Best CD, MM Rates & Bank Special Deals Thread 2020 - Please post updates here

[pb4uski]

... I'm hoping Navy Fed CU will keep their $3K annual CD at 3.5%. ...

I hadn't bothered with this since it is limited to $3k but may reconsider it.

 

[RetiredAndLovingIt]

I hadn't bothered with this since it is limited to $3k but may reconsider it.

Me to however not sure if an ACH transfer from Discover bank will qualify as a direct deposit. I called Navy today and the rep says it needs to be coming from an employer or retirement plan or social security as examples. He also said I need to set it up from my end. I have a similar account at another institution and they are accepting my Discover ACH monthly transfer so I'm thinking of just trying to see if it's accepted. I suppose it's all ion the way it's coded.

 

[pb4uski]

^^^^ I was talking about the 3.5% Easy Start CD.... not a checking account.

Certificate Special Offers
Rates effective as of: 23 August, 2020 12:01 AM ET
Product Minimum Deposit Term Dividend Rate APY†
Special EasyStart℠ Certificate1 $50 12 months 3.44% 3.50%
†APY=Annual Percentage Yield

Read Important Disclosures
1Limit one Special EasyStart Certificate per member. This offer, including the stated APY, is effective Dec. 10, 2018. Navy Federal reserves the right to end or modify this offer at any time. Penalty for early withdrawal. The Special EasyStart Certificate has a $50 minimum balance and a $3,000 maximum balance. Additional deposits are allowed at any time, subject to the maximum balance. Certificate owner(s) age 18 and older must have Direct Deposit of Net Pay or payroll allotment and a Navy Federal checking account within 90 days of the certificate issue date. If these requirements have not been satisfied by the 90th day, your Special EasyStart Certificate dividend rate will be reduced to the prevailing dividend rate of the standard EasyStart Certificate for the remainder of the certificate's term.

 

[audreyh1]

Me to however not sure if an ACH transfer from Discover bank will qualify as a direct deposit. I called Navy today and the rep says it needs to be coming from an employer or retirement plan or social security as examples. He also said I need to set it up from my end. I have a similar account at another institution and they are accepting my Discover ACH monthly transfer so I'm thinking of just trying to see if it's accepted. I suppose it's all ion the way it's coded.

I think they often give you this baloney, but transfers from a brokerage account are treated as qualifying for me in the past. Honestly, they don’t know if the money is coming from an IRA or not - all they know is that it came from a brokerage account. Could have been from an IRA - they don’t know.

 

[jazz4cash]

^^^^ I was talking about the 3.5% Easy Start CD.... not a checking account.

What is the source of funds to meet the direct deposit requirement? I’m not really sure they enforce this requirement but I think you could set up transfers from Fido or similar and they are treated as a direct deposit.

 

[pb4uski]

If I do it I'll probably set us a small autotransfer from some other account. I wonder if an autotransfer from DiscoverBank would work. Not even sure it is worth the effort though.

 

[Freedom2021]

Me to however not sure if an ACH transfer from Discover bank will qualify as a direct deposit. I called Navy today and the rep says it needs to be coming from an employer or retirement plan or social security as examples. He also said I need to set it up from my end. I have a similar account at another institution and they are accepting my Discover ACH monthly transfer so I'm thinking of just trying to see if it's accepted. I suppose it's all ion the way it's coded.

What they mean is that you have to have a direct deposit going to your checking account in order to qualify for the 3.5% CD.

Idk if they will accept an ACH transfer - worth a try. It is easy enough to set up and if there are two of you each person could open their own account making it a more attractive offer.

 

[Freedom2021]

I just looked online at tmobile banking and it shows 4% interest on the first 3K. did you have a link that shows 5%?

I just looked - you are correct. My account shows 4% for the first $3K and 1% for anything above. Sorry for the confusion - I don't think it dropped overnight it apparently was 4% all along since my July stmt says 4%.

 

[pb4uski]

That's actually pretty good... not good enough for me to become a T-Mobile customer but if I was I'd look into it.

 

[Freedom2021]

Thanks for the reminder, I forgot about the 1% for balances above $3,000. It has been cool collecting the $10/mo. I set up an auto deposit of $200 and a auto withdrawal of $210 (to/from my everyday credit union account).

Yes, the 1% is the reason why I am now still using it as a savings account even though it is a checking account.
My other CU acct had a 1% checking and dropped to almost nothing without me even realizing it immediately - took me two months.
In the long run it pays off to review your accounts and to make adjustments as things change.

 

[Sunset]

I just looked - you are correct. My account shows 4% for the first $3K and 1% for anything above. Sorry for the confusion - I don't think it dropped overnight it apparently was 4% all along since my July stmt says 4%.

It's a bit tempting, as it's $90 per year compared to just leaving my money in Ally.

 

[njhowie]

It's a bit tempting, as it's $90 per year compared to just leaving my money in Ally.

If you have PNC bank in your area, $50/$200/$300 bonus for $500/$2000/$5000 in direct deposits (with ACH counting as direct deposit from a number of other banks).

Account must be opened by 8/31 and direct deposit within 60 days.

https://www.pnc.com/en/personal-banking/virtual-wallet-overview.html

 

[jazz4cash]

That's actually pretty good... not good enough for me to become a T-Mobile customer but if I was I'd look into it.

I agree. I think it’s 1% even for non customers which ain’t half bad either but I’m not gonna open another account to get ~20 bps. I assume it’s not FDIC.

 

[friar1610]

I'm hoping Navy Fed CU will keep their $3K annual CD at 3.5%. It has been a great little perk. A free hundred bucks times two is not a bad thing especially in the absence of any other good opportunities.
The last time I looked their CD high was 1% and 1.25%.
If you or a member of your family is or was military you will qualify for membership.

I should probably know the answer to this as I've been an NFCU member forever...can anyone, regardless of how many other certificates they have there, buy these "Easy Start" certificates as long as they don't have more than one at any given time? I think I've always just assumed from the name and the low maximum that they were intended to get young service members in the thrift habit.

 

[jazz4cash]

I should probably know the answer to this as I've been an NFCU member forever...can anyone, regardless of how many other certificates they have there, buy these "Easy Start" certificates as long as they don't have more than one at any given time? I think I've always just assumed from the name and the low maximum that they were intended to get young service members in the thrift habit.

NFCU doesn't make it easy to follow. They have EasyStart Certificates which have mediocre rates of .5/.8/.8/.9 for 6/12/18/24 months. You can add funds to theses any time, no limits and you can have more than one.

They also have a Special EasyStart Certificate. One per member. 3.5 % for 12 months, add funds at anytime upto limit of $3000

 

[Sunset]

If you have PNC bank in your area, $50/$200/$300 bonus for $500/$2000/$5000 in direct deposits (with ACH counting as direct deposit from a number of other banks).

Account must be opened by 8/31 and direct deposit within 60 days.

https://www.pnc.com/en/personal-banking/virtual-wallet-overview.html

This sounds interesting.

Do qualifying Direct Deposits get any special notation compared to ACH deposits ?

I did find this site which suggests what qualifies for each bank. Of course I notice for PNC, that Ally does and doesn't qualify, so Ally seems a bit iffy for a transfer.
https://www.hustlermoneyblog.com/what-banks-count-as-direct-deposits/comment-page-2/#PNC

 

[njhowie]

This sounds interesting.

Do qualifying Direct Deposits get any special notation compared to ACH deposits ?

I did find this site which suggests what qualifies for each bank. Of course I notice for PNC, that Ally does and doesn't qualify, so Ally seems a bit iffy for a transfer.
https://www.hustlermoneyblog.com/what-banks-count-as-direct-deposits/comment-page-2/#PNC

From what I've seen based on comments of those who have done it, no. I did this recently with the Citizens Bank bonus. It required a one-time direct deposit and I did it with Chase ACH - description shows "Jpmorgan Chase Ext Trnsfr". Nothing that indicates direct deposit, it was the only transaction I did in the account, and three months later the bonus was credited.

 

[Happyras]

Just saying...yesterday I set up a t-Mobile money account and it required deposit by 8/28, but no way to do so for weeks until you either get their debit card or you complete a ETF set up with another bank. I downloaded their mobile ap and wrote a check to deposit directly. Today, they denied the check, as it was considered third party even though made out to them. I do not like games and run around and this leaves me pretty unsatisfied. You can not write a check for deposit from another bank, I know I have done so for at least 50 years at other banks so this is not right. Also, when I tried to set up a link with my Fido, their routing number is not valid as it is a commercial bank, same issue with Personal Capital. Certainly not worth the hassel for $10/month interest on the $3K limit. I am canceling my account today and I think I will buy some more preferred stock instead to sock away the 3 grand.

 

[Sunset]

Just saying...yesterday I set up a t-Mobile money account and it required deposit by 8/28, but no way to do so for weeks until you either get their debit card or you complete a ETF set up with another bank. I downloaded their mobile ap and wrote a check to deposit directly. Today, they denied the check, as it was considered third party even though made out to them. I do not like games and run around and this leaves me pretty unsatisfied. You can not write a check for deposit from another bank, I know I have done so for at least 50 years at other banks so this is not right. Also, when I tried to set up a link with my Fido, their routing number is not valid as it is a commercial bank, same issue with Personal Capital. Certainly not worth the hassel for $10/month interest on the $3K limit. I am canceling my account today and I think I will buy some more preferred stock instead to sock away the 3 grand.

Thanks... It's informative to know there could be some issues. I wonder if the check was made out to you would it work ?

 

[Mo Money]

I think I've got the right thread, but if not, please advise.

I used to earn 1.5% at Barclays, in a savings account. Now it's .006.

I have pondered CDs, but frankly, I'm a bit lazy; I just want to move money in and out of a savings account and not worry about CD terms of 1 year, 6 months, etc.

Any suggestions as to a better savings account rate?

 

[pb4uski]

Online savings (Ally, Discover Bank, Capital One) are in the 0.8% range currently.

 

[lucky penny]

Online savings (Ally, Discover Bank, Capital One) are in the 0.8% range currently.

American Express Personal Savings and Penfed's Premium Online Savings are also at .8%, but rates everywhere are sinking fast.

CD rates are lower now than the savings rates but also sinking. E.g., AE's 2-yr CD is at .6%

 

[pb4uski]

If you qualify for membership, Navy Federal 1-year CDs are at 0.9%.... 0.95% for $100k+. Their 1-year EasyStart CD which allows additonal deposits is 0.8% so you could lock in today's online rates for a year subject to EWP.

 

[Chuckanut]

Ally bank has 11 month CD's that offer quite a bit more than your bank and have no penalty if you close them early. Lock it in quickly. I have already heard of some online banks going down to 0.5% on the High Yield accounts. The CDs can't be far behind.

 

[njhowie]

This one was good for a chuckle...