High(er)-rate CD deals

jazz4cash said:
Too bad we don't have enough posts to this thread to make it a sticky, but since there are at least 4 other threads on this topic, I'll just put this here instead of starting another.

Does anybody else take note of unfamiliar banks and credit unions while traveling and look them up to see if they have any deals?

I went to Warwick, RI this weekend and noticed Greenwood Credit Union so I looked them up. They have some decent rates (2.1% 5yr CD), an "A" health rating on depositaccounts.com, and open membership.

Best deal I know right now is still Andrews (Air Force Base) Federal Credit Union 3% CD for 84 months with only 6 month early w/d penalty.
Edit: This one is IRA only
Click to expand...
Anyone know of a 3% [or close] CD that is not IRA only with a 6 month early penalty?
 
jazz4cash said:
Best deal I know right now is still Andrews (Air Force Base) Federal Credit Union 3% CD for 84 months with only 6 month early w/d penalty.
Edit: This one is IRA only
Click to expand...

Not exactly on topic for this thread, but FWIW, I want to mention that another good reason to join that CU is they offer a Chip & PIN Visa card that works very well (without requiring a signature) at many places in Europe.

For example, I have bailed my rental car out of automated parking garages and bought train tickets at unattended kiosks in Belgium using just my PIN.

It will often default to signature when there is a person available (such as a restaurant waiter) but it often works just as a European card would.
 
FYI, if you're looking for someplace to park some cash for 1-2 years, these are pretty good rates for now. Just bear in mind the early withdrawal penalty.

More details in this link:
https://www.depositaccounts.com/banks/garden-savings-fcu/offers/

Garden Savings FCU (Easy Membership) Hikes CD Rates

Availability: Easy Membership Requirement
Last week, New Jersey-based Garden Savings Federal Credit Union (Garden Savings FCU) substantially raised the rates on three of its Share Certificates: 12-month (1.41% APY), 18-month (1.51% APY), and 2-year (1.66% APY). The minimum opening deposit is $500, with no stated balance cap. On terms of 1 year or greater, early withdrawal penalty is 180 days of dividends earned.
 
Last edited:
Any hints for redeeming Synchrony Bank CDs at maturity?

From their documentation, Synchrony Bank CDs automatically renew at maturity (you can't set up any other options in advance), and you have 10 days of grace period (from that renewal time) to redeem the CD without penalty.

But there is no explanation of the process to go through - do you have notify in writing? Can you call? How tricky is it?

Yes, I'll call customer service when it gets close to maturity time to make sure. I just wondered if anyone had already dealt with this and how easy it was.
 
I would call them and send a letter so they will not do auto reload
 
audreyh1 said:
Any hints for redeeming Synchrony Bank CDs at maturity?

From their documentation, Synchrony Bank CDs automatically renew at maturity (you can't set up any other options in advance), and you have 10 days of grace period (from that renewal time) to redeem the CD without penalty.

But there is no explanation of the process to go through - do you have notify in writing? Can you call? How tricky is it?

Yes, I'll call customer service when it gets close to maturity time to make sure. I just wondered if anyone had already dealt with this and how easy it was.
Click to expand...

audreyh1.........yes, pls talk to customer service to confirm. I had 2 12mos.
CDs mature some months ago . I don't recall the exact details but it was painless and didn't leave any scars so I think it was just a phone call w/ no paperwork involved.
 
kaneohe said:
audreyh1.........yes, pls talk to customer service to confirm. I had 2 12mos.
CDs mature some months ago . I don't recall the exact details but it was painless and didn't leave any scars so I think it was just a phone call w/ no paperwork involved.
Click to expand...
Good, thanks, that was what I was hoping. I don't need to deal with it until 1/15/17. I was hoping it was a fairly standard thing easily handled over the phone. They must have to deal with customers calling about maturing CDs all the time.
 
audreyh1 said:
Good, thanks, that was what I was hoping. I don't need to deal with it until 1/15/17. I was hoping it was a fairly standard thing easily handled over the phone. They must have to deal with customers calling about maturing CDs all the time.
Click to expand...


I looked around and it does seem like some places have one path with a narrow 10 day grace period to avoid auto renewal (e.g. you can't modify before maturity or after the grace period and you have to call them with a verbal instruction). I'll avoid these places unless the rates are super attractive. Thanks for the heads up. I thought the online shops would be more liberal.


Sent from my iPhone using Early Retirement Forum
 
jazz4cash said:
I looked around and it does seem like some places have one path with a narrow 10 day grace period to avoid auto renewal (e.g. you can't modify before maturity or after the grace period and you have to call them with a verbal instruction). I'll avoid these places unless the rates are super attractive. Thanks for the heads up. I thought the online shops would be more liberal.


Sent from my iPhone using Early Retirement Forum
Click to expand...

The Synchrony rates have been at the top of the best.
 
Can a credit union refuse or otherwise stonewall someone into a renewal instead of a redemption on a maturing CD? Are there any consequences for the credit union & is there any recourse for the member when the member lives out of state & can't go to a branch in person?
 
Free bird said:
Can a credit union refuse or otherwise stonewall someone into a renewal instead of a redemption on a maturing CD? Are there any consequences for the credit union & is there any recourse for the member when the member lives out of state & can't go to a branch in person?
Click to expand...

I doubt that they would do this on purpose but I can see things slipping through the crack. One possibility to have more control in your own hands for a taxable account..........have a checkwriting account (either checking or money market) to dump the CD into upon maturity. Ask them to transfer the funds into that account on day 1 of that 10 day window and follow up to make sure it gets done. Then write a check or do ACH transfer to get the funds out. You'd have to worry about any requirements to keep that other account fee free and order the checks or set up ACH ahead of time.
 
The credit union will send you a maturity notice. And you can select from 5 different options. Renew at the same term. Redeem. redeem & transfer. Split the money up & transfer. Purchase for a new term. I was mostly asking if anyone experienced a credit union that seemed to try to wear you down so you just let the cd renew & stay there. Don't credit unions like banks have capital requirments? Isn't a bank or credit union more likely to be motivated to maintain deposits than to send out checks?
 
Just when you think you think it's gross incompetence it's actually a planned strategy.
 
Free bird said:
The credit union will send you a maturity notice. And you can select from 5 different options. Renew at the same term. Redeem. redeem & transfer. Split the money up & transfer. Purchase for a new term. I was mostly asking if anyone experienced a credit union that seemed to try to wear you down so you just let the cd renew & stay there. Don't credit unions like banks have capital requirments? Isn't a bank or credit union more likely to be motivated to maintain deposits than to send out checks?
Click to expand...

I don't think you can make any blanket assumptions. Like every business some credit unions are much better at supporting customers than others. Also many places are inefficient, understaffed, etc. (which is what drives some of us to seek ER). Just think about the fact that someone has to actually do something to send you a check vs. auto-renew. As I mentioned above, some places make it more difficult to do anything other than auto-renew and I plan to avoid those places.

Clearly you are unhappy and you should call them to ask if they can resolve your issue if you have not already.

I've noticed some places have a 10 day grace period while others are 21 or 30 days. You can change the maturity instructions anytime during the grace period. Do you know what the grace period is for this credit union?

Since you seem to be uncomfortable with the way your issue is being handled, it might be better to just move on to another bank or credit union. If the CD recently renewed, the penalty for early withdrawal if the grace period has expired should not be significant.
 
Yeah its amazing how badly a business can be run & yet survive in the US.
 
Penfed has some specials but they don't look all that great to me.........

1.21/1.31/1.41 for 12/15/36 mos.

Andrews FCU is having a Black Friday Promo til 11/30/16 with various special offers. It looks like they are extending the 3% for 84 mo CD special to non-IRA accounts.

https://www.andrewsfcu.org/whats-new/promotions.html
 
jazz4cash said:
Penfed has some specials but they don't look all that great to me.........

1.21/1.31/1.41 for 12/15/36 mos.

Andrews FCU is having a Black Friday Promo til 11/30/16 with various special offers. It looks like they are extending the 3% for 84 mo CD special to non-IRA accounts.

https://www.andrewsfcu.org/whats-new/promotions.html
Click to expand...


I noticed they're compounded and credited quarterly which takes some of the shine off the higher rates.
 
Good point. Andrews compounds quarterly. Penfed compounds monthly. I always focus on apy and the diff due to compounding isnt that much.
 
The rates at Penfed are actually
1.21/1.31/1.46/1.61 for 12/15/24/36 mos
 
jazz4cash said:
Andrews FCU is having a Black Friday Promo til 11/30/16 with various special offers. It looks like they are extending the 3% for 84 mo CD special to non-IRA accounts.

https://www.andrewsfcu.org/whats-new/promotions.html
Click to expand...

I just successfully opened and funded some Andrews FCU CD's. Thanks again, jazz4cash for posting this was available.

I opened a 3.01% 84 month CD (non-IRA) with only 6 month withdrawal penalty. If figure that if rates go up to 4% in a year, I can always withdraw and create new CDs.

I also opened a 3.01% 3 month CD (for cash I will need in 3 months).

You can qualify for membership to the CU by paying $5 and joining ACC. All in all it was an easy process and good service when talking to them on the phone.
 
Oh darn we could have each gotten $50 on the refer a friend promo! I joined AFCU in August on a tip from a poster on this
forum as well.
 
You must log in or register to reply here.

Similar threads

F
Hi, I am..... FIRED!
2 3
Replies
69
Views
21K
teej1985
T
njhowie
Bank Bonus Offers
12 13 14
Replies
342
Views
43K
MJ
M
mountaintosea
FYI- 36-month Online CD 3.00% APY
Replies
3
Views
1K
pb4uski
pb4uski
G
Buckle Up and Enjoy the FIRE Journey
2
Replies
38
Views
8K
gl.hf
G
Nords
Rant about PenFed's poor customer service
2
Replies
46
Views
9K
Nords
Nords

Latest posts

Back
Top Bottom