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-   -   Best CD, MM Rates & Bank Special Deals Thread 2021 - Please post updates here (https://www.early-retirement.org/forums/f28/best-cd-mm-rates-and-bank-special-deals-thread-2021-please-post-updates-here-107187.html)

Gumby 01-01-2021 07:24 AM

Best CD, MM Rates & Bank Special Deals Thread 2021 - Please post updates here
 
New Year, new thread.

njhowie 01-01-2021 10:12 AM

On 12/30, harley posted:

Quote:

Not sure if this has been mentioned, but Chase has a deal going where if you're not an existing customer you can start a checking account (with Direct Deposit) and get $200, open a savings account ($15K for 90 days) and get $200, or do both and get $500. I'm not eligible having done the last deal, but I thought I'd pass it on in case anyone is interested.

https://account.chase.com/consumer/b...asehome_3/hero
There is also a $150 savings offer for $10k with same terms.

https://account.chase.com/consumer/banking/NV29427

Yesterday I opened $15k/$200 savings under DD's existing Chase account using harley's link. That link is no longer working this morning.

Today I opened the $10k/$150 under my Chase account, and another $10k/$150 under DW's Chase account.

It's been just a month over 2 years since we last did these with Chase.

njhowie 01-01-2021 01:46 PM

Citizens Bank is also offering similar offer to Chase's for both checking and savings:

https://www.citizensbank.com/promo/cash-offer-600i.aspx

retire to nature 01-01-2021 01:57 PM

Happy new year to everyone!!

I had a guest from my Airbnb. He is from Pakistan. He introduce me a Pakistan bank product.

It can be invested to USD so no exchange rate etc.

5.5-7% based on investment period.

https://www.sbp.org.pk/RDA/index.html

I didnt dig up much. welcome to know to pros and cons.

I haven't decided to invest there though. I just wanted to share with you here.

Hope we have a better year and stay safe.

Thanks.

REWahoo 01-01-2021 02:07 PM

^ Yikes!

Gumby 01-01-2021 02:25 PM

I think "Location: STL" must mean "streets of Lagos".

mn54 01-01-2021 02:33 PM

but it says it's risk free. what could go wrong?

pb4uski 01-01-2021 02:36 PM

Quote:

Originally Posted by REWahoo (Post 2536939)
^ Yikes!

plus it is only open to non-resident Pakistanis as I read so of limited use here.

Quote:

Q1. Who can open a Roshan Digital account?

A. Non-Resident Pakistanis and resident Pakistanis with wealth declared abroad can open a Roshan Digital account with Standard Chartered.
https://av.sc.com/pk/content/docs/pk...ar-account.pdf

retire to nature 01-01-2021 03:36 PM

Quote:

Originally Posted by Gumby (Post 2536957)
I think "Location: STL" must mean "streets of Lagos".

I am not sure it is about me in STL?? Couldn't get correct Lagos meaning. It say Nigeria. It means my reply sounds like a scam?

He stayed my place in a month to get a fund for his start up business. He used to be a banker in Pakistan.

my location in STL is nearby Cortex, BioSTL etc, a lot of venture business.

so we talked about things deeply. He is not a flaky guy about the information he gave me.

He mentioned of Pakistan only, but I must not catch it right.

retire to nature 01-01-2021 03:54 PM

Quote:

Originally Posted by pb4uski (Post 2536969)
plus it is only open to non-resident Pakistanis as I read so of limited use here.



https://av.sc.com/pk/content/docs/pk...ar-account.pdf

so it was for only Pakistanis right? non resident Pakistanis- means Pakistanis but live in abroad. did i understand right?

I was thinking foreigner would be ok to invest.

RunningBum 01-01-2021 03:59 PM

Let us know how it goes.

rk911 01-01-2021 06:25 PM

a snowball in you know where would have a better chance.

Sunset 01-01-2021 07:23 PM

I think I'll just buy lottery tickets instead, more of a sure thing. :o

audreyh1 01-02-2021 09:35 AM

Some confusion on my part on when Ally pays interest on their CDs. I have pay at maturity selected for all my CDs, but it was my understanding that there would also be a payment of accrued interest on Dec 31 of each year.

Turns out that for CDs with periods less than 12 months, there is no Dec 31 payment of accrued interest. So the No Penalty CDs at 11 months pay nothing on Dec 31. Only my two 14 month CDs paid accrued interest on Dec 31.

Reduces my 2020 taxable income. I have several No Penalty CDs maturing in Jan, Feb and March 2021.

CountingDown2014 01-02-2021 09:49 AM

audreyh1 - That's interesting/annoying. I am in the same boat and was expecting that interest to be included in 2020. Guess I am going to have to update my 2021 planning. Thanks for the info!

calmloki 01-02-2021 10:00 AM

Quote:

Originally Posted by audreyh1 (Post 2537386)
Some confusion on my part on when Ally pays interest on their CDs. I have pay at maturity selected for all my CDs, but it was my understanding that there would also be a payment of accrued interest on Dec 31 of each year.

Turns out that for CDs with periods less than 12 months, there is no Dec 31 payment of accrued interest. So the No Penalty CDs at 11 months pay nothing on Dec 31. Only my two 14 month CDs paid accrued interest on Dec 31.

Reduces my 2020 taxable income. I have several No Penalty CDs maturing in Jan, Feb and March 2021.

Very Good! At mostly 1.5% on the CDs this won't make a huge difference, but selling an old 9-plex last year means anything I can keep out of the 35% bracket is very welcome.

audreyh1 01-02-2021 10:08 AM

I think online at Ally you can modify how often interest is paid while the CD is still open, so for those wanting interest to be paid during a given year, they can change to quarterly or whatever.

Sunset 01-02-2021 11:21 AM

I also have some CD's maturing next year, that didn't pay my interest.
I was thinking this makes everything a bit harder, as isn't interest in the USA taxable the year it's earned, regardless of when paid ???

It's a small amount, and perhaps Ally includes the interest in the tax statement (if it's taxable) so I won't have to do extra effort ???

audreyh1 01-02-2021 12:37 PM

I don't think so, because I have interest bearing accounts that pay interest, say mid-month, even though I have earned a bit more by the end of Dec. They don't have to pay me a bit more on Dec 31.

I had to go back to Dec 2018, at which time I was holding 5 No Penalty 11 month CDs at Ally. Looking at the 2018 1099-INT, none of these CDs are listed for accrued interest during 2018. They didn't pay out until maturing or early withdrawal in 2019, so they didn't count against my 2018 taxes.

There must be some rule about paying accrued interest within a 12 month period.

Sue J 01-03-2021 02:02 PM

An update from a promo that we started in Oct 1, 2020 -
Quote:

I heard about this Dollar Bank promo offer this morning on the radio. I know it's good in OH, VA and PA.

https://www.dollar.bank/Personal/Workplace-Banking/Offers/Get-$400

The bonuses are paid out in steps, some as debit card rebates, some as checking account credits (hmm, what's the difference?) and then the last $100 at your one year anniversary. Checking account has a $5 monthly fee unless you have $2500 average collected balance or six payments https://www.dollar.bank/Personal/Ban...ation-Schedule

The bonuses are tied to the amount of direct deposits within 90 days.

I feel like somebody at the bank is going out of their way to invent new hoops to jump through! Dollar Bank is local to us and DHs pension direct deposit would get us the bonuses for that requirement. My Social Security deposit is already tied up from a previous bank promo (Key Bank $400) for a few more months.

We may go ahead and do this one. Our cash is sitting at DiscoverBank earning .60% as of this morning. I could park $2500 at Dollar Bank and get something out of it.

I just called Dollar Bank and asked some questions. You are issued a debit card and need to make $100 in purchases and then they refund $100 of that.

There is no credit check when you apply. There are verification questions based on public info.

"Average collected balance" can be satisfied by just leaving $2500 in there which is what I would do.

This promotion can all be done online, you don't have to go into a branch. This offer is for OH, PA and parts of VA in the Virginia
We got the $100 in debit card refund early on, right after making a purchase just over $100. DH's pension deposit went to this bank account on Nov 1 and Dec 1 and the $200 promo bonus has just posted on Jan 1, 2021! So we have received $300 of the $400 that we are eligible for.

We will keep this account open until the last $100 bonus posts on our 1 year anniversary. To avoid fees we are keeping a minimum balance of $2500. So that $100 is like getting 4% on our $2500. This is instead of having it at Discoverbank which is paying .5%.

This one had a lot of steps and takes a year to complete for the last $100 but was easy enough once we got it set up.


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