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

[Car-Guy]

I had to settle for an 18 month @ 5% this morning (Morgan Stanley). Was hoping for a bit more.

I saw that one too and suspect that's what I'll buy, maybe ... I prefer quarterly or semi annual payments, rather than at maturity, but 18mos isn't that bad. I'll decide later today and see if anything else pops up.

 

[erkevin]

I saw that one too and suspect that's what I'll buy, maybe ... I prefer quarterly or semi annual payments, rather than at maturity, but 18mos isn't that bad. I'll decide later today and see if anything else pops up.

The Morgan Stanley Private Bank pays every six months

 

[copyright1997reloaded]

Langley 22 Month 5.35% APY

https://www.depositaccounts.com/banks/langley-cu/offers/

 

[Car-Guy]

The Morgan Stanley Private Bank pays every six months

That's correct, I was looking at the Morgan Stanley 1yr when I wrote this (and it pays at maturity) and "assumed" the 18mo would be the same... It's NOT!

 

[Car-Guy]

Speaking of Morgan Stanley, I just heard on Fox (Varney) that they (MS) cut Charles Schwab stock price target to 68 from 99. Seems like a big cut in their estimates to me.

 

[erkevin]

Speaking of Morgan Stanley, I just heard on Fox (Varney) that they (MS) cut Charles Schwab stock price target to 68 from 99. Seems like a big cut in their estimates to me.

As a TDA guy being forced to move to Schwab, the recent news makes me very nervous.

 

[Chuckanut]

[-]FWIW, Ally bank still offers their 4.75% 11 month no-penalty CD. After six business days you have something that is almost an FDIC insured MM fund with no risk of a lower rate for nearly a year. And if the rates continue up, no penalty to cash it in and move on.[/-]

I just checked the Ally No Penalty rate. It's been reduced to 4.35%.

 

[Car-Guy]

I'm personally not worried about Schwab's health anymore than any other big brokerage. The reason for the cut was "so they say" because folks are taking money out of the bank at twice the rate as expected. (Or 20 billion a month) and moving it to MM funds.


Probably why you see so many Schwab CD's being offered right now.

 

[Dreamer]

I just bought my first two brokered CDs.

I never bought treasuries or CDs through Vanguard until this thread.

I always learn so much from this site. Thanks.

 

[audreyh1]

[-]FWIW, Ally bank still offers their 4.75% 11 month no-penalty CD. After six business days you have something that is almost an FDIC insured MM fund with no risk of a lower rate for nearly a year. And if the rates continue up, no penalty to cash it in and move on.[/-]

I just checked the Ally No Penalty rate. It's been reduced to 4.35%.

Wow, interesting!

I’m glad I went ahead and put most of my Ally savings into it.

 

[audreyh1]

I just bought my first two brokered CDs.

I never bought treasuries or CDs through Vanguard until this thread.

I always learn so much from this site. Thanks.

It’s funny - I have followed brokered CDs for several years, but only in the last couple of weeks have I bought any - and I bought 2 at rates that have since dropped a bit.

I have bought T-bills off and on over many years when the rates were better than CDs.

 

[desi2k4]

I notice All In Credit Union (AL) bank is offering 5.05% 5 year cd. Anybody have experience with this bank?

 

[lordjust]

Langley 22 Month 5.35% APY

https://www.depositaccounts.com/banks/langley-cu/offers/

are they a better bank than

https://www.credithuman.com/Checking-Savings/Share-Certificate#rates ?

Up to 5.50% APY with dividends paid monthly 24-35 months

?

 

[ShokWaveRider]

are they a better bank than

Check for yourself here:

https://weissratings.com/en/search?o=total-assets-safety+desc&p=1&q=type(bank

 

[lordjust]

Check for yourself here:

https://weissratings.com/en/search?o=total-assets-safety+desc&p=1&q=type(bank

thanks!

ouch.. langley is much better

 

[copyright1997reloaded]

are they a better bank than

https://www.credithuman.com/Checking-Savings/Share-Certificate#rates ?

Up to 5.50% APY with dividends paid monthly 24-35 months

?

5.5% is nice. I have no idea if they are "better" or in what sense you would evaluate better. Neither are banks, they are both NCUA insured credit unions.

 

[copyright1997reloaded]

Wow, interesting!

I’m glad I went ahead and put most of my Ally savings into it.

I've been opening a bunch of these to have the $ available in pieces. My last one (opened on the 27th wasn't funded until this morning and shows with the lower rate). However, in a chat with Ally they tell me it is covered by the 10-day best rate guarantee and will show the higher rate after the grace period ends. Of course, if for some reason that doesn't happen and they can't/won't fix it, I will just pull the $.

I guess all good things come to an end. I liked these because it was a decent rate (not quite as good) but left me with great flexibility if I needed some money for something else (lots of house projects planned for the summer) or rates continued higher.

 

[audreyh1]

I've been opening a bunch of these to have the $ available in pieces. My last one (opened on the 27th wasn't funded until this morning and shows with the lower rate). However, in a chat with Ally they tell me it is covered by the 10-day best rate guarantee and will show the higher rate after the grace period ends. Of course, if for some reason that doesn't happen and they can't/won't fix it, I will just pull the $.

I guess all good things come to an end. I liked these because it was a decent rate (not quite as good) but left me with great flexibility if I needed some money for something else (lots of house projects planned for the summer) or rates continued higher.

Yes, funding within 10 days of opening - you are covered by the 10 day best rate guarantee - whew! I got lucky on two of them I was still within 10 days when they raised the rate. I later decided to get another.

I suppose this indicates that the pressures banks are feeling to shore up deposits are abating somewhat. In the meantime I picked up a couple of non-callable brokered CDs at really nice rates in addition to the Ally no penalty CDs. Charles Schwab Bank 5.35% 18 months and Cadence Bank 5.25% 6 month to replace a 26-week CD maturing next week. I’m not seeing offers quite that high anymore.

 

[Dtail]

Wow, interesting!

I’m glad I went ahead and put most of my Ally savings into it.

Same here. Yep probably not worried as much about a bank run.
4.35% is still not bad if one effectively uses it as an MM substitute compared to other online banks. However still lags brokerage MM's.

 

[audreyh1]

Same here. Yep probably not worried as much about a bank run.
4.35% is still not bad if one effectively uses it as an MM substitute compared to other online banks. However still lags brokerage MM's.

No, I don’t worry as I stay under the FDIC limits and I have readily available cash spread across many institutions plus T-bills maturing every month or two.

 

[Dtail]

No, I don’t worry as I stay under the FDIC limits and I have readily available cash spread across many institutions plus T-bills maturing every month or two.

My reference was actually that Ally is not worried as much about a bank run. Not worried either about Ally.

 

[audreyh1]

My reference was actually that Ally is not worried as much about a bank run. Not worried either about Ally.

Oh, got it. Yes, as I mentioned a bit earlier it seems to me that the pressure on banks has abated somewhat.

 

[jgman]

are they a better bank than

https://www.credithuman.com/Checking-Savings/Share-Certificate#rates ?

Up to 5.50% APY with dividends paid monthly 24-35 months

?

Darn...wish I could grab this. Unfortunately, I have all my funds in a brokerage IRA. Not sure I want to open a separate account

 

[Graybeard]

VMFXX could be anything next week. You can't lock in that rate. That's why someone might buy treasuries at a lower rate, to lock it in. That's a good move if rates drop, a bad one if they don't.

True. I'm waiting for a CD around 5.4% or better for 1 year. If banks need deposits it may happen, 5% or 5.1% is good (heck it is great!) but I don't have a lot of cash left in my IRA so I want to make a good buy.

 

[Graybeard]

[-]FWIW, Ally bank still offers their 4.75% 11 month no-penalty CD. After six business days you have something that is almost an FDIC insured MM fund with no risk of a lower rate for nearly a year. And if the rates continue up, no penalty to cash it in and move on.[/-]

I just checked the Ally No Penalty rate. It's been reduced to 4.35%.

Wow, interesting!

I’m glad I went ahead and put most of my Ally savings into it.

There's an Ally thread at Bogleheads and someone mentioned this morning Ally has a 20 month CD at 5%. ETA it is the 1st post in the link, no need to read beyond that post.
https://www.bogleheads.org/forum/search.php?author_id=21074&sr=posts&sid=6ed9e5fc43838b501b034d6c9a36d2bc