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

[erkevin]

Me too.. I just moved 50k last week from CIT bank to Marcus. Probably a waste of time to move it to Discover paying .55.

That .05% will net you $5 per year per $10,000 deposited, so $25. Only you can determine if its worth the effort.

 

[audreyh1]

Can Ally be far behind?

Ally posted a special 15 month CD at 0.7% guaranteed through 2/10/21. I may rollover some of my Jan maturing no penalty CDs to this and pick up the 0.05% loyalty rate bonus.

 

[Dtail]

Ally posted a special 15 month CD at 0.7% guaranteed through 2/10/21. I may rollover some of my Jan maturing no penalty CDs to this and Pick uo the 0.05% loyalty bonus.

I have the same situation/timing at Ally. Will probably follow suit.
Thanks.

 

[Cat-tirement]

Ally posted a special 15 month CD at 0.7% guaranteed through 2/10/21. I may rollover some of my Jan maturing no penalty CDs to this and pick up the 0.05% loyalty rate bonus.

I don't see this on the Ally website. Did you get this in an email or something else?

 

[agh1]

I don't see this on the Ally website. Did you get this in an email or something else?

https://www.ally.com/go/bank/15m-select-cd/

 

[Cat-tirement]

https://www.ally.com/go/bank/15m-select-cd/

Thanks.
I've got a CD maturing on Feb 12, and this expires on Feb 10. I wonder if I will be able to designate this as a rollover a few days before.

 

[audreyh1]

I don't see this on the Ally website. Did you get this in an email or something else?

It popped up when I accessed Ally Bank online recently. https://www.ally.com/go/bank/15m-select-cd/

 

[audreyh1]

Thanks.
I've got a CD maturing on Feb 12, and this expires on Feb 10. I wonder if I will be able to designate this as a rollover a few days before.

I’m not sure. The rate might change after 2/10/21 and it’s not clear that you can lock it in if rolling over after that date.

I’ve set up to rollover before, but missed a higher rate by just a few days prior to maturity.

 

[Montecfo]

Reading the latest posts I'm saddened that we have been reduced to these table scraps, but this is the market.

Looks like mine will be going into ST bonds. Just glad a went long-term on some CDs a bit over a year ago.

 

[jazz4cash]

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

Reading the latest posts I'm saddened that we have been reduced to these table scraps, but this is the market.

Looks like mine will be going into ST bonds. Just glad a went long-term on some CDs a bit over a year ago.

Table scraps is so true. I’m gonna dip into the MYGA pool (2-3%) but will also use the well concealed Ally 15 mo CD. Thanks for the tip there. The way rates are dropping its great to know it is planned to be available til 2/10/21.


Edit: oh wait. This isn’t available for IRA?

 

[whatnot]

Thanks for the information on the 15 month CD from Ally.
I moved some cash sitting in my savings into this CD. Not much of an increase but at least it won’t go down if interest rates decrease even more on savings.

 

[Montecfo]

Just tough for me to think about locking up money for any period of time when it does not even net you a point.

My guess is that within a year we could have somewhat better choices but your results may vary.

 

[njhowie]

Thanks for the information on the 15 month CD from Ally.
I moved some cash sitting in my savings into this CD. Not much of an increase but at least it won’t go down if interest rates decrease even more on savings.

It is available through February, so instead of locking in right now, I believe it may be more prudent to stay in the savings or 11-month no-penalty CD currently at 0.6% until then.

Since you've already done it, this doesn't apply to you, but others who are considering it might want to hold off. Rates could go higher over the next two months.

If you or others are looking for higher rates now, depositaccounts is showing andigo.org having high yield CDs - 20-month for 1.00% with $250 minimum, jumbo 20-month for 1.10% with $100,000 minimum, and super-jumbo 20-month for 1.2% with $250,000 minimum.

https://www.andigo.org/Bank/Savings#rates

Andigo Credit Union is open to: (1) anyone through making a $15 donation to ConnectVETS; (2) those who live or work in the greater Chicago area; (3) employees of Americaneagle.com, Google, Andigo, Nokia Networks, Motorola Mobility, Motorola Solutions, NewNet Communication Technologies, Academy of General Dentristy, ARRIS, Cambium Networks, Brook Electrical Supply, Ceannate Corp, Continental, GO2 Partners, Direct Selling Association (DSA), Heartland Alliance, Jameson Sotheby’s International Realty, Jim Beam, KinderCare, LPL Financial, Nidec-Shimpo America, Property Specialists, Inc., Royal Power Solutions, SAC Wireless, Smalley Steel Ring, Twisted Pair Solutions, Velocity, or Zebra Technologies Corporation

 

[njhowie]

Just tough for me to think about locking up money for any period of time when it does not even net you a point.

My guess is that within a year we could have somewhat better choices but your results may vary.

Agreed. This is the time to stay short-term if locking up money. The current environment is a boon to corporations and anyone looking to refinance long-term debt. For those lending money, you could very easily shoot yourself in the foot should rates move higher.

 

[pb4uski]

Agreed, but the nice thing is that even if you are long with a 180 day EWP then at these low rates it doesn't take much of a rate increase to make it worthwhile to break the CD and absorb the EWP.

 

[audreyh1]

Ally sub 2 year CDs have only a 90 day penalty. I hope that’s still true.

Wait - it’s only 60 days interest penalty for up to 24 months.
https://www.ally.com/bank/high-yield-cd/

 

[Sunset]

I've switched to buying the Ally 5 yr CD at 1%, because even with the penalty of 5 months interest (tiny), after 17 months it earns more than all the others.

https://www.depositaccounts.com/tools/ewp-calculator.aspx?ids=5207

17 Months 0.71%
24 Months 0.79%

 

[Montecfo]

My MM is still at .76. Have to watch these things closely.

 

[camfused]

^^^ Where is it .76% ?

 

[pb4uski]

I have some 1.35% CDs maturing in May 2021 and some 2.25% CDs maturing in August 2021. I hope that rates get better before it comes time to roll them over.

 

[Montecfo]

^^^ Where is it .76% ?

CFG bank.

 

[Chuckanut]

Agreed, but the nice thing is that even if you are long with a 180 day EWP then at these low rates it doesn't take much of a rate increase to make it worthwhile to break the CD and absorb the EWP.

The above, which I find very logical, is also one of the best and saddest ways to describe how bad these rates are. The realization that giving up 6 months of interest may not be a big deal is rather amazing.

 

[Momcpa]

I have a $10,000 CD renewing on Nov 30 (Monday). Called around to banks and credit unions today. I can roll it over at the same bank for 15 months @ .91%. The second best rate I could find was for a 60 month at a little over 1%. We decided to keep it at the 15 month rate. We currently have a couple CDs for 60 months, but didn't want to tie up more money for that length. In reality, at that point we will have been all the way through this new presidential term. A lot could happen.....good, bad, or somewhere in between. Didn't want to chance it.

 

[pb4uski]

That's a pretty good rate for 15 months.

 

[calmloki]

And an opportunity to say thanks again to pb4uski for the wisdom of opening multiple add-on CDs for a modest ($50) amount when the chance arises. That 1.34% at NavyFCU looked pretty sad when we opened them, but we may add to them as they look much better now that rates continued down. And had they gone up we had just a tiny amount at risk.