it there for 60 days and you get a $100 bonus! That sounds like 4% to me. Easy enough.

I'm going to do this one later in the month so that the bonus (taxable) is posted in 2021. Due to some CARES Act unemployment this year we are getting close to the ObamaCare cliff. We both started Medicare this year but had a few months of ObamaCare subsidies before that and I don't want to have to pay those back.

That sounds like the Chase offer, and it has to be new money.
So just move $15K to an outside bank, then the next week after opening the account move it to the new savings account.
I will make $200 doing this.

PNC had a nice offer too, tranfer in $5,000 and they paid me $300 , before the time is even up.

Easy way to make a total of $500 risk free.

 

[Sue J]

I already have the savings account at the bank offering the bonus. But that one pays very little so we keep most of the cash at DiscoverBank. I have to go to a branch with the coupon code that came in an email and I'll transfer the $15,000 from DiscoverBank to my savings. This offer does not require a new savings account. It's designed for people who already have the savings account.

I got an email that says "You're really good at saving. Here's a little more on us. Earn $100 when you add new cash to your Huntington Premier Savings account and meet the requirements. Bring this email to a branch and show this coupon code."

 

[Sunset]

^^^^ That is really good, I like when banks reward their existing customers.

Ally bank had that, rewarded their customers for moving $25K in for a few months, I got $250 + interest at a good rate for that 10 minute effort.

 

[BergLust]

PNC had a nice offer too, tranfer in $5,000 and they paid me $300 , before the time is even up.

Is this offer still valid? I did an internet search but couldn't find the info about it. Could you point me to some info? I have an existing PNC account and was wondering if I could take advantage! Thanks!

 

[Sunset]

Is this offer still valid? I did an internet search but couldn't find the info about it. Could you point me to some info? I have an existing PNC account and was wondering if I could take advantage! Thanks!

I found it listed here, it looks like it expired, but you can find lots of other promotions if you are keen.

https://www.hustlermoneyblog.com/best-bank-promotions/

 

[F.I.R.E User]

Does anyone use VIO Bank?

 

[camfused]

^^^^ Me. I have their High-Yield Online Savings. I am happy with them.

 

[F.I.R.E User]

^^^^ Me. I have their High-Yield Online Savings. I am happy with them.

From what I know they lower the rates last compare to other banks. Are they the first ones to bring it up?

 

[Sunset]

^^^^ Me. I have their High-Yield Online Savings. I am happy with them.

.76% is a good rate for online savings, but their CD rates are very low - example 5yr at .5% - others are twice that rate.

 

[SloHan]

Best (Oct 2020)high-yield online savings accounts

Vio Bank - 0.76% APY
PNC Bank - 0.80% APY
Salem Five Direct - 0.80% APY
Bank5 Connect - 0.75% APY
Popular Direct - 0.75% APY
Citibank - 0.70% APY
Live Oak Bank - 0.70% APY
Pentagon Federal Credit Union - 0.70% APY
CIBC Bank - 0.70% APY
Sallie Mae Bank - 0.65% APY
Synchrony Bank - 0.65% APY
Alliant Credit Union - 0.65% APY


Source: BankRate.com

 

[camfused]

From what I know they lower the rates last compare to other banks. Are they the first ones to bring it up?

I don't know, so far, I have only been on the down slope with them.

 

[Sunset]

Best (Oct 2020)high-yield online savings accounts

Vio Bank - 0.76% APY
PNC Bank - 0.80% APY
Salem Five Direct - 0.80% APY
Bank5 Connect - 0.75% APY
Popular Direct - 0.75% APY
Citibank - 0.70% APY
Live Oak Bank - 0.70% APY
Pentagon Federal Credit Union - 0.70% APY
CIBC Bank - 0.70% APY
Sallie Mae Bank - 0.65% APY
Synchrony Bank - 0.65% APY
Alliant Credit Union - 0.65% APY


Source: BankRate.com

I was going to post how PNC is not so good:
I have PNC (to get the $300 bonus, which I did). They are NOT transparent about their rates and the rate you get depends upon whether you did jump through some hoops the previous month.
They made it all (to me) too stupidly complex.

But looks like they fell off the list of Bankrate.com:

Here are Bankrate's selections for the best savings account rates from top online banks (Savings account with $25,000 On Oct 14) :
Here are the best online savings account interest rates

1. Best Overall Rate: Vio Bank - 0.83% APY
2. High Rate: Popular Direct - 0.75% APY
3. High Rate: Citibank - 0.70% APY
4. High Rate: Synchrony Bank - 0.65% APY
5. High Rate: Discover - 0.60% APY
6. High Rate: Ally Bank - 0.60% APY
7. High Rate: American Express National Bank - 0.60% APY
8. High Rate: Barclays Bank - 0.60% APY
9. High Rate: Marcus by Goldman Sachs - 0.60% APY
10. High Rate: Comenity Direct - 0.60% APY
11. High Rate: Citizens Access - 0.60% APY
12. High Rate: CIT Bank - up to 0.55% APY
13. High Rate: Capital One - 0.50% APY
14. High Rate: PurePoint Financial - 0.40% APY

 

[camfused]

^^^ Viobank actually is .76% at the moment. Popular Direct is .70%. I did not check the rest.

 

[F.I.R.E User]

I only keep $3k in my 6 months EF. So probably no reason to switch for few decimal points difference right?

 

[Dtail]

I only keep $3k in my 6 months EF. So probably no reason to switch for few decimal points difference right?

Correct.
For example on 3k, the difference of 10 basis points (0.70 vs. 0.60) is $3 dollars yearly.