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

[JoeWras]

For the first time that I can recall, I received an e-mail from Discover asking me to take a survey that asked about customer satisfaction and what would make me happier with them.

I recently moved the majority of my cash from Discover to my Vanguard settlement fund, which has a higher interest rate. And I'm buying T Bills with a lot of the cash. I'm sure that a lot of people are doing the same thing. I hope the banks start increasing their interest rates more as a result.

The day after I transferred out a significant sum from Ally to Vanguard to capture VMFXX and buy a few treasuries, they sent me an email begging me to get a brokerage account. It may have just been a coincidence.

 

[copyright1997reloaded]

I'm not very active on the board anymore but I do check in on a few threads every now and again. After seeing the rate and info above I decided today is going to be the day to dip my toes into T-notes and bills. So I opened a brokerage account with Fidelity (already had a HSA account) and ordered qty 25 of the above after looking up the CUSIP.


Thanks so much for posting this information- it was the push I needed to take the leap

The Citibank instrument is not a t-note or t-bill. It is not government guaranteed.

I figure you are aware of the above but posting just in case you aren't.

 

[Gotadimple]

Effective 7/12 Live Oak Savings interest rate goes to 1.4%

 

[Chuckanut]

T-Mobile money just jumped 0.5% to 1.5% on their savings account.

 

[Golden sunsets]

Yeah. T-Mo was the stalwart for so long at 1% when no other institution was even close. They must have experienced huge outflows to make such a big jump. And they are still just near the high that other institutions are now offering. Their website is a bit clunky with limitations such as no joint accounts, so........

 

[dvalley]

The Citibank instrument is not a t-note or t-bill. It is not government guaranteed.

I figure you are aware of the above but posting just in case you aren't.

Good catch! I meant to say notes/bills not necessarily T- notes. Speaking of which my order hasn't been filled yet. I guess clicking buy on notes is not an instant buy


Oh and yes T-mobile...that's where I moved my money from and into Fidelity a few days ago and now they bump it up to 1.5%. Too little too late for me, even SPAXX at fidelity is like 1.05%

 

[Another Reader]

As of today, VMFXX, Vanguard's Federal MM Fund, yields 1.45 percent. It is also the transaction settlement fund. VMRXX, the Admiral Federal MM, yields 1.43 percent and VUSXX. the Treasury MM Fund, yields 1.24 percent. I have legacy positions in Wellesley and Wellington and some other small investments at Vanguard and I have no problem moving money to and from the bank and Fidelity as needed. Fidelity's higher fees and other frictional costs really show in the money market fund lines. Schwab as well.

 

[Dtail]

Good catch! I meant to say notes/bills not necessarily T- notes. Speaking of which my order hasn't been filled yet. I guess clicking buy on notes is not an instant buy


Oh and yes T-mobile...that's where I moved my money from and into Fidelity a few days ago and now they bump it up to 1.5%. Too little too late for me, even SPAXX at fidelity is like 1.05%

No need for SPAXX when FZDXX is available for a starting investment of 100k.

 

[Another Reader]

No need for SPAXX when FZDXX is available for a starting investment of 100k.

Not the same safety profile as a treasury or federal money market fund. The fund owns a lot of financial company paper.

 

[Dtail]

Not the same safety profile as a treasury or federal money market fund. The fund owns a lot of financial company paper.

So what do you think the odds are that this fund will "break the buck"?

 

[Another Reader]

So what do you think the odds are that this fund will "break the buck"?

I have no idea and that's the problem. Treasury funds are more likely to survive and perform as promised, even under duress. I will take a bit less yield in these uncertain times to protect principal.

 

[Dtail]

I have no idea and that's the problem. Treasury funds are more likely to survive and perform as promised, even under duress. I will take a bit less yield in these uncertain times to protect principal.

Different strokes...., as a Fidelity fund has never broke the buck and IMHO they would reimburse any difference.

 

[Another Reader]

Different strokes...., as a Fidelity fund has never broke the buck and IMHO they would reimburse any difference.

I get superior yields at Vanguard because the expenses are lower.

What makes you think Fidelity would reimburse the fund shareholders if the fund broke the buck? In that scenario a lot of funds would be in trouble and no one would get reimbursed. You were made aware of the risk when you bought the investment. My assumption is you would be out of luck.

 

[Dtail]

I get superior yields at Vanguard because the expenses are lower.

What makes you think Fidelity would reimburse the fund shareholders if the fund broke the buck? In that scenario a lot of funds would be in trouble and no one would get reimbursed. You were made aware of the risk when you bought the investment. My assumption is you would be out of luck.

Yes the VMFXX fund at 1.45% is blowing away the Fidelity fund at 1.44%.
Maybe I should transfer to Vanguard......

 

[Sue J]

Oh and yes T-mobile...that's where I moved my money from and into Fidelity a few days ago and now they bump it up to 1.5%. Too little too late for me, even SPAXX at fidelity is like 1.05%

I just moved a nice chunk from T-Mobile Money to Vanguard Money Market VMFXX. But I left half at T-mobile!

I didn't see the increase at the T-Mobile Money site, so I checked email and the notification was there - it will increase on or before 7/15/22.

 

[RetiredAt49]

Anyone know of a good return money market for business accounts?

 

[xlf11]

CIT Savings Connect 1.65%

 

[explanade]

T-Mobile has a bank?

 

[camfused]

^^^ It has a financing division

 

[Sue J]

T-Mobile has a bank?

It’s part of Customers Bank.

This morning DiscoverBank is up to 1.20%.

 

[4legsgood]

CIT has no-penalty 11 month cd at 1.85%.

 

[kongmen]

synchrony transfers

I just opened an account at synchrony for my savings and everything went smoothly. I was thinking of putting an additional 50k in that my be used in a house purchase soon. Can anyone tell me what kind of hoops I might have to jump through to access that money and how long it might take.


Thanks for any replies.

 

[mrfeh]

I just opened an account at synchrony for my savings and everything went smoothly. I was thinking of putting an additional 50k in that my be used in a house purchase soon. Can anyone tell me what kind of hoops I might have to jump through to access that money and

I recently pulled 6 figures from Synchrony with no issues.

I don't know if they have daily limits for pushes.

 

[Another Reader]

Yes the VMFXX fund at 1.45% is blowing away the Fidelity fund at 1.44%.
Maybe I should transfer to Vanguard......

There are different types of money market funds that own different classes of short term debt instruments. The least risky own treasuries only. Higher yielding funds own repurchase agreements and some very short term commercial paper. The yield on the underlying paper determines the gross yield of the fund. You may want to invest a little time looking at what the various funds own.

When interest rates are high, expenses make less of a difference in what you earn. At current low rates, expense account for a higher percentage of the gross yield.

My concern is how precarious the economy is. Inflation is out of control, we are indirectly at war, and unrest is everywhere. The federal government will pay its' obligations long after many companies and industries go under.

If you are comfortable with what underlies the Fidelity fund after you understand what it owns, go for it. I'm sticking with less risk until things calm down.

 

[Gotadimple]

Anyone know of a good return money market for business accounts?

Live Oak Bank is currently 1.4% in their High Yield Savings Account. They don't offer Money Market accounts. The only have 2 physical locations, and most accounts are set up via the internet. Customer Service is friendly, and you get status as the set up process moves along.

I am the Treasurer of a condominium HOA, and we use this account to hold money for large projects. In looking, their CDs have very good rates as well. ACH transfers are easy to do. Incoming $ are held for 5 days, but interest accrues back to the date of the transfer.

- Rita