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Best CD, MM Rates & Bank Special Deals Thread 2022 - Please post updates here
01-01-2022, 03:20 PM
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#1
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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Best CD, MM Rates & Bank Special Deals Thread 2022 - Please post updates here
What rate opportunities are available in 2022
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01-01-2022, 04:05 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Jul 2013
Posts: 1,879
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kabbage.com checking has 1.1%, but only up to $100K
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01-01-2022, 04:12 PM
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#3
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,199
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Quote:
Originally Posted by mrfeh
kabbage.com checking has 1.1%, but only up to $100K
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That appears to be only for business acounts.
__________________
I thought growing old would take longer.
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01-01-2022, 04:17 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Jul 2013
Posts: 1,879
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Quote:
Originally Posted by braumeister
That appears to be only for business acounts.
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They don't ask for any kind of documentation, and anybody can say they are a sole proprietor.
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01-05-2022, 09:01 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,008
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Just got an email from American Express Bank that the savings interest rate is increasing (back) to 0.5%.
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Retired since summer 1999.
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01-05-2022, 11:41 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Oct 2008
Posts: 2,782
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I have $20,000 in PenFed 3.5% I think, CD's maturing Jan 8, 2022. Renewal rate would be only 1.50 %, for a 7 year term. Currently thinking of moving the $20K into PenFed's 'premium online savings' which is currently 0.5%. Will leave it there until something attractive comes along. Not ideal, but quick and easy, I hope. Will try it today, online, without calling them.
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01-05-2022, 01:30 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jul 2013
Posts: 1,879
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Quote:
Originally Posted by John Galt III
I have $20,000 in PenFed 3.5% I think, CD's maturing Jan 8, 2022. Renewal rate would be only 1.50 %, for a 7 year term. Currently thinking of moving the $20K into PenFed's 'premium online savings' which is currently 0.5%. Will leave it there until something attractive comes along. Not ideal, but quick and easy, I hope. Will try it today, online, without calling them.
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I Bonds. You aren't gonna find anything better for the next year.
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01-05-2022, 01:54 PM
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#8
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Full time employment: Posting here.
Join Date: Nov 2003
Posts: 578
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Quote:
Originally Posted by John Galt III
I have $20,000 in PenFed 3.5% I think, CD's maturing Jan 8, 2022. Renewal rate would be only 1.50 %, for a 7 year term. Currently thinking of moving the $20K into PenFed's 'premium online savings' which is currently 0.5%. Will leave it there until something attractive comes along. Not ideal, but quick and easy, I hope. Will try it today, online, without calling them.
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I had the same situation on 01/01/22 and transferred to the Premium Online Savings because I can only transfer $5K daily from my regular savings using the menu transfer option but up to $25K per day from the Premium account using the menu transfer option.
Not sure if those numbers are just in my case or not.
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01-05-2022, 02:36 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 3,931
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Quote:
Originally Posted by mrfeh
I Bonds. You aren't gonna find anything better for the next year.
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Absolutely. $10k for Galt, $10k for Mrs. Galt = guaranteed minimum of 3.56% for 1 year when it can be withdrawn. In all likelihood, May rate reset will leave rate well above 0%, and thus 1 year return will be in excess of the 3.56%. Additionally the interest is state/local tax free.
Far in excess of whatever PenFed or any other savings account will provide.
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01-05-2022, 02:45 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Nov 2011
Posts: 3,877
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Quote:
Originally Posted by mrfeh
They don't ask for any kind of documentation, and anybody can say they are a sole proprietor.
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Careful, business accounrs do not receive the same level of fraud protection as personal accounts.
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01-06-2022, 10:15 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Oct 2008
Posts: 2,782
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Quote:
Originally Posted by mrfeh
I Bonds. You aren't gonna find anything better for the next year.
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Already did the i-bonds, thanks to this informative forum! Single guy. I did $10,000 in Dec, 2021, and just did $10,000 in Jan, 2022. I still have way too much in cash, around $80,000 ! But now $42,000 of that cash is earning 0.55% at PenFed, better than the 0.05% in my other savings place. Obviously I ought to move some more into PenFed premium at 0.55 %. Good problem to have, too much cash, lol. Not 'blowing that dough' enough I guess, ha ha.
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01-06-2022, 04:56 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,202
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Quote:
Originally Posted by mrfeh
I Bonds. You aren't gonna find anything better for the next year.
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I just scheduled an extra 4Q2021 tax year estimated payment of $5000 thru EFTPS to get a $5K I bond with my tax refund. I actually made it $5500 to make sure I get at least $5K refund. First year doing that. I already made my $10K purchase. Not setting up a trust for this though.
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01-06-2022, 06:43 PM
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#13
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Full time employment: Posting here.
Join Date: Jan 2010
Posts: 729
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Quote:
Originally Posted by RunningBum
I just scheduled an extra 4Q2021 tax year estimated payment of $5000 thru EFTPS to get a $5K I bond with my tax refund. I actually made it $5500 to make sure I get at least $5K refund. First year doing that. I already made my $10K purchase. Not setting up a trust for this though.
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No rush to make I bond purchases since I believe interest accrues from the 1st of the month regardless when you make the purchase that month.
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01-06-2022, 06:48 PM
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#14
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Full time employment: Posting here.
Join Date: Dec 2017
Posts: 943
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FYI, I just switched my Vio Bank accounts from their "high yield savings" to their money market. They are (and I called and asked) the same thing, but with two differences: 1) the name, and 2) the MM has a slightly higher interest (.51% vs .55%). So, I called and had the account converted (fairly painless).
__________________
FIREd at 59.5 on 2019-01-18
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01-06-2022, 07:27 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2016
Location: Northern Virginia
Posts: 7,546
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Quote:
Originally Posted by RunningBum
I just scheduled an extra 4Q2021 tax year estimated payment of $5000 thru EFTPS to get a $5K I bond with my tax refund. I actually made it $5500 to make sure I get at least $5K refund. First year doing that. I already made my $10K purchase. Not setting up a trust for this though.
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Good move. But is it as simple as filing for an extension, paying $5k with it, and then diverting that to ibond?
Also if you know, can your broker be custodian of that ibond?
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01-06-2022, 08:11 PM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,202
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Quote:
Originally Posted by lucky penny
No rush to make I bond purchases since I believe interest accrues from the 1st of the month regardless when you make the purchase that month.
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Yeah, I found that out too late. But it only cost me about $4 interest on 0.55% of interest on $10K for not waiting until late in the month.
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01-06-2022, 08:21 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,202
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Quote:
Originally Posted by Montecfo
Good move. But is it as simple as filing for an extension, paying $5k with it, and then diverting that to ibond?
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Probably. What do you do, file for an extension and then immediately file the return to get that $5K refund in an I Bond? EFTPS is really easy if you've done it before. 5 minutes. Easier than an extension, I'd say. There's another way to make an estimated payment without an EFTPS account. I can't recall the name and I don't know if that's easier.
Quote:
Also if you know, can your broker be custodian of that ibond?
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I don't have any idea. My plan is to get the paper bond, and then try to do a SmartExchange to put it in my Treasury Direct account, or keep it in my fireproof lock box until I eventually redeem it at a bank.
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01-06-2022, 11:43 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Aug 2007
Posts: 2,857
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Quote:
Originally Posted by audreyh1
Just got an email from American Express Bank that the savings interest rate is increasing (back) to 0.5%.
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It’s about time. I finally closed out my Amex Savings account last year since they’ve always been slightly lower than their competitors.
Since then I’ve moved over to T-Mobile bank which pays 1%.
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Eat, Drink and Be Merry.
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01-07-2022, 05:22 AM
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#19
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 3,931
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Quote:
Originally Posted by lucky penny
No rush to make I bond purchases since I believe interest accrues from the 1st of the month regardless when you make the purchase that month.
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Additionally, no matter when you purchase, you get the current rate for the first 6 months, then the next rate for 6 months, and so on.
That means, you can make purchases of I Bonds through April before the May rate reset, be guaranteed 7.12% for the initial 6 months and then the May reset rate for the following 6 months - even when that following 6 month period begins in October.
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01-07-2022, 05:37 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,008
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Quote:
Originally Posted by Beststash
I had the same situation on 01/01/22 and transferred to the Premium Online Savings because I can only transfer $5K daily from my regular savings using the menu transfer option but up to $25K per day from the Premium account using the menu transfer option.
Not sure if those numbers are just in my case or not.
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Such low transfer limits go away when you use another bank or brokerage to initiate the transfer. Many have much higher transfer limits.
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Retired since summer 1999.
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