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Old 08-05-2022, 07:50 PM   #1181
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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.
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Old 08-05-2022, 08:01 PM   #1182
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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.
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Old 08-06-2022, 06:07 AM   #1183
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I purchased a 3 month brokered CD from Fidelity @ 2.4% today.
I did the same this week at Schwab
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Old 08-06-2022, 06:49 AM   #1184
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Iíve 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.
Thatís 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.
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Old 08-06-2022, 01:51 PM   #1185
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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.
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Old 08-06-2022, 11:02 PM   #1186
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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.
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Old Yesterday, 04:36 AM   #1187
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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.
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Old Yesterday, 06:20 AM   #1188
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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.
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Old Yesterday, 08:38 AM   #1189
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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?
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Old Yesterday, 08:52 AM   #1190
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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.
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Old Yesterday, 08:54 AM   #1191
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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.
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Old Yesterday, 09:01 AM   #1192
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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
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Old Yesterday, 09:40 AM   #1193
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Originally Posted by jazz4cash View Post
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.
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Old Yesterday, 12:46 PM   #1194
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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%.
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Old Yesterday, 01:04 PM   #1195
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This calculator is really good at helping you figure out when to break CD's

https://www.depositaccounts.com/tool...alculator.aspx
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Old Yesterday, 07:34 PM   #1196
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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.
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