Best CD, MM Rates & Bank Special Deals Thread 2022 - Please post updates here

[audreyh1]

These Schwab symbols make me want to cough and sneeze!

 

[Chuckanut]

These Schwab symbols make me want to cough and sneeze!

I'm waiting for the SNOOZ fund. The ultimate fund for the do-nothing investor.

 

[Another Reader]

I take it SNSXX is Schwab's purest form of a nearly 100% treasury bill/note/bond MM fund.

I did not see that one when I signed up for SNOXX and SWVXX some time ago. I can't find a detailed description of what their money market funds hold, but I would bet you are correct.

 

[Another Reader]

SNOXX: https://www.schwabassetmanagement.com/products/snoxx

SNSXX: https://www.schwabassetmanagement.com/products/snsxx

Had to ask customer service, but there they are. If the market goes down the tubes, you probably want to own the actual paper. I wish they would be as clear and forthright as Fidelity is about this.

 

[Chuckanut]

SNSXX is yielding 3.6%. Treasuries without the repurchase deals as far as I can tell.



Money Market Disclosures - Charles Schwab

 

[jazz4cash]

I got a “survey” from Fidelity today. They say they are enhancing their CMA to pay 4% if you setup direct deposit of at least $500 every 90 days. I wonder how they will define direct deposit.

 

[audreyh1]

Seriously? I imagine any transfer from another institution would do it.

In the Cash Management Account I move any deposits into Fidelity Government Cash Reserves which is already paying close to 4%. I don’t keep large amounts in that account as it’s mostly for bill pay.

 

[njhowie]

I have SPRXX for our core in the CMA and it is at 4.11% today.

 

[audreyh1]

I have SPRXX for our core in the CMA and it is at 4.11% today.

I thought the CMA was stuck with FDIC bank cash as the core. If I can change the core I’ll do it!

ETA: Nope, not an option for me.

 

[target2019]

Schwab Money Funds all here: https://www.schwab.com/money-market-funds

But no SNOOZ!

 

[njhowie]

I thought the CMA was stuck with FDIC bank cash as the core. If I can change the core I’ll do it!

Just manually place an order for the amount you have in core (or leave some minimal amount - it's going to collect some interest at month end anyhow and stick around) to buy SPRXX (or other money market fund you'd prefer) - it will take the funds from the core. If you later purchase something, it will first look to the original core, pull from there, then go to the SPRXX to pull from there. You can verify that everything is kosher by checking the balances screen and you'll see that before/after the transaction your settled cash, funds available to trade, and available to withdraw will be the total of the core plus SPRXX (and likely any other money market funds you have in the account).

When I first did this, the activity and order screen didn't look right, because the cash balance it was showing was from core only, which I had around $5, but placed orders for thousands. I called just to check and the rep said to ignore it and just go by the balances screen as mentioned above. With the new Beta version they've removed the cash balance from the activity and order screen.

I've also done this with other accounts where I didn't like the options it offered for core.

If you are writing checks on the account or other transactions, just to be sure, you might want to call and verify that it will all be ok, but I don't see any reason why it shouldn't.

 

[11522914]

Swvxx up to 4.2134%. Nice.

 

[audreyh1]

Just manually place an order for the amount you have in core (or leave some minimal amount - it's going to collect some interest at month end anyhow and stick around) to buy SPRXX (or other money market fund you'd prefer) - it will take the funds from the core. If you later purchase something, it will first look to the original core, pull from there, then go to the SPRXX to pull from there. You can verify that everything is kosher by checking the balances screen and you'll see that before/after the transaction your settled cash and funds available to trade will be the total of the core plus SPRXX (and likely any other money market funds you have in the account).

When I first did this, the activity and order screen didn't look right, because the cash balance it was showing was from core only, which I had around $5, but placed orders for thousands. I called just to check and the rep said to ignore it and just go by the balances screen as mentioned above. With the new Beta version they've removed the cash balance from the activity and order screen.

I've also done this with other accounts where I didn't like the options it offered for core.

I’m already doing this with FDRXX. I don’t make deposits into the CMA often, and I transfer them to FDRXX when I do. Yes, I knew that it would take withdrawals from whichever money market fund. Works great, been doing that for years.

 

[frank]

anyone seeing cds with 5 percent for any term?

 

[ShokWaveRider]

Schwab Money Funds all here: https://www.schwab.com/money-market-funds

But no SNOOZ!

I think he was joking... ROFL

 

[ShokWaveRider]

anyone seeing cds with 5 percent for any term?

We are waiting for some FDIC insured CDs at 5% too. Fingers Crossed for the new year.

But ~4.3+ in MM is not too shabby while we wait.

 

[audreyh1]

Amex Bank to 3.3%. Ha ha, I thought they were already there!

 

[f35phixer]

Navy Fed just upped 12 month certs to 4.45% vise the 3.8 that I've been eyeing. Rollover in Jan from my 0.6%, that will be an easy 10K for 12 months ;-)

 

[Drake3287]

anyone seeing cds with 5 percent for any term?

The highest I've seen is 4.75% for 12 months. Summit State Bank here in California. It's even a brick and mortar bank which is even more surprising. It's been at this rate well before the last Fed increase so like many I'm just waiting for that magic 5% number. I guess the days of online banks having the highest rates is over.

What's surprising to me is that around here, we still see bank advertisements for 4.% to 4.25% and similar. Why waste your money on a newspaper add when everyone can easily see this other bank offers .5% more.

 

[Montecfo]

Andrews Federal has a 7 month 5% CD.

 

[Ready]

anyone seeing cds with 5 percent for any term?

Utah First has 5% for 22 months.

 

[Gotadimple]

Amex Bank to 3.3%. Ha ha, I thought they were already there!

Nope, just slow and steady.

- Rita

 

[njhowie]

We are waiting for some FDIC insured CDs at 5% too. Fingers Crossed for the new year.

But ~4.3+ in MM is not too shabby while we wait.

Likely not going to happen. If we go back a month or two, we can find the same post by someone waiting for 6% CDs. What's happened since then? Fed continued increases, CD yields heading lower. The peak yields at and just above 5% have likely already been seen.

There is certainly nothing shabby about 4.3% in money market yields...until the Fed pauses or announces a rate cut.

We'll see.

 

[Dtail]

Likely not going to happen. If we go back a month or two, we can find the same post by someone waiting for 6% CDs. What's happened since then? Fed continued increases, CD yields heading lower. The peak yields at and just above 5% have likely already been seen.

There is certainly nothing shabby about 4.3% in money market yields...until the Fed pauses or announces a rate cut.

We'll see.

Unfortunately agree.

 

[lordjust]

Likely not going to happen. If we go back a month or two, we can find the same post by someone waiting for 6% CDs. What's happened since then? Fed continued increases, CD yields heading lower. The peak yields at and just above 5% have likely already been seen.

There is certainly nothing shabby about 4.3% in money market yields...until the Fed pauses or announces a rate cut.

We'll see.

i was talking about waiting for upper 6s and 7s for new retail bonds... so... we can all see where that went... i still bought in but at a much smaller dollar amount because i was "waiting" .. I think the CDs are following the same path.. unfortunately ..