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

[RetiredAndLovingIt]

I buy CD's in my Fidelity Cash Management account which is linked to my banks and credit unions and have not paid any commissions. I only buy new issues though.

 

[xlf11]

Speaking of brokered CDs, I want to add a Fidelity Brokerage Link to my 401K, in order to buy some CDs. I want to get some $$ out of my stable value fund in the 401K and move it into CDs. I looked at the verbiage from my 401K website about Fidelity and it says there in no annual fee for the brokerage account, but there may be fees taken from certain buys. For example, one dollar per thousand on the purchase of a CD. Is the process of adding the Fidelity brokerage link pretty straight forward? Is there really a fee to the user, or is that $1 per thousand fee absorbed by a third party? Thanks

This seemed to be a brokerage account within your 401k, which may not be the same as Fidelity general account. For example, my 401k has a brokerage account, which has a restriction on no more than 50% of total 401k balance and also fees for T bill as well as $20 maintenance fee per quarter, but I can place new CD order with phone for free. So read your 401k brokerage fee schedule or call them for clarification. One benefit for sure is even their MM default is way better than SV within 401k.

 

[jazz4cash]

Speaking of brokered CDs, I want to add a Fidelity Brokerage Link to my 401K, in order to buy some CDs. I want to get some $$ out of my stable value fund in the 401K and move it into CDs. I looked at the verbiage from my 401K website about Fidelity and it says there in no annual fee for the brokerage account, but there may be fees taken from certain buys. For example, one dollar per thousand on the purchase of a CD. Is the process of adding the Fidelity brokerage link pretty straight forward? Is there really a fee to the user, or is that $1 per thousand fee absorbed by a third party? Thanks

That sounds complicated. Have you looked into simply opening a Fidelity Rollover IRA and transferring funds from the 401k? The 401k Summary Plan Description will detail if you can transfer funds to an IRA. I have funded many CDs, stocks, and bonds this way. I’ve also transferred out of Fidelity 401k to fund credit union IRA certificates and MYGAs.

 

[njhowie]

Speaking of brokered CDs, I want to add a Fidelity Brokerage Link to my 401K, in order to buy some CDs. I want to get some $$ out of my stable value fund in the 401K and move it into CDs. I looked at the verbiage from my 401K website about Fidelity and it says there in no annual fee for the brokerage account, but there may be fees taken from certain buys. For example, one dollar per thousand on the purchase of a CD. Is the process of adding the Fidelity brokerage link pretty straight forward? Is there really a fee to the user, or is that $1 per thousand fee absorbed by a third party? Thanks

Double check the verbiage again and read it closely/slowly. Does it simply say $1/$1000 on CD purchases, or something like "$1/CD for secondary market CD purchases"? For all Fidelity accounts at Fidelity, new issue CDs have no fees, secondary market is $1/CD. I would be surprised if they charged it for all CD purchases simply because it's through the 401k account, but I suppose it's possible.

 

[jazz4cash]

Fedchoice Federal Credit Union
4.97 for 22 months non-IRA certificate

Eligibility
-Federal civilian employee, annuitant or a federal contractor.
-Family or household member of a federal civilian employee, annuitant federal contractor.
-Donor to Tangerine Foundation are eligible for membership.~

Available through 1/31/23

 

[John Galt III]

This seemed to be a brokerage account within your 401k, which may not be the same as Fidelity general account. For example, my 401k has a brokerage account, which has a restriction on no more than 50% of total 401k balance and also fees for T bill as well as $20 maintenance fee per quarter, but I can place new CD order with phone for free. So read your 401k brokerage fee schedule or call them for clarification. One benefit for sure is even their MM default is way better than SV within 401k.

Thanks for the responses. I called up Fidelity and they said there is no fee or commission to open a 'new issue' CD, but there is a $1 per $1,000 fee for opening a secondary market CD. I had a surprise when I opened the brokerage link account from my 401K. I had anticipated clicking a link that would take me away from my 401K world into the Fidelity Brokerage world, and that I could just toggle back into 401K world whenever I wanted to. But what happened was that my old familiar 401K world disappeared and the investments were swept up into Fidelity Brokerage world. New screen formats. Not what I expected. Now when I log into the 'old 401K' I get new screens, all part of Fidelity Brokerage world. I guess it's OK as long as everything still works, lol. I'm still adventuring into the world of 'equity wash'. We'll see what happens when I try to move some $$$ from a 401K stable value fund straight into FDRXX (Fidelity money market fund).

 

[njhowie]

... but there is a $1 per $1,000 fee for opening a secondary market CD.

You don't "open" or "close" a secondary market CD, you buy it, sell it, it matures, or gets called.

The fee is $1/CD (or, $1 per $1000 of face value). In the secondary market, CDs can trade for any price. Could be $800, could be $1200. The fee is $1/CD.

 

[John Galt III]

A quick question for anyone with Fidelity Brokerage Link account to a 401K. Sorry if has already been asked. I want to get money into the FDRXX fidelity money market. I moved $$$ into something called 'brokerage link core account' or something like that. No mention of FDRXX. Is my $$$ already in FDRXX, or do I have to actively move it in ? Thanks edit to add: My attempts to actively move the $$$ into FDRXX, or to view what money I have in FDRXX all result in cryptic (to me) error messages.

 

[audreyh1]

Can’t you click on your core account and see what it is - like a symbol?

 

[John Galt III]

Can’t you click on your core account and see what it is - like a symbol?

Nope. A button might be available somewhere on some screen, but I haven't found it. It says I have x amount available to trade, but the x amount is never said to be in FDRXX. Just 'core account' or 'cash' or 'credit'.

 

[njhowie]

If you do not see FDRXX specifically shown on your screen, then your funds are not in it.

Simply place an order to buy FDRXX.

If the system won't let you, then call and have a representative do it for you. Tell them the system gives you an error message, and they won't charge you any fees.

 

[John Galt III]

If you do not see FDRXX specifically shown on your screen, then your funds are not in it.

Simply place an order to buy FDRXX.

If the system won't let you, then call and have a representative do it for you. Tell them the system gives you an error message, and they won't charge you any fees.

I tried it again, and at least I got an understandable error message, which was 'you are transferring form fund A into fund A' which implies that the funds are already in FDRXX, but it would be nice to actually see it there, instead of just 'cash available'.

Another scary thing was a fee of $75 kept popping up in every attempt. Unclear if I was the one supposed to pay the fee. Fidelity rep told me no fee to do a 'buy' like this. Or an 'exchange'. Or, wait, maybe it's a a 'trade', ha ha.

Will call Fidelity CS and get help.

Thanks.

 

[xlf11]

Marcus Online Saving just has a special offer: $100 bonus for deposit of $10k (good for both new and existing account and keeping the new fund for 90 days).

Here are the details:

https://www.marcus.com/us/en/savings/osa-savingsbonus?prd=os&chl=em&schl=emd&cid=Learn_More

 

[jazz4cash]

I tried it again, and at least I got an understandable error message, which was 'you are transferring form fund A into fund A' which implies that the funds are already in FDRXX, but it would be nice to actually see it there, instead of just 'cash available'.

.

Are you sure you are viewing “positions”? You should be seeing fund symbols and details (share price, shares, etc) for each item in your account. It doesn’t actually say ‘from fund A’ does it? It should have the symbol for whatever fund is designated as core for the brokerage link account.

 

[John Galt III]

Are you sure you are viewing “positions”? You should be seeing fund symbols and details (share price, shares, etc) for each item in your account. It doesn’t actually say ‘from fund A’ does it? It should have the symbol for whatever fund is designated as core for the brokerage link account.

It doesn't say Fund A. I was paraphrasing. The problem MAY be that the transaction of moving the money into the brokerage link from my 401K is actually still pending. The word 'pending' does shows up, as in 'pending activity' with a 'trade' button right under it. I click on trade and try to move it into FDRXX and get errors. Screen says the money is available to invest, even though it is 'pending'. Hmmm. Will call Fidelity.

 

[jazz4cash]

It doesn't say Fund A. I was paraphrasing. The problem MAY be that the transaction of moving the money into the brokerage link from my 401K is actually still pending. The word 'pending' does shows up, as in 'pending activity' with a 'trade' button right under it. I click on trade and try to move it into FDRXX and get errors. Screen says the money is available to invest, even though it is 'pending'. Hmmm. Will call Fidelity.

FWIW when I log into Fido I see 5 accounts ( brokerage, 401k, IRA, Roth, etc). When I click the ‘Positions’ tab it lists each position in each account. The accounts that have trading privileges have a double asterisk (** ) next to the core position in each account. I have FDRXX as a core position in two accounts. I think Fido assigned FDRXX since I don’t recall selecting it.

 

[John Galt III]

FWIW when I log into Fido I see 5 accounts ( brokerage, 401k, IRA, Roth, etc). When I click the ‘Positions’ tab it lists each position in each account. The accounts that have trading privileges have a double asterisk (** ) next to the core position in each account. I have FDRXX as a core position in two accounts. I think Fido assigned FDRXX since I don’t recall selecting it.

Logged into Fidelity Brokerage Link today, and now it shows I have FDRXX and the right amount, and no fees deducted. Hooray ! Apparently it just needed another day. Wish they would have just said so, lol. Thanks for the responses.

 

[Car-Guy]

Logged into Fidelity Brokerage Link today, and now it shows I have FDRXX and the right amount, and no fees deducted. Hooray ! Apparently it just needed another day. Wish they would have just said so, lol. Thanks for the responses.

I've noticed the same types of things happening at Schwab. Somethings execute and update immediately. Other things may execute immediately (or overnight) but can take a day or two to update correctly in my accounts. Sometime money seems to be in limbo for a day and I can't find it anywhere and then in a day or so it appears where I expected it to be.

Wonder if this is some sort of short term float they are using.

 

[FiveDriver]

You can call Fidelity's Customer Service line on a weekend and get a step by step on moving from 'core' to 'FDRXX' or whatever MM you choose.

Fido's 'core' is used to spread out your MM holdings into Bank accounts (maybe for $250K FDIC coverage ?). These are default Settlement accounts. To move money from core to FDRXX, I've done it a few times....but it's good to call CS on a weekend when you can get a tutorial.

Take copious notes.

 

[Gotadimple]

I've noticed the same types of things happening at Schwab. Somethings execute and update immediately. Other things may execute immediately (or overnight) but can take a day or two to update correctly in my accounts. Sometime money seems to be in limbo for a day and I can't find it anywhere and then in a day or so it appears where I expected it to be.

Wonder if this is some sort of short term float they are using.

Settlement dates vary based on the type of product you are buying/selling and those rules are controlled by the SEC. If you see a trade confirmation the next morning it will state what the settlement date is. Money will be moved on the settlement date and not before.

- Rita

 

[eboats]

Marcus Online Saving just has a special offer: $100 bonus for deposit of $10k (good for both new and existing account and keeping the new fund for 90 days).

Here are the details:

https://www.marcus.com/us/en/savings/osa-savingsbonus?prd=os&chl=em&schl=emd&cid=Learn_More

Nice find, thanks!

 

[dobig]

Democracy Federal Credit Union 18 month CD 6.25%.

https://democracyfcu.org/cd-specials.html

 

[Car-Guy]

^^^^
Couldn't find it but I wonder if they have a max limit at that rate. I'd suspect it's 10 or 25k. If no limit, that could be worth looking into.

 

[aja8888]

^^^^
Couldn't find it but I wonder if they have a max limit at that rate. I'd suspect it's 10 or 25k. If no limit, that could be worth looking into.

Look at eligibility, it's not for us in Texas.

 

[Car-Guy]

Look at eligibility, it's not for us in Texas.

I didn't see that.... I guess our money is no good...


I see it now...Membership is open to those who live, work, worship, go to school and/or do business in Washington, D.C., and parts of Maryland and Northern Virginia.