Best CD, MM Rates & Bank Special Deals Thread 2021 - Please post updates here

[njhowie]

NJ--would you be willing to share a couple of your favorite preferred issues? What source do you used to uncover and get quotes?
Thx

They are both banks, the preferred issues are small, the bid/ask spread is wide, trades are usually few and far between. You have been warned.

However, both banks are very solid, both pay respectable/sustainable common dividends (so preferred is well protected), and they have a current yield between 6% and 7%. They are both callable in 2025, but should they be called, yield to call would still be in the 5% to 6% range if purchased at current prices.

Symbols are CCNEP and LEVLP. More info is available here:

https://www.quantumonline.com/search.cfm?tickersymbol=CCNEP&sopt=symbol

https://www.quantumonline.com/search.cfm?tickersymbol=LEVLP&sopt=symbol

I am not recommending anyone purchase these, I'm simply providing the info should you wish to investigate further.

 

[Out of Steam]

I think I will pull the plug on the Capital One 360 savings account I've had since they were ING Direct. They seem to have no intention of offering competitive savings rates. 0.40% is a joke.

Considering we're about a year from buying a new car, I plan to replace it with either a local credit union account or one with Navy Federal, which has two retail locations within 30 minutes of here.

 

[Gotadimple]

I think I will pull the plug on the Capital One 360 savings account I've had since they were ING Direct. They seem to have no intention of offering competitive savings rates. 0.40% is a joke.

Considering we're about a year from buying a new car, I plan to replace it with either a local credit union account or one with Navy Federal, which has two retail locations within 30 minutes of here.

.40% is more than competitive for a B&M bank and CapOne is brick and morter. .40% is pretty good for an Internet bank which ING Direct was, and currently you can find the same rate at American Express Bank.

.60% is very good and you can find that at Live Oak Bank, for high yield savings this rate is better than Navy Federal. For all intents and purposes they are an internet bank. Customer Service is excellent. See https://www.bauerfinancial.com/cd-rate-watch/ for a list of rates at banks and credit unions.

 

[rrppve]

Consider the T-mobile, UHaul, (others) investment accounts.

Toyota Income Driver Notes currently pay 1.5% on demand money. NOT FDIC insured, but a pretty good credit.

 

[Dtail]

Toyota Income Driver Notes currently pay 1.5% on demand money. NOT FDIC insured, but a pretty good credit.

Toyota notes vs. MYGA investments.
Thoughts?

 

[rrppve]

Toyota notes vs. MYGA investments.
Thoughts?

All depends if you want demand money or are willing to lockup a time deposit. With MYGAs under 3%, I'm using Toyota, as I don't like the lockup.

 

[RetiredAndLovingIt]

FTC Bans Beam Financial from Mobile Banking

https://www.depositaccounts.com/blog/2021/03/ftc-bans-beam-financial-mobile-banking.html

 

[Out of Steam]

.40% is more than competitive for a B&M bank and CapOne is brick and morter. .40% is pretty good for an Internet bank which ING Direct was, and currently you can find the same rate at American Express Bank.

.60% is very good and you can find that at Live Oak Bank, for high yield savings this rate is better than Navy Federal.

I hadn't realized that overall savings rates had fallen quite that much, and that it would take several years of term on a CD to even get 1%. With rates that low, I'm thinking that the access to a credit union for car loans is worth more than the interest on a modest savings account.

 

[pb4uski]

Toyota notes vs. MYGA investments.
Thoughts?

Toyota is like an online savings account... deposit or withdraw at any time... just not FDIC insured but pay 1.5%. There are a handful of similar programs if you want to diversify the credit risk.

MYGAs are like a CD but with a more onerous early withdrawal penalty if you want your money before maturity.

 

[Dtail]

Toyota is like an online savings account... deposit or withdraw at any time... just not FDIC insured but pay 1.5%. There are a handful of similar programs if you want to diversify the credit risk.

MYGAs are like a CD but with a more onerous early withdrawal penalty if you want your money before maturity.

Sorry PB, I wasn't clear.
I understand each investment and have MYGA's for my parents.
I was wondering on thoughts about how this group feels about favoring one vs. the other.

 

[pb4uski]

Sorry PB, I wasn't clear.
I understand each investment and have MYGA's for my parents.
I was wondering on thoughts about how this group feels about favoring one vs. the other.

I guess then is is similar to favoring an online savings account vs a CD.... in all cases it is a tradeoff of liquidity for higher rate.

 

[njhowie]

Some folks were recently asking about previously lifted 6 transfer monthly savings account limit and banks not implementing...just saw this in our Citi account:

Beginning April 19, 2021, Citi is lifting the six-per-statement limit on transfers from your savings and money market accounts.

 

[jazz4cash]

That’s good news. I did know anything about the change. It never made sense to impose this limit on certain forms of withdrawals and I believe the enforcement was inconsistent. I haven’t seen anything from my banks, specifically BofA.

 

[njhowie]

TIAA Money Market fund now yielding 0.00%

7-day current annualized yield 0.00% as of 4/01/2021
7-day effective annualized yield 0.00% as of 4/01/2021

 

[RetireAge50]

TIAA Money Market fund now yielding 0.00%

? Thank you though.

 

[Chuckanut]

TIAA Money Market fund now yielding 0.00%

Don't worry. Negative interest rates can't happen here. Right?

 

[pb4uski]

How many $100 bills can be stacked in a large safety deposit box?

 

[Leo1277]

How many $100 bills can be stacked in a large safety deposit box?

The Swiss have a 1000 Swiss Francs bill, often used for just that purpose: https://www.reuters.com/article/uk-snb-banknote-idUKKCN1QM1KJ

...In recent years the 1,000 franc note has also been used by people wishing to avoid negative interest rates...

I have some funds in Europe, and they are threatening me to soon impose "safeguarding fees", as they call their negative interest rates. The only good thing is they can't do it for older accounts like mine, which are grandfathered.

 

[copyright1997reloaded]

The Swiss have a 1000 Swiss Francs bill, often used for just that purpose: https://www.reuters.com/article/uk-snb-banknote-idUKKCN1QM1KJ
I have some funds in Europe, and they are threatening me to soon impose "safeguarding fees", as they call their negative interest rates. The only good thing is they can't do it for older accounts like mine, which are grandfathered.

These might also work. A one kilo gold bar is worth approximately $55,800 at current prices.

 

[Leo1277]

These might also work. A one kilo gold bar is worth approximately $55,800 at current prices.

Is that an IPhone case? May serve as a good status symbol as well

 

[Sue J]

We just completed a bank bonus offer that was the easiest and fastest one that we've done.

This one was with S&T Bank. I had never heard of them and didn't know they had a local branch. My son got an offer in the mail and wasn't interested in doing it so he gave it to me. The offer was for $400 for opening a free checking account with $50 and then have ONE direct deposit over $500 or make $500 in debit card purchases. Then the bonus will be posted to your account within 30 days.

I opened the account online on 3/7/21. DH's direct deposit of his pension happened on 4/1/21 and our bonus of $400 was posted on 4/12/21. I went to the local branch today and closed the account after transferring most of the money out. No requirement to keep the account open for months like some banks, no fees of any kind associated with the checking account.

Easy and simple for $400. The only glitch we had was because this offer was mailed to our son and our address didn't match, I had to make a call and they offered to transfer the offer to us and our address.

https://www.stbank.com/personal/ They operate in Ohio, New York and Pennsylvania.

 

[Gotadimple]

Effective 4/22, Live Oak Bank drops the rate on its high yield savings from .60% to .55%.

 

[Dtail]

Effective 4/22, Live Oak Bank drops the rate on its high yield savings from .60% to .55%.

Still 5 bps ahead of Ally Bank.

 

[Gotadimple]

Still 5 bps ahead of Ally Bank.

Yes, they tend to be. They are a lot smaller than Ally. I find them easy to work with and their system is very friendly to use.

 

[braumeister]

Had an email today from Marcus offering an extra 0.10% on their online savings account if you're an AARP member. It's 0.5% so 0.6% with this deal. I like that so I opened an account just so I can move some cash over there.

https://www.marcus.com/us/en/savings/aarp-rate-bonus