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

jldavid47 said:
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
Click to expand...
I've have been (and will be) buying them as my current CD's mature. About one a month from now through the end of the year. Bought one this past Monday. Next will be first week of March.:dance:
 
Car-Guy said:
I've have been (and will be) buying them as my current CD's mature. About one a month from now through the end of the year. Bought one this past Monday. Next will be first week of March.:dance:
Click to expand...

I picked up a bunch of these today also for some of our family members and my ST cash stash.
 
Has anyone noticed how long it takes for Fidelity to transfer a matured CD to your cash account?

I have one that matured today and it shows "Processing" for the CD and the interest, as of around 8:30AM PST.

Since its end of the week, it would be nice to be able to at least initiate a transfer back to my bank.
 
explanade said:
Has anyone noticed how long it takes for Fidelity to transfer a matured CD to your cash account?

I have one that matured today and it shows "Processing" for the CD and the interest, as of around 8:30AM PST.

Since its end of the week, it would be nice to be able to at least initiate a transfer back to my bank.
Click to expand...


It will show that Processing message until tomorrow. Regardless, it won't let you transfer those funds until they settle and that won't be today.
 
^^^^^
Schwab is usually the same day. When it's not, it's because the offering bank has not transferred the funds. (So they tell me :))
 
njhowie said:
It will show that Processing message until tomorrow. Regardless, it won't let you transfer those funds until they settle and that won't be today.
Click to expand...

I went to chat and they told me the principal is available but the interest will be available tomorrow.

So I initiated a transfer to my credit union.

Guess we will see.
 
I got one today as another I had just matured.

The new only pays 5.1% which is .3% less than the one that just matured. That .3% works out to ~$750 difference in a year. :( Not a big deal but I'm sticking with the plan.... At least for now.
 
So I may have to do an early withdrawal of a brokerage CD because my taxes will be much higher than anticipated, due to doing too much traditional to ROTH 401k conversions and a late in the year stock sale.

Quick Google says there are no early withdrawal penalties but you may get less than the principal because I would have to sell on the secondary market?

Has anyone had to do this? I have it at Fidelity, it's a BofA CD that doesn't mature until mid June.


1) I'm wondering if I have to put it out for sale in the secondary market through Fidelity and get bids back.

2) Or would it be based on the value displayed? For instance, all these brokerage CDs show a value under $100 so presumably it would be some value below the principal.

Not only a loss of months of interest but some of the principal, if that is the way it works, say for instance 98 cents on the dollar?



I have another CD with them that matures in October and is also a lower APY. So the price displayed slower, about 30 cents lower. Do these prices reflect how near it is to maturity or the APY or both?

I guess I could always sell some more equities but that probably means chances of ending up in a higher tax bracket for TY24. (that is more or less what happened in TY23, hence the unexpected higher taxes).
 
No, you don't lose months of interest AND principal. Let's say the price is $99. You'll get $99 less commission plus accrued interest. So if the commission is $1 then you'll get $98... a 2% haircut but still less than what many bank CD early withdrawal penalties would be.

You'll still get interest from when you bought to when you sold.
 
explanade said:
1) I'm wondering if I have to put it out for sale in the secondary market through Fidelity and get bids back.

2) Or would it be based on the value displayed? For instance, all these brokerage CDs show a value under $100 so presumably it would be some value below the principal.
Click to expand...
You will have to sell it. If there there are already bidders you could accept the bid (assuming they are bidding for at least that amount of the issue that you own). If not, you will have to solicit bids.

You will get whatever was bid plus accrued interest.

If the bids are bad and this is a non-IRA account, you might consider going on margin to pay your taxes on 4/15 and paying off he margin when the CD matures. This is a financial calculation, i.e. how much haircut plus lost interest vs. the margin expense between 4/15 and June (when it matures).
 
Accepted a bid, 99.855 but it turned out to be 99.757. I don't know if that reflects Fidelity commission for selling early.
 
explanade said:
Accepted a bid, 99.855 but it turned out to be 99.757. I don't know if that reflects Fidelity commission for selling early.
Click to expand...

Typically there is a $1 per 1k notational fee. So yes, there is commission. THe effective yield (after the commission) is shown on the preview screen.

This is why I suggested you compare your net hit of selling early vs. doing a short term margin loan in a non-tax-deferred account.
 
Did I really survive this call on my first callable CD purchase?

This CD is callable tomorrow so since I have not heard anything from Fidelity yet, is it safe to assume it's not going to be? It only has 3 more months to maturity.

46656MED9
JPMORGAN CHASE BK N A CD 5.45000% 06/26/2024

5.450% 06/26/2024
Call Schedule
JPMORGAN CHASE BK N A CD 5.45000% 06/26/2024
Call Defeased
NO
Continuously Callable
NO
Callable After
Next Call Date *
03/27/2024

Call Date Call Price Call Type
12/27/2023 100.000 Par Call
03/27/2024 100.000 Par Call
 
Earl E Retyre said:
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!
Click to expand...
I just checked and my 5.5% JPM brokered CD did get called as expected.

What I don't understand is that they did not send me any notifications - no email, no texts. I believe I have all check boxes set up for alerts under my profile. So, if I did not happen to check my balances to see that my cash increased in my settlement account, then I would not have known. Does anyone know if there is a setting somewhere that I am missing to get alerts for called CDs?
 
Earl E Retyre said:
I just checked and my 5.5% JPM brokered CD did get called as expected.

I am missing to get alerts for called CDs?
Click to expand...
I can't comment on why you didn't get notified. If it were me I'd call the broker and ask why you weren't notified.
 
Gotadimple said:
I can't comment on why you didn't get notified. If it were me I'd call the broker and ask why you weren't notified.
Click to expand...
I took your advice and just tried calling Vanguard to ask why I never received an alert. The hold time is over an hour.

So, I tried the chat window. The person in chat told me I had to talk with someone in fixed income which is not over chat. They also have a wait time. So, I am giving up trying to speak with someone.

When I look at Vanguard's alert settings page, nowhere does it have a checkbox to get alerts when a brokered CD gets called. So, I am assuming they just do not support that. Not a big deal, but I do have a lot of brokered CDs so it would have been nice to get an alert versus having to manually check. If anyone with Vanguard has brokered CDs that have been called, and you have received a text or email alert, please let me know.
 
^^^^^
Interesting, another "plus" for Schwab users. Almost never a wait/hold time.
 
Yikes on the wait time!

Fidelity answers quickly - and always on their game.

If I was told I had to wait an hour to speak with a rep I would immediately move every penny to another institution. You don't need to sell equities or funds, just transfer for either Fidelity or Schwab to manage.
 
stephenson said:
Yikes on the wait time!

Fidelity answers quickly - and always on their game.

If I was told I had to wait an hour to speak with a rep I would immediately move every penny to another institution. You don't need to sell equities or funds, just transfer for either Fidelity or Schwab to manage.
Click to expand...

+1 on Fidelity.
 
I note that Navy Fed has a 12-month CD with APY of 5.15% available. I just rolled over a CD with them. I'll ride with Navy until next April and then check the rates.
 
FiveDriver said:
I note that Navy Fed has a 12-month CD with APY of 5.15% available. I just rolled over a CD with them. I'll ride with Navy until next April and then check the rates.
Click to expand...

I have a CD there maturing in 17 days. Maybe I'll leap on that too.
 
FiveDriver said:
I note that Navy Fed has a 12-month CD with APY of 5.15% available. I just rolled over a CD with them. I'll ride with Navy until next April and then check the rates.
Click to expand...


If Navy isn't available, Schwab has a 1 year CD at 5.1% non-callable.
 
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