Best CD, MM Rates & Bank Special Deals Thread 2022 - Please post updates here

[JoeWras]

Yes, it finally worked, but was error-ing out multiple times. It was far quicker once I got that done than the phone side. It really should have been in their FAQs "want to close early? Do this"...

Like the cable company, their FAQs never discuss closing out.

 

[Another Reader]

Bask Bank savings is now at 1.61 percent.

 

[Dtail]

I carefully read through the prospectus a few years ago and thought I read maybe $2K and what they would do when you went under, which meant basically nagging you for a couple of months to bring it above that min before closing it.

So I suppose things have changed….

Well I found this under Policies in the current prospectus.

That $10K min is higher than I remembered reading. Is your mom holding it in an IRA? IRAs often have different minimums.

Just a regular taxable account and no hint or mention that the balance had to be increased to 10k.
She is a Private Client, so perhaps that gets an exception.

FZDXX now at 1.18%.

 

[Silver]

Bask Bank savings is now at 1.61 percent.

You beat me to it....well done.

 

[audreyh1]

Synchrony is at 1.1% today.

I don't know when it was increased, as they don't announce these changes like Ally does.

Definitely an improvement. But I suspect it won’t be long before it reaches 1.5% as 3 month treasuries are now trading above 1.6%

 

[Al18]

PenFed posted their CD special today - 5 year 3.50%

 

[John Galt III]

Yep, have 5 yr CD's maturing at Navy Jan 2023 and Pen Fed Jan 2024.
Will be interesting what rates will be there / then.

Am thinking Jan 23 will be much higher than Jan 24...Just a guess.

Someone just posted that PenFed has 3.5% 5 year CDs now. It *seems* to me that rates for 5 and 7 year CDs ought to go up to 5% or higher by June, 2023. But who knows, right? Not biting yet on the 5 year 3.5% Penfed. Hoping for at least 4% for 5 or 7 year CD. Even then, I won't put all my cash in. Hoping for 5%, of course.

 

[erkevin]

Morgan Stanley has a 5 year CD (callable) at 3.785%

 

[11522914]

Someone just posted that PenFed has 3.5% 5 year CDs now. It *seems* to me that rates for 5 and 7 year CDs ought to go up to 5% or higher by June, 2023. But who knows, right? Not biting yet on the 5 year 3.5% Penfed. Hoping for at least 4% for 5 or 7 year CD. Even then, I won't put all my cash in. Hoping for 5%, of course.

I've been waiting for 4% to 5% also. For some reason, even with crazy inflation, I fear we may not get there and I'll miss the boat again. [emoji848]

I'm seriously considering ladders.

10 year Treasury got up to 3.48% about 3 days ago and now down to 3.14%. it's hard to lock in these yields when inflation is 9%.

 

[Happyras]

FZDXX now at 1.18
Marcus base MM 1.0, all in with promos 1.6
8 week Tbill 1.375?
Long story, on the phone with the bond guy, he really could not explain why TD says the yeild is 1.45, but the new issue yield is 1.375 after sale. They swear there is no fee or commission nor spread, its just they method used to calculate, BS....

 

[almost there]

Ch Sch has a 7 year CD (callable) at 4%

 

[jim584672]

PenFed just sent out an email, 3.5% 5 year certificate offer, ends 7/7/22.

 

[REWahoo]

PenFed just sent out an email, 3.5% 5 year certificate offer, ends 7/7/22.

Haven't looked in a long time but I seem to recall PenFed having somewhat onerous penalties for early withdrawal. YMMV as it were.

 

[John Galt III]

Just opened a 2.5% CD at a local credit union today. It's a 24 month term and you can bump up the rate one time during that 24 months if interest increases.

Nice !

 

[John Galt III]

I've been waiting for 4% to 5% also. For some reason, even with crazy inflation, I fear we may not get there and I'll miss the boat again. [emoji848]

I'm seriously considering ladders.

10 year Treasury got up to 3.48% about 3 days ago and now down to 3.14%. it's hard to lock in these yields when inflation is 9%.

I share your concerns. Maybe at 4 or 5 or 6 %, it will be too onerous to pay interest on the huge Debt. More monetizing of the Debt, followed by Zombie Apocalypse, negative interest rates, etc. YMMV. I just may lock in some 3.5% 5 year at Penfed while I can, lol.

 

[NomDeER]

There is no set formula for how the market reacts. Rates are already rising in anticipation of the most recent hike which does not take effect until July.

So, does that mean that there is not likely to be much increase in interest rates for treasury bills over the coming months?

 

[jim584672]

Haven't looked in a long time but I seem to recall PenFed having somewhat onerous penalties for early withdrawal. YMMV as it were.

12-, 15-, 18-, 24-, 36-, 48-, 60- and 84-month certificates:

• Within 365 days from the open date of the certificate, the penalty will be the last 365 days of dividends earned.
• After 365 days from the open date of the certificate have elapsed, the penalty will be 30% of gross amount of dividends that would have been earned if the certificate had reached maturity.

 

[REWahoo]

12-, 15-, 18-, 24-, 36-, 48-, 60- and 84-month certificates:

• Within 365 days from the open date of the certificate, the penalty will be the last 365 days of dividends earned.
• After 365 days from the open date of the certificate have elapsed, the penalty will be 30% of gross amount of dividends that would have been earned if the certificate had reached maturity.

Yep, I call that onerous.

 

[retired1]

[-][/-]

Ch Sch has a 7 year CD (callable) at 4%

Nice. Beats NFCU 7 yr at 3.1%

 

[jazz4cash]

So, does that mean that there is not likely to be much increase in interest rates for treasury bills over the coming months?

IMO, they are going up like crazy right now and I expect they will continue to do so. YMMV

 

[JoeWras]

Yeah, we're in rare air right now. T-bills haven't looked this good since sometime in the 90s.

Meanwhile, my credit union continues to drag their feet with their best rate being 1.24% for a 5 year CD. 5 years!

I'm moving a lot out of our CU and banks into 3 month bills, if anything just to get this market moving. You're welcome.

 

[MJ]

Time to review https://www.depositaccounts.com/
First Foundation savings 1.65%

 

[MJ]

PenFed just sent out an email, 3.5% 5 year certificate offer, ends 7/7/22.

Perhaps they're hoping people will buy their "ending offer by" tease because after 7/7/22, rates might be in 4%+ range. I'm sure most people here know their EWP on long term CDs is a hefty 1 year.

 

[MJ]

I have a GTE CD maturing in 2024 and was just checking their rates and their 5 year CD is a "WHOPPING" .20% . Lol

 

[Graybeard]

I just assumed that Vanguard's Federal Money Market Fund VMFXX being a "safe" place to park money would have a yield that is pathetic, like 30, 40 or 50 bp. Today I looked and was shocked that it is 1.27% AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS. For money I have parked (sold bond funds) waiting to be invested and probably will have a fair amount in it for months (the Settlement fund), it is a pretty good yield especially compared to what Ally is paying me in my online savings account - a measly 90 bp! I have over $20k in the Ally OLS but it transfers to my checking account over night whereas a transfer from the Settlement Fund probably is 2-3 business days otherwise I'd move it to Vanguard.