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

[firemediceric]

The CFG online bank MM paying 0.72% APR. https://www.thecfgbank.com/

 

[Montecfo]

The CFG online bank MM paying 0.72% APR. https://www.thecfgbank.com/

Yes, I have been riding that rate down but it is remaining comfortably above others such as CapOne and Ally.

 

[audreyh1]

Ally posted a special 15 month CD at 0.7% guaranteed through 2/10/21. I may rollover some of my Jan maturing no penalty CDs to this and pick up the 0.05% loyalty rate bonus.

Down to 0.65% today when I looked. It may be available until 2/10/21 but that doesn’t mean the rate will hold! I have some CDs maturing in about a month.

 

[Golden sunsets]

NASA FCU is offering a 9 month at .70 and a fifteen month as .80. I have a slug maturing in the first quarter of next year. I do have the GTE 3% add on that I can plow longer money into and will take advantage of that for at least a portion, but I like to keep some money short and some maturing funds are at NASA already, so I hope this holds into the first quarter.

 

[JoeWras]

Down to 0.65% today when I looked. It may be available until 2/10/21 but that doesn’t mean the rate will hold! I have some CDs maturing in about a month.

I've decided to just go short with the Ally CDs using the 11 month no penalty CD. We're down in the noise now. I don't want to lock in anything.

 

[audreyh1]

I've decided to just go short with the Ally CDs using the 11 month no penalty CD. We're down in the noise now. I don't want to lock in anything.

Ally only has 60 day interest penalty so I’m OK with locking in 15 months. These are funds that would only be needed in an emergency, and split into 4 CDs.

 

[pb4uski]

Ally only has 60 day interest penalty so I’m OK with locking in 15 months. These are funds that would only be needed in an emergency, and split into 4 CDs.

For financial institutions that only charge EWPs on the amount withdrawn, there is no need to split into different CDs.

For example, a 2% rate and 180 day EWP and $100,000 CD. Many banks will only charge a $250 EWP on a $25,000 withdrawal from the CD and the remaining $75,000 will continue on as it was.

 

[audreyh1]

For financial institutions that only charge EWPs on the amount withdrawn, there is no need to split into different CDs.

For example, a 2% rate and 180 day EWP and $100,000 CD. Many banks will only charge a $250 EWP on a $25,000 withdrawal from the CD and the remaining $75,000 will continue on as it was.

Well, Ally Bank does not allow partial withdrawals on their CDs, even on the no penalty one, so mine are broken up. I think for me Andrews FCU is the only one that will allow partial early withdrawals on CDs.

 

[pb4uski]

Ah, I see. I recall for some CDs I split them up in case I ever needed the funds and then later found out that I didn't really need to as they allowed partial withdrawals... had to live with that decision for 5 years and was a minor PITA when I posted interest earned each month in Quicken.

 

[Chuckanut]

I've decided to just go short with the Ally CDs using the 11 month no penalty CD. We're down in the noise now. I don't want to lock in anything.

I bought a few of the 11 month CD's a while back at about 1.2%. I felt like a chump at that time. Obviously, my financial acumen has greatly improved since today I feel like a champ with the same old CD's.

 

[audreyh1]

Funny how that works. I feel like a champ now because I loaded up on CDs in Jan, and a few more good specials early Feb. But they are all maturing in 2021!

 

[pb4uski]

Funny how that works. I feel like a champ now because I loaded up on CDs in Jan, and a few more good specials early Feb. But they are all maturing in 2021!

Same here.. a 12-month 1.35% add-on CD and 17-month 2.25% CD, that will mature in May and August of 2021, respectively... I'm hoping that CD rates improve between now and then.

 

[audreyh1]

I’m not holding my breath! It seems like it takes a super long time for interest rates to start increasing again.

 

[simple girl]

Funny how that works. I feel like a champ now because I loaded up on CDs in Jan, and a few more good specials early Feb. But they are all maturing in 2021!

Same here. So many maturing in spring of 2021 for us! Luckily I do have that GTE add-on CD, but I don't want to throw ALL of it in that as it is 4 years out.

 

[audreyh1]

Oh! Just got an email from Ally that high yield savings is dropping from 0.6% to 0.5%. Ouch!

 

[Dtail]

NASA FCU is offering a 9 month at .70 and a fifteen month as .80. I have a slug maturing in the first quarter of next year. I do have the GTE 3% add on that I can plow longer money into and will take advantage of that for at least a portion, but I like to keep some money short and some maturing funds are at NASA already, so I hope this holds into the first quarter.

Same here. So many maturing in spring of 2021 for us! Luckily I do have that GTE add-on CD, but I don't want to throw ALL of it in that as it is 4 years out.

I also have the GTE add on.
Would either one of you be willing to go over the NCUA limit on these CD's?
I keep thinking about it, but for now will not do it.

 

[simple girl]

I also have the GTE add on.
Would either one of you be willing to go over the NCUA limit on these CD's?
I keep thinking about it, but for now will not do it.

Probably not - but hard for me to really honestly assess as I don't keep quite that much $ in CD's - only 2-3 years of expenses (and we live cheaply, lol!)

 

[JoeWras]

So, maybe we'll have more head-room to do Roth conversions in 2021. Just looking for the bright side.

 

[Cat-tirement]

Down to 0.65% today when I looked. It may be available until 2/10/21 but that doesn’t mean the rate will hold! I have some CDs maturing in about a month.

I just noticed that too. The Ally web page says "promotional term available through 2/10/21". By the time my CD matures in February, it will probably be down even further, and not worth the bother.

 

[Dtail]

Oh! Just got an email from Ally that high yield savings is dropping from 0.6% to 0.5%. Ouch!

Just got it myself.
The race to the bottom continues.

 

[aja8888]

Just got it myself.
The race to the bottom continues.

Actually, it's the continuation of the "war against savers" with the Fed being our opponent.

 

[Montecfo]

Actually, it's the continuation of the "war against savers" with the Fed being our opponent.

I wish rates were higher, but the war on savers is rewarding equity holders generously. Given the choice, I will take the war on savers.

But that is just me.

Now, back to complaining about these paltry rates. I'm so glad I got those 72 month CDs from Signal Financial FCU at 3.35 pct last year. It was very hard to commit to that timing but as I said it has 50 pct penalty free withdrawal and other rate protections. Now I wish I had done more but it is about a third of my CD portfolio that I do not have to think about.

About a third has matured this month and the other third matures next year. I don't think these current rates are attractive enough to lockdown money, even money I don't need.

I'll put some in my fave MM and the balance in bond or alternative funds per what I identified above or possibly others I may find.

 

[audreyh1]

So, maybe we'll have more head-room to do Roth conversions in 2021. Just looking for the bright side.

Yeah, my interest income is going to be WAY lower!

One of my bond funds just paid out a huge short-term cap gain distribution. Ouch! At least I don’t expect a repeat next year.

 

[audreyh1]

I just noticed that too. The Ally web page says "promotional term available through 2/10/21". By the time my CD matures in February, it will probably be down even further, and not worth the bother.

But it’s all relative. Other options may well be down the same amount.

 

[Golden sunsets]

Funny how that works. I feel like a champ now because I loaded up on CDs in Jan, and a few more good specials early Feb. But they are all maturing in 2021!

Ditto