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

[audreyh1]

I saw this morning that Ally's No Penalty CD rate was 2.75%, at that time the online savings was still 2.35% so not sure if the NP CD went up.

Yes, it is now 3.1%

 

[Silver]

Bask Bank's online savings account just increased from 3% to 3.5%. Their 6 month CD is now 4.0%, and 12, 18, 24 month CD's are 4.1% APY.

 

[doneat54]

I'm now considering CDs, again.

I have accounts with Navy Federal, Fidelity and Vanguard. Fidelity is the most convenient, so would like to investigate brokered CDs (12-18 month) ... any advice?

Just bought a 12 month for 4.55% and a 2 yr for 4.75% off the Fido page. Easy-peasy.

 

[Chuckanut]

I saw this morning that Ally's No Penalty CD rate was 2.75%, at that time the online savings was still 2.35% so not sure if the NP CD went up.

It's hard for me to justify 2.75% on a No Penalty CD, when I can get a 3 month t-bill or brokered CD for comfortably over 3%. A three run ladder will give access to 1/3 of my money every month.

If I thought rates might be heading down, that would be a different story. But, so far I see no evidence of lower rates or the circumstances that would tempt the FRB to lower rates. My 2¢. YMMV.

 

[audreyh1]

It's hard for me to justify 2.75% on a No Penalty CD, when I can get a 3 month t-bill or brokered CD for comfortably over 3%. A three run ladder will give access to 1/3 of my money every month.

If I thought rates might be heading down, that would be a different story. But, so far I see no evidence of lower rates or the circumstances that would tempt the FRB to lower rates. My 2¢. YMMV.

Which is why they have already increased it to 3.1%, and I expect it to be increased again very soon.

But they are really competing with 4%+ options. They will eventually catch up.

 

[stephenson]

So, I get how to review the options for CDs, but not clear which bank to choose on the Fido site.

 

[njhowie]

So, I get how to review the options for CDs, but not clear which bank to choose on the Fido site.

Which bank really doesn't matter - all the CDs Fidelity offers are FDIC insured. Primary thing to consider is callable vs. non-callable.

 

[Sunset]

So, I get how to review the options for CDs, but not clear which bank to choose on the Fido site.

I would also compare the rates to Treasuries, as last night when we looked on Vanguard, the CD's were paying less than treasuries for a 1 year term. The differences are small, about 0.1% so maybe it doesn't matter.

 

[audreyh1]

Also Treasuries are more liquid than CDs in terms of selling them on the secondary market. When you buy bank CDs through a broker you lose the early withdrawal option.

 

[cbo111]

I'm now considering CDs, again.

I have accounts with Navy Federal, Fidelity and Vanguard. Fidelity is the most convenient, so would like to investigate brokered CDs (12-18 month) ... any advice?

Navy Federal seems to be lagging. I'm in the process of moving a large chunk from Navy Fed to Vanguard which currently has much better brokered rates. Should get another little bump courtesy of the Fed's move.

 

[Car-Guy]

Ding, ding, ding,

Schwab just posted new issue non callable 5yr CD's @ 5%.... Interest to be paid semi annually...

I suspect after yesterday's FED rate increase, we will see even higher CD rates in a few more weeks... We may see 6% by year end. I don't typically like buying CD's with a 5 yr term but it's tempting. Heck their 2 yr's are 4.85% so maybe I'll just buy some more of those.

 

[Northforker]

I'm buying 1,2,and 3 mo CD's north of 3% for now. I expect we will be able to buy 6 month CD's north of 5% in the next 30-45 days. If 5 yr CD's paying monthly are north of 6%, I'll back up the truck.

 

[Chuckanut]

Ding, ding, ding,

Schwab just posted new issue non callable 5yr CD's @ 5%.... Interest to be paid semi annually...

A few years ago I cried when my PenFed 3% CD's matured.

I believe we do live in 'interesting' times. (pun intended)

 

[Gotadimple]

Rates are changed effective today for AMEX's High Yield Savings Account from 3.25% (declared on 10/27) to 3.50% effective 11/3. CD rates stay the same.

 

[Another Reader]

Rates are changed effective today for AMEX's High Yield Savings Account from 3.25% (declared on 10/27) to 3.50% effective 11/3. CD rates stay the same.

Shows 2.5% online. Where are you seeing this?

 

[audreyh1]

Rates are changed effective today for AMEX's High Yield Savings Account from 3.25% (declared on 10/27) to 3.50% effective 11/3. CD rates stay the same.

You are 1% too high. It’s 2.5%.

This morning’s email from American Express Bank:

We want to let you know that as of November 3, 2022 the Annual Percentage Yield (APY) on your High Yield Savings Account has increased to 2.50%.

 

[ShokWaveRider]

Navy Federal seems to be lagging. I'm in the process of moving a large chunk from Navy Fed to Vanguard which currently has much better brokered rates. Should get another little bump courtesy of the Fed's move.

We moved all our money out to Schwab, NF was way to slow in doing anything we needed.

 

[xlf11]

Wealthfront 3.3% effective tomorrow

 

[Earl E Retyre]

Ding, ding, ding,

Schwab just posted new issue non callable 5yr CD's @ 5%.... Interest to be paid semi annually...

I suspect after yesterday's FED rate increase, we will see even higher CD rates in a few more weeks... We may see 6% by year end. I don't typically like buying CD's with a 5 yr term but it's tempting. Heck their 2 yr's are 4.85% so maybe I'll just buy some more of those.

Thanks! I keep buying these Capital One 5 yr CDs as they rise.

Question: if I buy $250k in Vanguard and another $250k in Fidelity, am I covered under FDIC protection or not? It is the same bank but under 2 different brokerages?

Does anyone know?

 

[Car-Guy]

^^^^^
I'm not sure but I'd error on the side of only 250k coverage in "such a case" until "proven" otherwise. Are they using the same CUSIP #? Regardless, I'd ask my brokerage firms(s) and get their answers in writing.

 

[Ready]

Utah First is offering 4% on both 18 month and 60 month CDs. But with the most recent rate hike I think it’s better to wait a few weeks and see if they go higher.

 

[disneysteve]

Utah First is offering 4% on both 18 month and 60 month CDs.

Neither of which are very good rates. Vanguard has 18 mo for 4.85 and 60 mo for 4.9. I agree that rates may still creep up soon.

 

[Ready]

Neither of which are very good rates. Vanguard has 18 mo for 4.85 and 60 mo for 4.9. I agree that rates may still creep up soon.

Are those brokered CD’s? Are they callable? Usually brokered CDs pay more than bank CDs because either they are callable or they have to be sold on the open market if you want to cash out before they mature. Bank CDs have a rate guarantee and a pre-defined early term penalty if you want to pull out early.

But I would agree if they are not callable those are a better option right now given rates seem to keep rising.

 

[disneysteve]

Are those brokered CD’s? Are they callable? Usually brokered CDs pay more than bank CDs because either they are callable or they have to be sold on the open market if you want to cash out before they mature. Bank CDs have a rate guarantee and a pre-defined early term penalty if you want to pull out early.

But I would agree if they are not callable those are a better option right now given rates seem to keep rising.

I checked and you’re correct. They are callable. The 5 yr could well be called if rates fall during that time. The 18 mo is probably safe.

 

[Chuckanut]

I just bought a 2 year callable CD from JP Morgan at 5%. It's a bit of a gamble with the call.