Best CD, MM Rates & Bank Special Deals Thread 2024 - Please post updates here

[njhowie]

JPM 13-month 4.9% brokered CD maturing on March 15, they decided to call on Feb 20.


¯\_(ツ)_/¯

 

[audreyh1]

Alls I can say is Ally did it again. Now all their CDs are below 5%.

Highest CD rate now is 14 month Select at 4.80%.

 

[Another Reader]

Went for two of the Marcus 5.25% CDs. About the best you can hope for currently

 

[Montecfo]

^^^ I doubt these will get better any time soon. CPI for Q4 just revised downward.

 

[audreyh1]

You mean GDP?

 

[Montecfo]

Not GDP, CPI.

https://www.cnbc.com/2024/02/09/-in...-than-first-reported-the-government-says.html

 

[audreyh1]

Just surprised as CPI release is next Tuesday. I didn’t know the BLS had official updates to CPI numbers in between releases.

 

[Montecfo]

Just surprised as CPI release is next Tuesday. I didn’t know the BLS had official updates to CPI numbers in between releases.

It is the annual revision. I do not think they routinely revise CPI between dates.

You might recall that last year there was a large upward revision in core CPI that caused a lot of gand-wringing. The core CPI was unchanged this year so the downward trajectory confirmed.

 

[audreyh1]

Are these annual revisions posted somewhere on the BLS site?

ETA: Apparently not. You have to contact BLS for that info. https://www.bls.gov/cpi/seasonal-adjustment/home.htm

 

[aja8888]

How long did it take to fund the ACH transfer?

One day.

 

[Earl E Retyre]

JPM 13-month 4.9% brokered CD maturing on March 15, they decided to call on Feb 20.


¯\_(ツ)_/¯

I have a JPM brokered CD at 5.5% maturing 7/16/24 that did not get called (yet anyways). I wonder why JPM would call CDs with a lower coupon.

 

[audreyh1]

I have a JPM brokered CD at 5.5% maturing 7/16/24 that did not get called (yet anyways). I wonder why JPM would call CDs with a lower coupon.

Knock on wood!

 

[njhowie]

I have a JPM brokered CD at 5.5% maturing 7/16/24 that did not get called (yet anyways). I wonder why JPM would call CDs with a lower coupon.

This notification is to inform you that a security in your above-referenced portfolio is expected to be called shortly. Please refer to the information below for more details.

CUSIP 46593LN21
Security Description JPMORGAN CHASE BK N A CD
Interest Rate 4.900
Maturity Date 03/15/2024
Quantity View Online
Price "100.00"
Principal View Online
Call Type FULL CALL
Call Date 02/20/2024

 

[Earl E Retyre]

This notification is to inform you that a security in your above-referenced portfolio is expected to be called shortly. Please refer to the information below for more details.

CUSIP 46593LN21
Security Description JPMORGAN CHASE BK N A CD
Interest Rate 4.900
Maturity Date 03/15/2024
Quantity View Online
Price "100.00"
Principal View Online
Call Type FULL CALL
Call Date 02/20/2024

I was not questioning that you got the notice ... I was just wondering why JPM calls certain CDs and not others. One would think that if they have higher coupons that they would cancel them as well. I do not understand how banks make these decisions.

 

[RetiredAndLovingIt]

I was not questioning that you got the notice ... I was just wondering why JPM calls certain CDs and not others. One would think that if they have higher coupons that they would cancel them as well. I do not understand how banks make these decisions.

They can only call them on the dates that were listed. Mine matures in June but the next call date is in March so I assume they will call it then. Check your call protection schedule under redemption features.
My CD only has 2 call dates but I've noticed most new CD's have call dates almost every month so they can get out faster.

 

[Earl E Retyre]

They can only call them on the dates that were listed. Mine matures in June but the next call date is in March so I assume they will call it then. Check your call protection schedule under redemption features.
My CD only has 2 call dates but I've noticed most new CD's have call dates almost every month so they can get out faster.

Bingo. That's it. I just checked and the next call date on my JPM 5.5% is 3/16 so I am guessing it will be called then. Thanks!

 

[njhowie]

They can only call them on the dates that were listed. Mine matures in June but the next call date is in March so I assume they will call it then. Check your call protection schedule under redemption features.
My CD only has 2 call dates but I've noticed most new CD's have call dates almost every month so they can get out faster.

They can be continuously callable. Meaning after the first call date, they can call on any date they like.

 

[RetiredAndLovingIt]

They can be continuously callable. Meaning after the first call date, they can call on any date they like.

Another gotcha that I didn't know about, thanks for the info.

 

[Chuckanut]

The banks are shifting interest rate risks to the lender. Just make sure you are well compensated for taking that risk. For me that means at least 1% more than a CD/bond of similar duration that is not callable. YMMV.

 

[JDARNELL]

Bingo. That's it. I just checked and the next call date on my JPM 5.5% is 3/16 so I am guessing it will be called then. Thanks!

I have some 5.5 and 5.75s from them and they are getting called in the next two weeks.

 

[jazz4cash]

I was not questioning that you got the notice ... I was just wondering why JPM calls certain CDs and not others. One would think that if they have higher coupons that they would cancel them as well. I do not understand how banks make these decisions.

As I understand it (loosely) capital reserve requirements for liabilities nearing maturity are more strict. Calling a month or two before maturity reduces their reserve requirements. We wondered why many corporates had 1st call dates a few months from maturity so I researched and learned about the reserve rule. So even though they have higher rate bonds outstanding the call is a reserve related action.

 

[RetiredAndLovingIt]

That makes sense, I always wondered why they did that.

 

[jldavid47]

12 and 18 month brokered non-callable CD rates are getting to 5% an above again. At Schwab this morning they have these available:

12 month
Wells Fargo Bank, Nt SD 5.15% CD 02/26/2025, CUSIP 949764ML5
Bank of America, Ntn NC 5.1% CD 02/28/2025, CUSIP 06051XAU6
West Bank IA 5.1% CD 02/28/2025, CUSIP 95144PHB0
Brookline Bancorp, I MA 5.1% CD 02/27/2025, CUSIP 11373QLK2

18 Month
Bank of America, Ntn NC 5% CD 08/29/2025, CUSIP 06051XAT9
Valley Ntnl Bancorp NJ 5% CD 08/27/2025, CUSIP 919853KQ3
Wells Fargo Bank, Nt SD 5% CD 08/27/2025, CUSIP 949764MH4

 

[Dash man]

I just got notified of my 5.45% Bank of America CD being called on March 6.

 

[MJ]

I just applied to Lafayette Federal CU. I just had to join a 3rd party org for $10. Wired a nice chunk Vanguard cash the next day. Open 1 year 5.56% APY, 2 years 5.20% APY and 3 years 5.10% APY. Will be transfering some left over IRA money which matured a couple weeks ago. Customer service was pretty helpful. There is a long wait to speak to one, though.