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

[money4wells]

Bask Bank FDIC online savings is 2.01%. I had moved from Capital One who I had used for many years, but they were staying at 0.3% for existing customers. I moved it all when Bask was 1.6% a month ago, it has now raised twice, they send an email each time!

 

[money4wells]

I have Bask Bank. I have done 5-6 withdrawals, and they post the next business day. I have been very happy so far, no issues along the lines you mentioned or at all so far, though only a month.

 

[Fotodog]

Thanks to both for your replies. moneyforwells, your confirmation is what I was hoping to hear. Bask has a good rate that doesn’t require referrals, and I like that their rates have been increasing as the Fed raises rates, and that you were notified by email. Sounds like good customer service to me.

 

[happycampr]

+1 on Bask Bank. No trouble transferring in or out.

The only issue I had when opening the account was setting up POD beneficiary. FAQs said to send secure message requesting, but a week later still no response. Finally called customer service and the beneficiary was added.

Overall I have been pleased.

 

[DawgMan]

Interesting there is that big a gap between some of these HYSAs. I feel like I am watching a constant horse race. One minute Marcus is the lead horse and then here comes Bask. I would assume they all (or many) eventually match the lead horse within say 30 days, but the difference between Marcus (where I hold cash) and Bask is currently a big gap at a .8% spread. Personally, I don't have the energy to keep moving $$ between banks.

 

[camfused]

^^^ Yes, so look at which horse is at or near the front of the race, most of the time. It seems like Bask is currently one of those. I have my cash at viobank, and it used to be a front runner horse, but now seems to be a few rows back in the field. Just went to 1.85% today.

 

[Silver]

I also have used Bask Bank for about five months, and have had no issues moving money in or out. I sent them an internal message asking that they establish a benefactor on the account, and they responded within five days that this was done. So far all good.

 

[Montecfo]

CFG Bank is now at 2.05 % after two increases this month. They are definitely showing some leadership.

 

[Happyras]

Interesting there is that big a gap between some of these HYSAs. I feel like I am watching a constant horse race. One minute Marcus is the lead horse and then here comes Bask. I would assume they all (or many) eventually match the lead horse within say 30 days, but the difference between Marcus (where I hold cash) and Bask is currently a big gap at a .8% spread. Personally, I don't have the energy to keep moving $$ between banks.

I hear you DAWGMAN, I have resolved to maintain Marcus, which does increase their rate fairly often. The referrals are hard to keep doing, as most of our kids and friends are now with Marcus, and happy. My last referral ran out on June 30th, but then they raised the rate. I moved chunk to Fido to buy some 3 month t-bills, but then I got a referral which beat that until Oct. I looked at Bask Bank, and was not overwhelmed by any technical advantage and without referral bonus they are behind.....

 

[kongmen]

Come on synchrony the fed did another seventy five basis points

 

[almost there]

Will be interesting to see if we return to normal rates going forward. Or go back to the artificially low new world order rates that started with the great recession.

 

[camfused]

^^^ I am not too good with economics, but aren't the MM rates tied to short T-bill rates, and not the Fed borrowing rate?

 

[Happyras]

Out of curiosity, and shopping, I checked t-bill rates and they did not budge after the announcement. Maybe it will change over time, but likely not so much. HYSA rates are more linked to bank cash flow/lending and I would expect a little move soon?

 

[almost there]

Banks are flush with cash. And are making a killing right now. Huge spread in what they pay and what they charge.... Cant last forever though.

 

[jazz4cash]

Out of curiosity, and shopping, I checked t-bill rates and they did not budge after the announcement. Maybe it will change over time, but likely not so much. HYSA rates are more linked to bank cash flow/lending and I would expect a little move soon?

Most likely no change because the 75 bp move is what was expected. The rates are set by the market so all the fed can do is influence market on the short end. I agree rates will adjust gradually.

 

[Quattro73]

Banks are flush with cash. And are making a killing right now. Huge spread in what they pay and what they charge.... Cant last forever though.

Not accurate. Not remotely accurate.

Banks have lived with a far less than normal spread since 2008. They have had to figure out how to deal with low margins due to compressed spreads

Now they are flush with deposits from the past couple years with a slowing economy. But suddenly the deposit growth has stopped and credit concerns are back in vogue. Regulator scrutiny is increased. They will be able to finally charge closer to a going rate and maybe re-institute some form of risk based pricing that all but vanished over the past 15 years. But loan opportunities have shrunk and they all had to make loans at far less than reasonable rates during the past few years.

Banks have dealt with a constant whipsaw of low rates, government intervention, and now rising rates and major credit/recession concerns.

 

[almost there]

Not accurate. Not remotely accurate.

Banks have lived with a far less than normal spread since 2008. They have had to figure out how to deal with low margins due to compressed spreads

Now they are flush with deposits from the past couple years with a slowing economy. But suddenly the deposit growth has stopped and credit concerns are back in vogue. Regulator scrutiny is increased. They will be able to finally charge closer to a going rate and maybe re-institute some form of risk based pricing that all but vanished over the past 15 years. But loan opportunities have shrunk and they all had to make loans at far less than reasonable rates during the past few years.

Banks have dealt with a constant whipsaw of low rates, government intervention, and now rising rates and major credit/recession concerns.

We agree to disagree. "The national average interest rate for savings accounts is 0.11 percent,"

"According to Bankrate's most recent national survey of banks and thrifts, the average rate is 0.51 percent for a one-year CD, 0.54 percent for a one-year jumbo CD, 0.65 percent for a five-year CD and 0.67 percent for a five-year jumbo CD"

"The average 30-year fixed-mortgage rate is 5.70 percent, down 11 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 5.91"

 

[Quattro73]

We agree to disagree. "The national average interest rate for savings accounts is 0.11 percent,"

"According to Bankrate's most recent national survey of banks and thrifts, the average rate is 0.51 percent for a one-year CD, 0.54 percent for a one-year jumbo CD, 0.65 percent for a five-year CD and 0.67 percent for a five-year jumbo CD"

"The average 30-year fixed-mortgage rate is 5.70 percent, down 11 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 5.91"

You disagree with what you know not of. The mortgage rate has nothing to do with the average community banks lending rate and those rates have been in effect for like 45 to 60 days. The banks have not originated any meaningful loan volume at those rates. The rate for the past 2 years have Been 3% and less and anyone with a brain cell refied. Geez.

Plus far more importantly Banks don’t originate and hold long term mortgages for the most part. Those are sold in the secondary market because the interest rate risk is to great. Significant bank holdings of individual mortgages has not occurred meaningfully for 40 years since the S&L blew up by having asset liability mismatches. Which was due to originating long term residential mortgages and funding those with shorter term deposits which blew up when rates sky rocketed.

Banks originate and hold primarily commercial debt (which typically balloons after 5 to 10 years)and some residential mortgage debt but usually with balloons.
Yes bank margins will improve IF loan losses do not occur. But this is a case with your average community or small regional bank getting back to a normalized spread.

 

[almost there]

Ok, sure. Tell me about banks personal loan rates. Auto loan rates etc.
You will probably find it difficult here finding anyone that gets a tear loose for banks. Then the bail outs... Another long story...
What are the top 4 US banks?
JPMorgan Chase – $2.87 Trillion. ...
Bank of America – $2.16 Trillion. ...
Wells Fargo & Co. ...
Citigroup – $1.65 Trillion. ...
U.S. Bancorp – $530.50 Billion. ...

Here is how banks make money. In case you are not sure.
"Banks generally make money by borrowing money from depositors and compensating them with a certain interest rate. The banks will lend the money out to borrowers, charging the borrowers a higher interest rate and profiting off the interest rate spread."

 

[copyright1997reloaded]

We agree to disagree. "The national average interest rate for savings accounts is 0.11 percent,"

"According to Bankrate's most recent national survey of banks and thrifts, the average rate is 0.51 percent for a one-year CD, 0.54 percent for a one-year jumbo CD, 0.65 percent for a five-year CD and 0.67 percent for a five-year jumbo CD"

"The average 30-year fixed-mortgage rate is 5.70 percent, down 11 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 5.91"

Average in this measurement is taking all of the surveyed banks rates, adding them up, and then dividing by the number of banks. It is not weighting the measurement by assets. Those banks with higher rates are getting deposits and money transferred from low rate institutions. So the real rate in terms of a typical CD is higher than what the survey would suggest.

Yes, banks make money on the spread, but in the case of mortgages, most banks originate and service home mortgages but don't hold the loans as assets on their books.

The share of 1–4 family mortgages outstanding held by banks declined dramatically from 74 percent in 1978 to 24 percent in second quarter 2019 as securitization of mortgages became an increasingly larger part of the market.

source: Me (worked at one of the biggest financial instituions in the country) and https://www.fdic.gov/analysis/quarterly-banking-profile/fdic-quarterly/2019-vol13-4/fdic-v13n4-3q2019-article1.pdf

 

[John Galt III]

Come on synchrony the fed did another seventy five basis points

Yeah, and Penfed, too ! All I need is 4% 5 year or 7 year, Penfed! That's the trigger point. I'd put a big chunk in at 4%, then wait another few months, and go from there.

 

[Another Reader]

Yeah, and Penfed, too ! All I need is 4% 5 year or 7 year, Penfed! That's the trigger point. I'd put a big chunk in at 4%, then wait another few months, and go from there.

Marcus and Synchrony are both behind the curve...

 

[target2019]

Yeah, and Penfed, too ! All I need is 4% 5 year or 7 year, Penfed! That's the trigger point. I'd put a big chunk in at 4%, then wait another few months, and go from there.

Marcus and Synchrony are both behind the curve...

And you Discover Bank. I think I'll start hitting back on you guys with reviews and so on.

 

[Car-Guy]

Yeah, and Penfed, too ! All I need is 4% 5 year or 7 year, Penfed! That's the trigger point. I'd put a big chunk in at 4%, then wait another few months, and go from there.

Charles Schwab has 5yr CD's available at 3.55% now. I would not be surprised to see 4% there in the next few weeks.

 

[audreyh1]

Notice that the yield curve flattened, then inverted some. All the yield increases have been at the short end recently.