Best CD, MM Rates & Bank Special Deals Thread 2023 - Please post updates here

[Freedom56]

There are plenty of 2 year 5.25% non-callable CDs left at Fidelity from Morgan Stanley and no shortage of 5.25-5.3% one year CDs from various banks.

All high grade corporate notes from big banks on Fidelity have sold out.

 

[Car-Guy]

Bought a variety of non-callable CD's this morning at 5.2-5.3%, terms 12 months to 2 years. Also had an order in for that Schwab 5.4% non-callable (from over the weekend). That one is no longer available.

Schwab still has 18mo new issue non callable CD's for 5.4% as of 5 mins ago.

 

[copyright1997reloaded]

Schwab still has 18mo new issue non callable CD's for 5.4% as of 5 mins ago.

Thanks, I see it there.

Unfortunately, there (and Ameritrade) are where I have my non-tax deferred accounts. I still might pick some (more) up.

ETA: Decided to buy some of the 5.35% 1-year issue.

 

[Car-Guy]

^^^^
I'll probably pickup another 100k later today too... I've got a bunch of CD's maturing later this month so I hope the current levels hold (or go up) for a few more weeks so I can re-invest.

 

[dmpi]

Schwab still has 18mo new issue non callable CD's for 5.4% as of 5 mins ago.

I just put my order in. I consider it a vote of confidence with Schwab and it might actually be safer than the hi-yield SWVXX. I have to remember to fund it on Thursday.

 

[copyright1997reloaded]

I just put my order in. I consider it a vote of confidence with Schwab and it might actually be safer than the hi-yield SWVXX. I have to remember to fund it on Thursday.

Particularly since SWVXX has a lot of commercial paper and CD's above the FDIC limit.

 

[copyright1997reloaded]

Ally No-Penalty CD raised to 4.75%

https://www.depositaccounts.com/banks/ally-bank/offers/

 

[RetiredAt55.5]

https://www.depositaccounts.com/banks/ally-bank/offers/

Surprised you didn't provide quotes from this, as it's interesting reading.

The bank run and subsequent closure of Silicon Valley Bank last week may have sparked fear at Ally Bank. On Saturday, Ally Bank did something very unusual. It did a weekend rate hike, increasing the rate of one of its savings products to a rate-leading level. With Ally being listed as one of ten banks “that may face trouble” in the press, I think this might have been one action done by Ally Bank to reduce outflows of deposits from skittish customers. The latest news on Sunday night may help calm fears of more bank runs. The government announced that all uninsured depositors at Silicon Valley Bank will be made whole. The Fed also announced “it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.” (I’ll have more on this news later.) Due to these Sunday announcements, Ally Bank may not keep this latest deal for too long.

The unusual rate hike this weekend was the 75-bp rate increase of Ally’s 11-month No Penalty CD. The 11-month No Penalty CD now has a 4.75% APY. The media may not notice this rate as unusual since many online banks now offer 12-month standard CDs with a 5.00% APY. That may be one reason Ally chose the big rate hike on the No Penalty CD. Also, the No Penalty CD rate increase doesn’t automatically raise Ally’s deposit costs on existing accounts. When the savings or money market rates increase, existing account holders immediately get the benefit. Only Ally customers who open the No Penalty CDs will benefit (or who have recently opened a No Penalty CD.) This minimizes Ally’s deposit costs. The high-rate No Penalty CD may help keep more deposits at Ally, but Ally may not need to be so aggressive with deposit rates after the Sunday announcements from the Feds. As I mentioned above, this 4.75% APY on the No Penalty CD may not last long if the Fed’s actions on Sunday reduces deposit outflows.

 

[copyright1997reloaded]

Surprised you didn't provide quotes from this, as it's interesting reading.

I mentioned in another thread that I was thinking of going on margin for a few days to quickly fund a 11-month no-penalty CD because the rate might go away quickly given the new "Backstop" facility.

* Backstop sounds so much better than Bailout.

 

[njhowie]

Just bought new issue 5.5%, 15-month call protected at Fidelity. There were a handful of them when I happen to be looking. Within a couple minutes they were all gone.

DSN3D5204 Oklahoma State Bank, 5.5% 6/21/2024

 

[copyright1997reloaded]

Just bought new issue 5.5%, 15-month call protected at Fidelity. There were a handful of them when I happen to be looking. Within a couple minutes they were all gone.

DSN3D5204 Oklahoma State Bank, 5.5% 6/21/2024

Great rate.
I just bought yet another CD today, this time 5.4$ 6/26/24 Bank of Rhode Island, DSN3D2754, payable monthly, non-callable.

 

[njhowie]

Late last week Fidelity had a few new issue 5.4% CDs from PacWest Bank. I had taken a few for 3, 4, and 5 year maturities.

This morning I received the following:

You recently placed one or more orders for a new issue CD issued by Pacific Western Bank (FDIC #24045). We are currently reviewing the credit of the issuer. As a result, your order has been canceled.
​

​

 

[Montecfo]

Late last week Fidelity had a few new issue 5.4% CDs from PacWest Bank. I had taken a few for 3, 4, and 5 year maturities.

PacWest owns venture bank and SVB competitor Square 1 Bank. It is a bank that has come under some pressure. So again, maybe they want to get some money in the door quickly to offset deposit flight.

 

[Another Reader]

On Fidelity this morning, I see a lot of CD's paying over 5 percent. All are with banks with which I'm unfamiliar. Is anyone blindly buying these? Or are you holding off for a few days until there is better visibility about the near term future?

 

[Montecfo]

On Fidelity this morning, I see a lot of CD's paying over 5 percent. All are with banks with which I'm unfamiliar. Is anyone blindly buying these? Or are you holding off for a few days until there is better visibility about the near term future?

as long as FDIC insured I see no issue. Banks trying to shore up deposit bases.

 

[Montecfo]

are folks shying away from bank bonds? Rates have popped up there.

 

[Car-Guy]

Problems at Schwab this morning... I sold some MM funds (SWVXX) yesterday and was planning to buy a 5.4% CD today. The order was filled overnight as expected but the money "is stuck" in the MM and didn't transfer to my cash account so I can't buy the CD.

I called in and within a couple of minutes I was told they knew of the problem with their system and it's being worked but know ETA was given..(Come-on guys, this morning, this afternoon, tomorrow, give me some idea)

Good thing I didn't need to money 1st thing this morning (as they promise)...

 

[ShokWaveRider]

Problems at Schwab this morning... I sold some MM funds (SWVXX) yesterday and was planning to buy a 5.4% CD today. The order was filled overnight as expected but the money "is stuck" in the MM and didn't transfer to my cash account so I can't buy the CD.

I called in and within a couple of minutes I was told they knew of the problem with their system and it's being worked but know ETA was given...

Good thing I didn't need to money 1st thing this morning (as they promise)...

I usually give them 2 days to be safe.

 

[Car-Guy]

First glitch I've had in some time with them.... And I buy/sell/move money around a lot.

Good lesson for anyone that may be depending on using the cash to "cover" something.

 

[dmpi]

Problems at Schwab this morning... I sold some MM funds (SWVXX) yesterday and was planning to buy a 5.4% CD today. The order was filled overnight as expected but the money "is stuck" in the MM and didn't transfer to my cash account so I can't buy the CD.

I called in and within a couple of minutes I was told they knew of the problem with their system and it's being worked but didn't know when it would be fixed... (Come-on guys, this morning, this afternoon, tomorrow, give me some idea)

Good thing I didn't need to money 1st thing this morning (as they promise)...

I think I bought the same CD but my first settlement date is 3/17. So I haven't sold out SWVXX yet. I was going to sell out on Thursday (3/16) and give it one day to settle. Is your CD different?

Also when you say it's stuck, you mean it still shows same amount of SWVXX and there's no change in your cash account, even though you sold out yesterday. I think I've seen that before. Do you still have a trade pending?

 

[Car-Guy]

I think I bought the same CD but my first settlement date is 3/17. So I haven't sold out SWVXX yet. I was going to sell out on Thursday (3/16) and give it one day to settle. Is your CD different?

Also when you say it's stuck, you mean it still shows same amount of SWVXX and there's no change in your cash account, even though you sold out yesterday. I think I've seen that before. Do you still have a trade pending?

Probably the same CD. I sold some SWVXX (yesterday) and was planning on buying the CD today. And yes "by stuck" I mean the sell order for SWVXX shows to be filled/complete but the money is still in SWVXX and not it my cash account. I've done this several times before and it always completed correctly overnight, as they promise. No trades pending.


EDIT: They just fixed fixed it while I was posting the note above... (~9:55am dst)

 

[Chuckanut]

Best CD, MM Rates & Bank Special Deals Thread 2023 - Please post updates here

Problems at Schwab this morning... [emoji20] I sold some MM funds (SWVXX) yesterday and was planning to buy a 5.4% CD today. The order was filled overnight as expected but the money "is stuck" in the MM and didn't transfer to my cash account so I can't buy the CD. [emoji35]

I called in and within a couple of minutes I was told they knew of the problem with their system and it's being worked but know ETA was given..(Come-on guys, this morning, this afternoon, tomorrow, give me some idea)

Good thing I didn't need to money 1st thing this morning (as they promise)...

According to Schwab it’s just a reporting issue. The trades went through.

“Due to a technical issue, we’re currently experiencing delays in the reporting of mutual fund trades that were executed yesterday to the Balances, Positions and Transactions pages. Clients can confirm trade execution on the trade order status page. Please do not place trades again, as duplicate orders may be created. We're working to resolve the issue as quickly as possible. This is strictly a reporting issue and does not affect trade execution. We apologize for any inconvenience.”

 

[dmpi]

According to Schwab it’s just a reporting issue. The trades went through.

“Due to a technical issue, we’re currently experiencing delays in the reporting of mutual fund trades that were executed yesterday to the Balances, Positions and Transactions pages. Clients can confirm trade execution on the trade order status page. Please do not place trades again, as duplicate orders may be created. We're working to resolve the issue as quickly as possible. This is strictly a reporting issue and does not affect trade execution. We apologize for any inconvenience.”

I've been through this torture session before... You start thinking, Did I actually make that trade, or maybe I just thought I did.

 

[Freedom56]

Fidelity is flooded with non-callable CDs 5%+ yields with durations of 12, 18, 24,36,48, and 60 months from multiple banks.

They also have 3,6, 9 months.

 

[Car-Guy]

I've been through this torture session before... You start thinking, Did I actually make that trade, or maybe I just thought I did.

S&*^ happens.