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

[Sunset]

How do you assess whether a given institution is ‘safe’ to invest your money in if it’s a place you haven’t heard of before? I suspect this may be answered elsewhere in the forum, but I’m not sure how to query for that.

I either buy it right at the bank that I currently bank with.
Or at one of my brokerage accounts which will allow my to buy CD's all over the Country. If my brokerage sells me a fake CD, they will be responsible, so I'm sure they check it out.

The one thing I won't do, is buy from some unknown online website, there has been scams to steal money. Reported on this site and frankly they are tricky and it would be sad to lose the money.

 

[HealthyFuture]

In theory, if it's FDIC insured you're as safe as ...

Utah First is NCUA insured. I appreciate Sunset’s caution (which was the reason for my question) and will stick with those available through our broker. Thanks to you both for your responses.

 

[PatrickA5]

How do you assess whether a given institution is ‘safe’ to invest your money in if it’s a place you haven’t heard of before? I suspect this may be answered elsewhere in the forum, but I’m not sure how to query for that.

I'm sure any bank with FDIC insured deposits is fine, but like others, at this point in my life, I just don't care to have my money scattered in a bunch of different places chasing a few basis points.

Having said that, I will sometimes open an account temporarily if the sign-up bonus is high enough.

 

[Gotadimple]

How do you assess whether a given institution is ‘safe’ to invest your money in if it’s a place you haven’t heard of before? I suspect this may be answered elsewhere in the forum, but I’m not sure how to query for that.

Bauer Financial rates banks and credit unions based on their financial report. Similar to Bankrate.com, but they accept no advertising. Click on Star Ratings and search for the institution you are researching.
https://www.bauerfinancial.com/

 

[RetiredAndLovingIt]

Utah First is NCUA insured. I appreciate Sunset’s caution (which was the reason for my question) and will stick with those available through our broker. Thanks to you both for your responses.

NCUA is as safe as FDIC, they're both federally insured up to $250,000.
NCUA insures Credit Union depositys and FDIC insures Bank deposits.

https://www.experian.com/blogs/ask-experian/fdic-vs-ncua/

 

[jazz4cash]

Bauer Financial rates banks and credit unions based on their financial report. Similar to Bankrate.com, but they accept no advertising. Click on Star Ratings and search for the institution you are researching.

https://www.bauerfinancial.com/

How about depositaccounts.com? They seem to have more comprehensive data compared to Bauer. Take their user comments with a grain of salt.

 

[Car-Guy]

I'm sure (well hope) it's because it's the end of the year and the markets are all closed, but at Schwab right now, there are only 3 brokered CD's being offered... One at 9mos, one at 5yrs and one at 10yrs. Pretty slim pickins.

On a positive note, the last 6 weeks interest payments for SWVXX (MMF paying 4.26%) posted last night. That paid for our Christmas and then some.

 

[njhowie]

I'm sure (well hope) it's because it's the end of the year and the markets are all closed, but at Schwab right now, there are only 3 brokered CD's being offered... One at 9mos, one at 5yrs and one at 10yrs. Pretty slim pickins.

On a positive note, the last 6 weeks interest payments for SWVXX (MMF paying 4.26%) posted last night. That paid for our Christmas and then some.

Similar at Fidelity - only 47. Same thing happened last year.

 

[Chuckanut]

I'm sure (well hope) it's because it's the end of the year and the markets are all closed, but at Schwab right now, there are only 3 brokered CD's being offered... One at 9mos, one at 5yrs and one at 10yrs. Pretty slim pickins.

On a positive note, the last 6 weeks interest payments for SWVXX (MMF paying 4.26%) posted last night. That paid for our Christmas and then some.

I don't know how banks work, but in my working days the week between Christmas and New Years was very quiet. Little got done in that required any decision making above the level of "Where will we go for lunch?" and "How early shall we tell the staff to go home on New Years Eve?" . Not enough qualified people were around to make high or medium level decisions. The only truly busy guy was the fellow who maintained the payroll system. He had to have it up and ready for all the tax law changes that started on January 1. The rest of us coasted.

Relax.

FYI, the yield on SNOXX is now 3.98%. The yield on SNAXX is also good. Lots of homemade Christmas goodies are over flowing the cookie plate.

 

[Car-Guy]

I don't know how banks work, but in my working days the week between Christmas and New Years was very quiet. Little got done in that required any decision making above the level of "Where will we go for lunch?" and "How early shall we tell the staff to go home on New Years Eve?" . Not enough qualified people were around to make high or medium level decisions. The only truly busy guy was the fellow who maintained the payroll system. He had to have it up and ready for all the tax law changes that started on January 1. The rest of us coasted.

Relax.

Don't get me wrong, I'm already all in for now... I'll start looking at CD rates again in about 3mos. Just thought it was "interesting". Available CD's today look like the shelves at a toy store the day after Christmas.

Oh, at work, I never took much time off around Christmas/New Years since there was nothing going in the office. Almost like a couple of extra weeks off each year. Actually I'd use those days to de-clutter the office, clean up my email, shop on line, come in late/leave early, etc.

 

[Chuckanut]

Don't get me wrong, I'm already all in for now... I'll start looking at CD rates again in about 3mos. Just thought it was "interesting". Available CD's today look like the shelves at a toy store the day after Christmas.

Oh, at work, I never took much time off around Christmas/New Years since there was nothing going in the office. It was like a holiday there too. Almost like a couple of extra weeks off each year. Actually I'd use those days to de-clutter the office, clean up my email, shop on line, come in late/leave early, etc.

+1 I would much rather be coasting at the office than dealing with the travel headaches of returning home.

Back on topic..... I have a small CD that will mature in early January. Hopefully, there will be a good selection of CD's in the 2-3 year range where I need to still do a bit of filling in. However, if the rates farther out than 2 years significantly lower than the 2 year CD, I may settle on a 2 year CD. I have a difficult time giving up a $1 over two years so that I might get $1.20 over 3, 4 or 5 years.

 

[Gotadimple]

How about depositaccounts.com? They seem to have more comprehensive data compared to Bauer. Take their user comments with a grain of salt.

They have basically the same information along with carrying a side panel of sponsored (advertised) rates. The technical "financial strength" info comes from the same place.

- Rita

 

[NomDeER]

I'm sure (well hope) it's because it's the end of the year and the markets are all closed, but at Schwab right now, there are only 3 brokered CD's being offered... One at 9mos, one at 5yrs and one at 10yrs. Pretty slim pickins.

On a positive note, the last 6 weeks interest payments for SWVXX (MMF paying 4.26%) posted last night. That paid for our Christmas and then some.

When I talked to a Vanguard fixed income rep at Vanguard earlier this month, he told me that it is not uncommon for there not to be very many CDs offered towards the end of the year. Add in the holidays the last week of December (and now a long weekend), and you end up with even less.

 

[Car-Guy]

When I talked to a Vanguard fixed income rep at Vanguard earlier this month, he told me that it is not uncommon for there not to be very many CDs offered towards the end of the year. Add in the holidays the last week of December (and now a long weekend), and you end up with even less.

Looks like he knew what he was talking about....I'm sure we'll see a bunch of them by this time next week and hopefully at even higher rates than we have been seeing.

Just for grins, I just checked again.... Schwab only has one 5 year cd left at this time. Everything else (terms and rates) is gone.