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

[Dtail]

I have a GTE CD maturing in 2024 and was just checking their rates and their 5 year CD is a "WHOPPING" .20% . Lol

I have the same CD's in taxable and IRA. They were still great rates from 2019 and will probably end up being a one time investment in GTE.

 

[zekeboz]

GM Right Notes at 2.25%

https://www.rightnotes.com/

Been a member for almost 2 years and no issues transferring funds back and forth.

NOT FDIC insured. You are betting on GM not going bankrupt.

 

[JoeWras]

I just assumed that Vanguard's Federal Money Market Fund VMFXX being a "safe" place to park money would have a yield that is pathetic, like 30, 40 or 50 bp. Today I looked and was shocked that it is 1.27% AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS. For money I have parked (sold bond funds) waiting to be invested and probably will have a fair amount in it for months (the Settlement fund), it is a pretty good yield especially compared to what Ally is paying me in my online savings account - a measly 90 bp! I have over $20k in the Ally OLS but it transfers to my checking account over night whereas a transfer from the Settlement Fund probably is 2-3 business days otherwise I'd move it to Vanguard.

Yep. VMFXX (settlement fund) has shot up in the last 2 weeks. It was pathetic until about a month ago. It is reflecting the action in the short term monies, like the short T-bills and other instruments. The average maturity is 24 days.

PS Graybeard, since you wrote that, they updated the website overnight. It is now 1.35%.

The "bad" news about this concerns what it will do to US debt, but that's a different topic.

 

[Gotadimple]

Time to review https://www.depositaccounts.com/
First Foundation savings 1.65%

They may be limited by the size of their loan book. There is a ratio of loans to savings that the Feds like to see. If they aren't able to write a larger number of loans, then they discourage deposits with lower interest rates. They need the loan portfolio to pay interest on savings.

- Rita

 

[MJ]

I have a ton of money in 5 years CDs that average from 3 to 3.6% that will mature in early to mid 2024. I'm hoping the rates will be in the 4+% range.

 

[Dash man]

Ally Bank savings is now 1%.

 

[retired1]

Ally Bank savings is now 1%.

I think it's 0.9% (on the website) but yeah.. almost 1%
I think it moved from 0.25=>0.4=>0.5=>0.6=>0.9 w/in 16 months. Better than many banks CD rates

 

[audreyh1]

Ally Bank savings is now 1%.

Fidelity Premium MM was showing 1.28% yield as of 6/22. So at this point I don’t think the savings accounts will be able to keep up anymore during this rising rate period. I’ll start pulling most cash funds back into my brokerage accounts now.

Yeah, Ally website still saying 0.90% for savings.

 

[Dtail]

I think it's 0.9% (on the website) but yeah.. almost 1%
I think it moved from 0.25=>0.4=>0.5=>0.6=>0.9 w/in 16 months. Better than many banks CD rates

1.0% as of June 25th.

 

[Dtail]

Fidelity Premium MM was showing 1.26% for 6/22 I believe. So at this point I don’t think the savings accounts will be able to keep up anymore during this rising rate period. I’ll start pulling most cash funds back into my brokerage accounts now.

Same here and then invest there.

 

[PaunchyPirate]

Emails are going out right now. Just got mine. Ally is indeed increasing to 1% effective tomorrow (24th) and will show in your account on the 25th.

 

[audreyh1]

OK got my Ally email thanks.

Pulling out of all my no penalty CDs at this point.

 

[JoeWras]

Finally some market pressure on the bank rates. I just did a big transfer out of Ally to Vanguard to capture the VMFXX. And of course, Marcus announced 1% a few days ago.

And no, I'm not excited that this gets us nowhere near inflation... but it is finally some progress.

 

[audreyh1]

Those Fidelity MM rates are going up fast!

As of 6/23:

FZDXX at 1.31%. Premium MM

FDRXX at 1.04%. Government Cash Reserves

 

[Dtail]

Those Fidelity MM rates are going up fast!

As of 6/23:

FZDXX at 1.31%. Premium MM

FDRXX at 1.04%. Government Cash Reserves

In the past, Vanguard's version of FZDXX was always higher. Curious what it is now.

 

[explanade]

OK must have done something wrong at Fidelity.

I thought I put $20k at Fidelity in a 1-year CD with supposedly 2.1% yield, maturing 6/1/23.

38150VBB4

That is the name of it and it's suppose to be Goldman Sachs.

But it has daily fluctuations and currently is below the value I put in.

I thought I selected a non-callable CD.

 

[madatrub]

OK must have done something wrong at Fidelity.

I thought I put $20k at Fidelity in a 1-year CD with supposedly 2.1% yield, maturing 6/1/23.

38150VBB4

That is the name of it and it's suppose to be Goldman Sachs.

But it has daily fluctuations and currently is below the value I put in.

I thought I selected a non-callable CD.

NAV typically drops soon after the CD is purchased. Nevermind the day to day fluctuations, it'll still pay you back the full principal at the 1 year mark.

 

[audreyh1]

OK must have done something wrong at Fidelity.

I thought I put $20k at Fidelity in a 1-year CD with supposedly 2.1% yield, maturing 6/1/23.

38150VBB4

That is the name of it and it's suppose to be Goldman Sachs.

But it has daily fluctuations and currently is below the value I put in.

I thought I selected a non-callable CD.

Fidelity is just showing you the mark-to-market value if you tried to sell the CD on the secondary market. That value will fluctuate.

It won’t affect what you’ll get at maturity - that was fixed when you bought it.

It’s not being called.

My treasury bills fluctuate every trading day too, but I’ll get 100 back at maturity.

 

[Samething]

Fidelity is just showing you the mark-to-market value if you tried to sell the CD on the secondary market. That value will fluctuate.



It won’t affect what you’ll get at maturity - that was fixed when you bought it.



It’s not being called.



My treasury bills fluctuate every trading day too, but I’ll get 100 back at maturity.

Thank you! I had the same question.

 

[John Galt III]

PenFed just sent out an email, 3.5% 5 year certificate offer, ends 7/7/22.

Hmmm. I already snapped up a modest amount of PenFed 3.0% 7 year. I may have to snap up a modest amount of the 3.5% 5 year. Then hope for even higher rates.

 

[Graybeard]

Bought 6 13 week T bills last week (2 in taxable and 4 in IRA) and have another purchase made for this week for 4 more 13 week T bills (just in IRA).

 

[pc95]

Hmmm. I already snapped up a modest amount of PenFed 3.0% 7 year. I may have to snap up a modest amount of the 3.5% 5 year. Then hope for even higher rates.

You may want to temper how much you put in this time and next to have 'dry powder'.....I think late July / early August, there will be 3.75 to 4.0% rates. But There's a good chance there will be 4.5% CDs late this year, especially if inflation readings don't relinquish. Had the 5% --10-year CD with Penfed from 2011-2021 - that one I threw in as much as could afford, and dont regret it. At 5%+, I would be selling equities if neutral or in green and breaking older CDs for the penalty.

 

[disneysteve]

Bought 6 13 week T bills last week (2 in taxable and 4 in IRA) and have another purchase made for this week for 4 more 13 week T bills (just in IRA).

May I ask why you're buying so many of the same duration at the same time? Is there some benefit to doing that vs buying one big one if they will all mature at once anyway?

 

[Tadpole]

I put a small amount ($25K) into a 5 yr, 3.5% CD at PenFed. I have 2 CDs, one small, the other large, rolling over at PenFed in October and hope I can get even better rates. Current inflation doesn't give me warm fuzzies about current CD rates.

 

[John Galt III]

You may want to temper how much you put in this time and next to have 'dry powder'.....I think late July / early August, there will be 3.75 to 4.0% rates. But There's a good chance there will be 4.5% CDs late this year, especially if inflation readings don't relinquish. Had the 5% --10-year CD with Penfed from 2011-2021 - that one I threw in as much as could afford, and dont regret it. At 5%+, I would be selling equities if neutral or in green and breaking older CDs for the penalty.

pc95, I am only using about 10% of my cash stash for each CD purchase. Keeping most of it for later when rates are 'supposed to be' higher. But hard to resist the 'bird in hand' opportunity of the 5 year PenFed CD at 3.5%. I have until July 7 to decide. Congratulations on scoring the PenFed 10 year 5%, by the way. I don't even remember that one, lol.