Best CD & MM Rates Thread 2019 - Please post updates here

[powerplay]

I just noticed Penfed dropped their 5 year and 7 year CD rate from 3.5% APY to 3.35% APY for non-IRA CD.

So I just got in under the wire on the 3.50% deal. Got into a bunch of those a few days ago! But my old Penfed CDs which are renewing 1/24/19 will be renewing at the new 3.35% rate, assuming no further change. Arghhh. Oh well, I'm not going to shop around for a better deal.

This is not good news with the lowering of the 5 year rate!

 

[jazz4cash]

This is not good news with the lowering of the 5 year rate!

Thanks for the heads up. This got me to look around at PenFed’s other rates. The 5-7 yr IRA CDs were also lowered .1% to 3.25%. Good news is the Premium High Yield Savings went UP .35% to 2%! This is my local B&M stash account.

 

[audreyh1]

Yeah I noticed - MM fund rates have been creeping lower as have short-term CDs. Time to lock-in rates if you can.

 

[Birdie Num Nums]

Just got an email notice from Ally Bank that they've raised their savings account rate, for all balances, to 2.20%.

 

[audreyh1]

Just got an email notice from Ally Bank that they've raised their savings account rate, for all balances, to 2.20%.

Fortunately high yield savings rates are still gradually moving up.

But CDs - not so much.

 

[ShokWaveRider]

Connexus Credit Union's 60-Month CD Now Earns 3.63% APY

 

[Slepp]

Connexus Credit Union's 60-Month CD Now Earns 3.63% APY

How hard is it to be a member and are they easy to deal with for transferring funds when it comes to closing out?
Slepp

 

[ShokWaveRider]

How hard is it to be a member and are they easy to deal with for transferring funds when it comes to closing out?
Slepp

https://www.depositaccounts.com/banks/connexus-credit-union.html

 

[ripper1]

I just opened an account at NFCU to get the 17 month CD. Says 3 to 5 business days for approval. I'm not sure but is it they have to look at your credit reports? I froze all my credit after the Equifax fiasco seeing we never use credit nowadays.

 

[REWahoo]

I'm not sure but is it they have to look at your credit reports? I froze all my credit after the Equifax fiasco seeing we never use credit nowadays.

That was my understanding when I opened a NFCU membership last week. I unfroze my credit for 48 hours and all appears to be in order as I await the transfer of IRA $ from Vanguard to a CD at Navy.

 

[almost there]

Not sure why IRA's takes so long to transfer? Even if you pay the $20.00 wire fee.
Ally to Navy 16 days....(Ally somehow botched the wire and mailed it) ......
Ally to PenFed (should fund today) day #13. (But who knows)...
Got a scare Sat when I called into PenFed to see how it was going. The 5 yr dropped to 3.25% and the flunky on the phone said thats what I would be getting. The lower rate...Called in today and was told I would get the higher rate I signed up for. Always something....

 

[MJ]

I WAS going to transfer my IRA Trad/Roth from PFCU to US Senate FCU which was offering until last week 3.69 APY on 5 years but they have normal EWP on IRA except for their portion of your RMD. I contacted Connexus CU and was "assured" by an IRA Specialist that they do not have a EWP for any withdrawals but if you transfer your the balance of your IRA certificate, they will charge only $30. It is certainly worth it. I applied for Connexus membership this past Friday and this Monday (they're open) and I was approved in the early morning. That was super fast.
I had also previously applied at another CU Premier for their decent short term certificates on 1/7 and after 2 weeks and several calls, they still have not approved my membership.

 

[retired1]

I just opened an account at NFCU to get the 17 month CD. Says 3 to 5 business days for approval. I'm not sure but is it they have to look at your credit reports? I froze all my credit after the Equifax fiasco seeing we never use credit nowadays.

Yes, I think they do a soft credit check for all new CDs.

 

[Spock]

... I'm not sure but is it they have to look at your credit reports? I froze all my credit after the Equifax fiasco seeing we never use credit nowadays.

It's not just checking credit, this is also the source of the ID confirmation questions like:
"Who was the buyer of the house you sold in 1994?"

(State Farm required this answer before I could pay a bill online... multiple choice didn't help because it was 24 years and 3 houses ago, and I never met the buyers)

 

[jazz4cash]

Not sure why IRA's takes so long to transfer? Even if you pay the $20.00 wire fee.
Ally to Navy 16 days....(Ally somehow botched the wire and mailed it) ......
Ally to PenFed (should fund today) day #13. (But who knows)...
Got a scare Sat when I called into PenFed to see how it was going. The 5 yr dropped to 3.25% and the flunky on the phone said thats what I would be getting. The lower rate...Called in today and was told I would get the higher rate I signed up for. Always something....

I've had many, many issues moving IRA CD funds around. In particular Ally to NFCU IRA transfer times are similar to what you reported above. Funds seem to leave Ally promptly and show up at NFCU many days later. I assume they mail the funds to NFCU but Ally refuses to send check to me made payable to NFCU as Fidelity does routinely. No delays due to account opening as I am longtime member

 

[REWahoo]

I have just moved one from PenFed to Vanguard. Did it all by email, took 2 full business days for the money to get to Vanguard. I sent the email at 5pm on day 0, had confirmation of a properly filled out form by 7pm day 0, money was in VG by Afternoon of Day 2

Did you initiate the transfer with Vanguard or with PenFed?

 

[ShokWaveRider]

Did you initiate the transfer with Vanguard or with PenFed?

PenFed, I downloaded the forms, filled them out and emailed them to PenFed. Their CS dept. helped with all the details. PenFed does not allow any external entity to pull IRA funds. Saved 2 days by doing it direct with PenFed. Otherwise the same forms would need to be filled out and then mailed to VG who in turn would have to send them to PenFed.

Like anything else, research the rules and requirements before you need to actually do anything. I checked and had everything all lines up 1 month before maturity.

 

[WWDog]

I just noticed Penfed dropped their 5 year and 7 year CD rate from 3.5% APY to 3.35% APY for non-IRA CD.

So I just got in under the wire on the 3.50% deal. Got into a bunch of those a few days ago! But my old Penfed CDs which are renewing 1/24/19 will be renewing at the new 3.35% rate, assuming no further change. Arghhh. Oh well, I'm not going to shop around for a better deal.

I went to Penfed last week to authorize roll over of my cd and ira. Representative told me the rates would be good to the end of the month. I'm not sure I will get the higher rate on the 23rd when it rolls over. I guess I'll call tomorrow and find out. The IRA rolls over beginning of Feb.



When I transferred my Roth IRA to Penfed about 5 years ago, it took forever to get the money transferred from Fidelity. I had to set up camp at the local Fidelity office to make it happen and was very disturbed with them.

 

[Drake3287]

I just rolled over a $100,000 CD for 18 months at 2.90% with Summit State Bank. They've been offering this same rate for awhile and I had hopes it would reach 3% by today. With my luck it'll be 3.10% tomorrow!

 

[audreyh1]

I finally realized that DH qualifies us to join NFCU, but I'm not sure it's worth it for the single CD $50K limit, even though the 17 month CD has a 3.25% APR.

 

[pb4uski]

VMMXX is up to a compound yield of 2.50%.

 

[adrift]

I finally realized that DH qualifies us to join NFCU, but I'm not sure it's worth it for the single CD $50K limit, even though the 17 month CD has a 3.25% APR.

From my experience, you should consider more than just this CD. Currently, they also have a 40-month 3.75% IRA CD (capped at $150K). I've topped up the 17-month one. I should have the IRA one topped up next month.


They periodically have odd term CDs with good rates. In August 2017, there was 5-month 3.0% one (untouchable at the time). In just under 2 months, I have a 2.25% 15-month CD maturing. That might not sound great now, but, 13 months ago it was pretty good.


As an institution, they are not without their quirks. You can ACH into their share accounts, but, not out. I've also set up a checking account ($0 minimum) to ACH money out.

 

[Golden sunsets]

Best CD & MM Rates Thread 2018 - 2019 - Please Post Updates Here

I finally realized that DH qualifies us to join NFCU, but I'm not sure it's worth it for the single CD $50K limit, even though the 17 month CD has a 3.25% APR.

Audrey, my DH joined NFCU last week and after several days of on line application, uploading of docs and unfreezing of credit he opened a joint share account and a 17 mo CD. We are joint owners of the share account and CD. I then learned from one of their CSR's that I qualify for membership as well, as the relative of the qualifying member and even though I am joint on the CD, I was told if I join as a member, that we can open another $50,000 CD with Me as member and DH as joint owner, so $100,000 max, one per member. We are contemplating doing it.

I must say though that their process is not as smooth as NASA's for example. You can arrange for a free transfer with a verbal conversation with a CSR. I did this to fund the share account with $55, from my B&M bank, $5 for the Share account and $50 to start the CD. That was a 2 step process of $55 to the share account and then open a CD and fund with a transfer from the share ac. The $55 from B&M did happen overnight though. I then planned to push from Ally the remaining $49, 950 to the share account. In order to set up NFCU with Ally you of course have to verify. Instant verification did not work. Next choice was the small deposits method, which I thought worked, but after pushing the funds on 1/16 from Ally and not seeing them show up after 2 days, I realized the transfer was rejected and went back to Ally. After another phone call with NF, I found out that Ally wants to be able to pull and push. NF will not allow a pull, at least from a share account, so Ally disabled the link. They tried to pull back the small deposits before pushing the $49K, but the pull did not work. On that same call to NF, I arranged for a transfer again with NF as I had for the $55. I arranged for that on the 18th, but the funds only showed up overnight today. There was a holiday of course this week, but I found the time factor annoying. I did figure out finally though that I could open a checking account at NF which Ally can push and pull from, so if you decide to go through this, my suggestion is to open a checking account as well as your transfer vehicle.

Sorry about the long winded details, but you are so helpful, I thought I'd relay my experience to you.

Oh and the EWP is 180 days.

And I also just realized that Adrift laid all of this out, with many fewer words?

Sent from my iPad using Early Retirement Forum

 

[copyright1997reloaded]

Just saw this when logging into my account: All America Bank & Red Neck Bank are now paying 2.50% on their mega money market fund. $50K limit (on each, so a couple couple theoretically have 200K in total at that rate), no mininum. https://www.allamerica.bank/ and https://redneck.bank/

Note that they have a $5K limit on ACH's in or out (per day), but I was easily able to have them raise the limit for me a while back for an inbound ACH (by chatting with/calling the CSR).

 

[pb4uski]

^^^ That's the same yield as VMMXX and no limits... but not FDIC insured.