Best CD, MM Rates & Bank Special Deals Thread 2023 - Please post updates here

[rkser]

Makes it tough to decided what to do as my CD's mature. Buy more CD's and lock in the rates or add to these MM's and get a great return and the liquidity. Since I can't decide, I'm doing a little of both.

I am in the same boat, frozen in indecision with IRA money in SWVXX at a 7 day yield of around 5.2% (not bad) & some CDs.

Lots of choices which are totally new to me, Treasury Bills, Notes & Bonds, then the MYGAs

I am looking for a set & forget it investment for these around $300k, don’t want to go back into BND & do not want a financial advisor either.

 

[njhowie]

I am in the same boat, frozen in indecision with IRA money in SWVXX at a 7 day yield of around 5.2% (not bad) & some CDs.

Lots of choices which are totally new to me, Treasury Bills, Notes & Bonds, then the MYGAs

I am looking for a set & forget it investment for these around $300k, don’t want to go back into BND & do not want a financial advisor either.

For how long are you looking to forget it?

 

[rkser]

I want to invest $100k today for say 5 yrs & forget it, then probably add to it as CDs mature.

I want to keep some for Roth Conversions in the next 3 years, when I hit 70

Thanks for your help, please help me decide

 

[rkser]

Or I can invest the whole $300k now & take out as I need for Roth Conversion.

Thanks

 

[RetiredAndLovingIt]

MapleMark Bank 12-month Online CD Special Rate Leaps To The Top

https://www.depositaccounts.com/banks/maplemark-bank/offers/

Deal Summary: Online CD Specials – 12-month (5.75% APY), 18-month (5.55% APY), 24-month (5.55% APY), $25k minimum deposit.
Availability: Nationwide

 

[RetiredAndLovingIt]

Pelican State Credit Union Has Rate-Leading 12-Month and 24-Month CDs

https://www.depositaccounts.com/banks/pelican-state-credit-union/offers/

Deal Summary: 12-month CD (5.64% APY) and 24-month CD (5.90% APY), $500 minimum deposit.
Availability: Easy Membership Requirement (Nationwide)

 

[mealstar]

A naive question - any easy way to tell if this is FDIC insured? I don't see such info in the link.

https://www.depositaccounts.com/banks/pelican-state-credit-union/offers/

Deal Summary: 12-month CD (5.64% APY) and 24-month CD (5.90% APY), $500 minimum deposit.
Availability: Easy Membership Requirement (Nationwide)

 

[njhowie]

A naive question - any easy way to tell if this is FDIC insured? I don't see such info in the link.

This particular one is from a credit union. FDIC insures bank deposits, not credit unions. Credit unions are covered by NCUA, which provides equivalent insurance as FDIC.

If you scroll down at the linked page, you'll see: "NCUA Charter # 62710"

 

[Affinity4Investing]

A naive question - any easy way to tell if this is FDIC insured? I don't see such info in the link.

Try this link: https://banks.data.fdic.gov/bankfind-suite/bankfind


On the left side, search by Bank Name. Type in your bank name and it will return results confirming if they are FDIC insured or not. Really good info on this site. However, I always confirm at the time of purchase, whether the particular offering is FDIC insured or not - just to be 2x sure.

 

[Chuckanut]

Try this link: https://banks.data.fdic.gov/bankfind-suite/bankfind


On the left side, search by Bank Name. Type in your bank name and it will return results confirming if they are FDIC insured or not. Really good info on this site. However, I always confirm at the time of purchase, whether the particular offering is FDIC insured or not - just to be 2x sure.

Also, make certain the sum total of all your accounts in the bank doesn't go over $250,000. That's not an issue for small players like me, but if you are among the elite of this elite group, be careful.

 

[mebden]

Also, make certain the sum total of all your accounts in the bank doesn't go over $250,000. That's not an issue for small players like me, but if you are among the elite of this elite group, be careful.

Like you Chuckanut not quit my balance yet but once I have this above issue, I will keep the $250,000 in 1 high yield savings account and once they pay me my monthly dividend, I'll just transfer that to another high yield savings account. Keeping that balance at $250,000 LOL

 

[RetiredAndLovingIt]

Try this link: https://banks.data.fdic.gov/bankfind-suite/bankfind


On the left side, search by Bank Name. Type in your bank name and it will return results confirming if they are FDIC insured or not. Really good info on this site. However, I always confirm at the time of purchase, whether the particular offering is FDIC insured or not - just to be 2x sure.

For credit unions you needed to check ncua.gov

https://mycreditunion.gov/insurance-estimator

https://mapping.ncua.gov/CreditUnionDetails/62710

 

[MJ]

Also, make certain the sum total of all your accounts in the bank doesn't go over $250,000. That's not an issue for small players like me, but if you are among the elite of this elite group, be careful.

Not a problem, if you name one or more POD (pay of death) beneficiary, your money is protected by $250K x each beneficiary plus yourself.

 

[Gotadimple]

American Express Bank announced an increase in the interest rate on their High Yield Savings account from 4.15% to 4.25% effective 8/18. Last change was on 8/1.

 

[stephenson]

American Express Bank announced an increase in the interest rate on their High Yield Savings account from 4.15% to 4.25% effective 8/18. Last change was on 8/1.

I'm probably not understanding, but isn't this WELL below current CD rates?

 

[jazz4cash]

I'm probably not understanding, but isn't this WELL below current CD rates?

That’s a hi-yield savings rate being quoted. A CD should pay more since you are giving up liquidity, right? I know things are inverted but some shops are really slow to raise rates.

 

[Chuckanut]

I'm probably not understanding, but isn't this WELL below current CD rates?

You missed the point. it’s a high yielding account. WOW!

Symbolism one substance.

 

[Badger]

Also, make certain the sum total of all your accounts in the bank doesn't go over $250,000. That's not an issue for small players like me, but if you are among the elite of this elite group, be careful.

If the CD is in a joint account for you and spouse and it is held in a bank as the only account can the total amount be $500,000? Would the same apply if you have multiple CDs in a ladder but sum total not exceeding $500k?

Cheers!

 

[audreyh1]

If the CD is in a joint account for you and spouse and it is held in a bank as the only account can the total amount be $500,000? Would the same apply if you have multiple CDs in a ladder but sum total not exceeding $500k?

Cheers!

Yes, joint account FDIC coverage is $500K. I always have my CDs titled joint. Note that the CDs themselves are accounts. They aren’t held in a joint account at a bank. So you have to pay attention when you buy them.

At a brokerage I believe this happens automatically from a joint account.

 

[copyright1997reloaded]

Worth the hassle?

Scenario: I have tIRA money mostly in T-Bills of various maturities as well as brokered CD's. Also some in equities, and a rest in FCZXX (5.07% 7-day yield) and "core" in SPAXX ( 4.97% 7-day yield) As of today, my weighted yield on tIRA account(s) is 5.184% and weighted days till maturity is 348 (so just under a year). I have two tIRA accounts, the significantly larger at Fidelity (my ex-mega-corp 401k converted to tIRA and Roth) and a smaller one at Ameritrade.

Always on the hunt for good rates, I saw the Connexus credit union deal being discussed on Deposit Accounts: "12-month Jumbo Certificate, 5.76% APY, $100k minimum deposit. 12-month Certificate, 5.61% APY, $5k minimum deposit." Link: https://www.depositaccounts.com/banks/connexus-credit-union/offers/, which peaked my interest (pun intended).

I don't really have much non-tax-deferred $ that I could put to it, as I am trying to keep some of that pot available for house improvements and/or moving sometime in the spring of 2024, but I am considering transferring some of my tIRA. I already have an account at Connexus, so that might make it SLIGHTLY easier?

I spoke to a call center rep late Friday (about 4:15PM), and they are going to have someone call me back to discuss how to go about funding a tIRA.

Here's my question: Is it worth it? The most I would fund is about $225K in order to have it stay under the max (with some wiggle room in case good rates exist in a year). The current spread between this deal (5.76%) and a 1-year T-Bill (5.358%) is 0.402%. So that would be $402 per 100K invested. So max this would be $904 with the current 1-year T-bill rate. Finally, to do more than 100K, I would have to sell some current T-bills. Not the end of the world, just some keystrokes (and updating of my tracking spreadsheet.)

Is it worth the hassle? If this was available as a brokered CD, I would jump on it...but having to xfer money, then have to deal with the renewal/move in a year...don't know if it is worth chasing. (Just typing this tells me I am getting soft/lazy/too comfortable...10 years ago I would have chased this without pause.)

 

[RetiredAndLovingIt]

Moving IRA funds is a real hassle and the process takes 2 weeks or more in my experience so I would pass on this one. If it was 5 years I would jump in a minute but for 1 year just too much work in my opinion. Like you I'm getting lazier with age.

 

[JohnDoe]

Fidelity brokered non-callable CDs - 5-Year ladder:

1y - 5.35
2y - 5.10
3y - 4.85
4y - 4.70
5y - 4.65

5y ticked up a little in the last week.

 

[MomintheSouth]

These People are Inept

https://www.depositaccounts.com/banks/pelican-state-credit-union/offers/

Deal Summary: 12-month CD (5.64% APY) and 24-month CD (5.90% APY), $500 minimum deposit.
Availability: Easy Membership Requirement (Nationwide)

Pelican FCU folks don't seem to have a clue what they are doing and correspondence is weak, at best. Keep walking.

 

[Drake3287]

Noticed today that Synchrony Bank just upped their CD rates by a full .25%. The current 16 month CD is now 5.25%.

 

[RetiredAndLovingIt]

Southland Credit Union (CA) Brings Back Rate-Leading 30-Month CD Special

Deal Summary: 30-Month CD Special, 5.25% APY, $2.5k minimum, new money required.
Availability: Orange County and Los Angeles County, California.

Also good for IRA CD's. More details at

https://www.depositaccounts.com/banks/southland-credit-union/offers/