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

[almost there]

Navy 3.3% 33mo special. 1k to open, OK to add to 100k.

Not a huge deal, but the Navy 33 month 3.3% special allows additional funds be added to 100k. And can be opened with $1k. And converted to a Roth IRA at any time. So, I opened (2) today with 1k ea. Wife and I will add 6k to both next year, and convert to a Roth for my 2022 new contribution. Then if there are no better rates when other Roth IRA CD's expire, have a place to get 3.3%. For a while anyway. Up to 100k. Just a little hedge. With little cost / effort involved.

Can still do better with brokered CD's. But plan to keep some $$ going with Navy and Pen Fed for as long as possible.

 

[Gotadimple]

Effective today 8/5, Live Oak Bank High Yield Savings rate moves to 1.75% from 1.4%

A 1-year CD is 2.5%, with a 2,500 minimum with $250,000 maximum. This rate has been in effect for a while.

 

[jazz4cash]

Not a huge deal, but the Navy 33 month 3.3% special allows additional funds be added to 100k. And can be opened with $1k.

Actually, it is a HUGE deal as I mentioned above. I was unable to open with IRA funds but I used the secure messaging and they moved the funds to open the account from IRA shares.

 

[Graybeard]

No,
It’s a US Govt MM fund.

US 1 month treasuries are yielding 2.1%+, and VMFXX has a very low expense ratio, so it’s not surprising to see 2% yield now.

On BH there is a thread about the Federal Money Market Fund. One explanation why this fund's yield is so high is it buys repros which are 2.3%. Not sure if that was mentioned in this thread, I read so many things in so many places over days and weeks I forget sometimes what is in a given thread.

https://www.investopedia.com/terms/r/repurchaseagreement.asp

What Is a Repurchase Agreement?
A repurchase agreement (repo) is a form of short-term borrowing for dealers in government securities. In the case of a repo, a dealer sells government securities to investors, usually on an overnight basis, and buys them back the following day at a slightly higher price. That small difference in price is the implicit overnight interest rate. Repos are typically used to raise short-term capital. They are also a common tool of central bank open market operations.

For the party selling the security and agreeing to repurchase it in the future, it is a repo; for the party on the other end of the transaction, buying the security and agreeing to sell in the future, it is a reverse repurchase agreement.

 

[almost there]

Actually, it is a HUGE deal as I mentioned above. I was unable to open with IRA funds but I used the secure messaging and they moved the funds to open the account from IRA shares.

Another bonus, The 33 month deal will allow me to combined a few smaller / maturing Roth CD's into (2) $100k Roth CD's. Have had these add on Navy CD's for a few years now. They can really come in handy.

 

[jazz4cash]

Another bonus, The 33 month deal will allow me to combined a few smaller / maturing Roth CD's into (2) $100k Roth CD's. Have had these add on Navy CD's for a few years now. They can really come in handy.

I have a small add-on at NFCU that I bought in 2019. It was 37 months at 3% APY and matures in Jan '23 so I can roll it over to this new 33 month special. I refuse to move IRA funds between institutions if at all possible.

 

[almost there]

I have a small add-on at NFCU that I bought in 2019. It was 37 months at 3% APY and matures in Jan '23 so I can roll it over to this new 33 month special. I refuse to move IRA funds between institutions if at all possible.

Have 2 of the same. 37/3% 1/10/23. Same plan....Then 2 more Jan 2024. So they will both be easily maxed out.
Agree, I have moved so many around in the past 9 years, I am sick of it. So with any luck I wont have to make too many moves in the future. Am down from 6 institutions to 3. But am always a sucker for higher rates. So, who knows.
The 3 now are Schwab, Navy and Pen Fed.

 

[Henry Lili]

I purchased a 3 month brokered CD from Fidelity @ 2.4% today.

I did the same this week at Schwab

 

[COcheesehead]

I’ve purchased a few Munis going out as long as 20 years, several weeks ago when some deals were available. The rest of my fixed income is mostly in short-term CDs or treasuries. I believe rates will increase giving us better long term opportunities.

That’s the beauty of a ladder. If properly constructed, you should always have maturing funds to reinvest at a higher rate and if rates drop, you have funds invested at the highs in longer maturities.

 

[RetiredAndLovingIt]

I made a quick 4K yesterday after sitting on hold for 1/2 hour with Navy Federal. I called to ask the penalty on a CD that still had 3 years left on it at a miserable 1.19% and amazingly when she looked it up, no penalty. I was planning on moving it to the 33 month special regardless of penalty but that was a nice little unexpected bonus on top of the higher interest rates.
As usual the lady was very efficient and took care of moving everything over quickly to the new CD. i queried why no penalty and she said that happens sometimes, she really didn't know why. She also let me know I could open 2 of these certificates, one for my IRA and one for a regular share certificate. I declined to open the 2nd which I knew was a mistake the moment I hung up the phone.
I did check my account this morning and it looks like I still have that option so i'm in the process of sending $1000 over to my Navy checking account. My share CD's are all higher right now so I don't need this CD but it's extra insurance in case rates take a tumble in the next few years.
Navy Federal is definitely the easiest institution to work with of all my banks. They're the only one that I always stay on the phone to answer their quick 5 question survey.

 

[jazz4cash]

As usual the lady was very efficient and took care of moving everything over quickly to the new CD. i queried why no penalty and she said that happens sometimes, she really didn't know why. She also let me know I could open 2 of these certificates, one for my IRA and one for a regular share certificate. I declined to open the 2nd which I knew was a mistake the moment I hung up the phone.
I did check my account this morning and it looks like I still have that option so i'm in the process of sending $1000 over to my Navy checking account. My share CD's are all higher right now so I don't need this CD but it's extra insurance in case rates take a tumble in the next few years.
Navy Federal is definitely the easiest institution to work with of all my banks. They're the only one that I always stay on the phone to answer their quick 5 question survey.

The disclosure for the 33 month CD special says one per member. In the past that has meant one and only one. I know this because I have tried and been unable to open both an IRA and a taxable certificate. I hope the member services rep was correct but I agree you should have opened the 2nd certificate while you were on the phone! Based on your post I have submitted an application for a taxable certificate which is pending. I already have an IRA certificate so I'll post an update when the taxable certificate application is processed.

 

[REWahoo]

Just last week I tried opening both an IRA and a taxable 33 month special CD at Navy FCU. No go, they would only allow one per member. However, since DW is also a member we were able to open a second, taxable 33 month special CD with her as the primary.

I agree that Navy is one of the easier financial institutions to work with.

 

[almost there]

The big news to me on the Navy "specials" is the option to later convert.
I did not have $1000 of Roth or IRA funds floating around to open.
So in 2024 the $1k cash I used to open will become a 2024 new Roth contribution.
So I opened with 1k. With the intention of converting it into a Roth acct. in Jan.
Then filling it up to 100k max when the Roth funds mature.

 

[John Galt III]

Just last week I tried opening both an IRA and a taxable 33 month special CD at Navy FCU. No go, they would only allow one per member. However, since DW is also a member we were able to open a second, taxable 33 month special CD with her as the primary.

I agree that Navy is one of the easier financial institutions to work with.

REW, don't you have to have a j*b to open an IRA? Or were you transferring an existing IRA?

 

[almost there]

REW, don't you have to have a j*b to open an IRA? Or were you transferring an existing IRA?

Yea, it would have to be a transfer of existing IRA funds. From say an IRA cash account.

 

[REWahoo]

REW, don't you have to have a j*b to open an IRA? Or were you transferring an existing IRA?

No job here!!!

I already had an IRA CD at Navy that matured a few weeks ago and was sitting in a MMkt account, waiting for better CD rates.

 

[TOOLMAN]

I follow this site for the today's best CD rates
https://www.allcards.com/best-cd-rates/



Today it's

17-Month No-Penalty CD
APY: 2.55%
Min. Deposit: $1
No early withdrawal penalty
FDIC Insured

 

[RetiredAndLovingIt]

The disclosure for the 33 month CD special says one per member. In the past that has meant one and only one. I know this because I have tried and been unable to open both an IRA and a taxable certificate. I hope the member services rep was correct but I agree you should have opened the 2nd certificate while you were on the phone! Based on your post I have submitted an application for a taxable certificate which is pending. I already have an IRA certificate so I'll post an update when the taxable certificate application is processed.

They've changed that policy before with other specials, I've take advantage of it before. They start with allowing one special CD only and then a week or two later they open it up to one per category as in IRA/Share. In my case her specific wording was that I could open one in each category. Anyway I've arranged to transfer 1K to my Navy checking from another institution and either way I will also report back.

 

[DallasGuy]

I made a quick 4K yesterday after sitting on hold for 1/2 hour with Navy Federal. I called to ask the penalty on a CD that still had 3 years left on it at a miserable 1.19% and amazingly when she looked it up, no penalty. I was planning on moving it to the 33 month special regardless of penalty but that was a nice little unexpected bonus on top of the higher interest rates.
As usual the lady was very efficient and took care of moving everything over quickly to the new CD. i queried why no penalty and she said that happens sometimes, she really didn't know why. She also let me know I could open 2 of these certificates, one for my IRA and one for a regular share certificate. I declined to open the 2nd which I knew was a mistake the moment I hung up the phone.
I did check my account this morning and it looks like I still have that option so i'm in the process of sending $1000 over to my Navy checking account. My share CD's are all higher right now so I don't need this CD but it's extra insurance in case rates take a tumble in the next few years.
Navy Federal is definitely the easiest institution to work with of all my banks. They're the only one that I always stay on the phone to answer their quick 5 question survey.

Thanks for posting this. It prompted me to look at all of my CD's and I have two 2 year CD's at Penfed that I opened earlier this year for 1.25% APY. Penfed is now offering 3.25% APY for 3 years. I was told that I'd lose all of the interest earned since I opened them (approx. 6 months worth) if I closed them. Losing 6 months of interest at 1.25% is not much. It's much better to close them and open up a new 3 year CD at 3.25%.

 

[RetiredAndLovingIt]

This calculator is really good at helping you figure out when to break CD's

https://www.depositaccounts.com/tools/break-cd-calculator.aspx

 

[lucky penny]

Thanks for posting this. It prompted me to look at all of my CD's and I have two 2 year CD's at Penfed that I opened earlier this year for 1.25% APY. Penfed is now offering 3.25% APY for 3 years. I was told that I'd lose all of the interest earned since I opened them (approx. 6 months worth) if I closed them. Losing 6 months of interest at 1.25% is not much. It's much better to close them and open up a new 3 year CD at 3.25%.

I decided to do something similar & Pen Fed made it easy. I had about 9 months left on an 18-month CD with a very low interest rate so I asked PF what the penalty would be to close it. I wasn't thrilled that I had to send that inquiry by email, but they replied in 2 days, told me the amount, AND included detailed instructions about how to do it. (The penalty was less than I expected, though it was earning so little that it was a no-brainer anyway.)

Following their instructions, I sent a written request to close the account (by uploading it to their website). They acknowledged receipt & said that documents are reviewed in the order they're received. Altogether, It took a bit less than 2 weeks for the CD to be closed & the money transferred to another account.

Though I've seen criticisms here of PF's customer service, I was very satisfied with how this was handled.

 

[Accidental Retiree]

The big news to me on the Navy "specials" is the option to later convert.
I did not have $1000 of Roth or IRA funds floating around to open.
So in 2024 the $1k cash I used to open will become a 2024 new Roth contribution.
So I opened with 1k. With the intention of converting it into a Roth acct. in Jan.
Then filling it up to 100k max when the Roth funds mature.

I can’t contribute to a Roth, either, but I can convert.

I see a few thousand dollars in interest showing as available in my NFCU T-IRA certificate, so I’m going to move $1,000 from there to open the Roth account with a conversion.

That way the account will be ready for me to convert the rest when the certificate matures in May 2023. I’ll be able to top up the Roth with those funds.

These are conversions we’d already planned.

 

[paul2102]

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

FZDXX is open, it just has a high initial minimum of $100K.

Not sure why, but I tried 10000 and it went through.

 

[4legsgood]

Not sure why, but I tried 10000 and it went through.

When I go to the 'buy' page and enter FZDXX the investment minimum amount that's displayed changes depending on what account I've selected. $100,000 for taxed account, $10,000 for traditional IRA, $100,000 for HSA.

 

[COcheesehead]

FZDXX 2.12% as of 8/8/22