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

[Montecfo]

So now they are equal to Ally.

Yes. And both are half the TMobile Money rate.

 

[target2019]

Here are current PENFED CD rates.

TERM	APY*
6 Month	0.45%**
12 Month	0.85%
15 Month	1.00%
18 Month	1.15%
2 Year	1.25%
3 Year	1.00%
4 Year	0.95%
5 Year	1.30%
7 Year	1.50%

For argument's sake, if high yield savings rate is .50%, then it makes little sense to invest in any CDs like this, whoever is offering them.

 

[jazz4cash]

Here are current PENFED CD rates.

TERMAPY*

6 Month0.45%**

12 Month0.85%

15 Month1.00%

18 Month1.15%

2 Year1.25%

3 Year1.00%

4 Year0.95%

5 Year1.30%

7 Year1.50%

For argument's sake, if high yield savings rate is .50%, then it makes little sense to invest in any CDs like this, whoever is offering them.

I guess I’d rather earn .85-1.25 on funds not needed for the corresponding terms. I’d use the Hi yield savings as well to meet immediate and emergency needs. I expect rates will be headed up so I wouldn’t go out very far.

 

[Montecfo]

Here are current PENFED CD rates.

TERM	APY*
6 Month	0.45%**
12 Month	0.85%
15 Month	1.00%
18 Month	1.15%
2 Year	1.25%
3 Year	1.00%
4 Year	0.95%
5 Year	1.30%
7 Year	1.50%

For argument's sake, if high yield savings rate is .50%, then it makes little sense to invest in any CDs like this, whoever is offering them.

The 2 year T-bill is at 1.45%. That seems a lot more interesting than these rates.

But I plan to sit tight with more rate hikes teed up.

 

[audreyh1]

Yes, the T-bills are just about to look interesting again. It might be like last go around when T-bills were ahead of bank CDs for quite a while.

 

[target2019]

High-interest savings vs. 1 year CD.

Amount	0.50% hi-int	0.85% 1-YR CD	add'l $$$
10,000	$50	$85	$35
50,000	$250	$425	$175
100,000	$500	$850	$350

I'll play some other game this year.

 

[pb4uski]

High-interest savings vs. 1 year CD.

Amount	0.50% hi-int	0.85% 1-YR CD	add'l $$$
10,000	$50	$85	$35
50,000	$250	$425	$175
100,000	$500	$850	$350

I'll play some other game this year.

1 year UST is 1.15%, so better than 0.85% for a 1-year brokered CD... same credit and interest rate risk... so a $65 advantage over the online savings account on $10,000.

 

[jazz4cash]

I guess this thread will stay a bit more active with rates on the rise. MYGA rates too. The 5 yr A rated Americo MYGA just increased from 2.7 to 3.05. 5 yrs might be too long to lock in a large sum, though.

 

[Montecfo]

1 year UST is 1.15%, so better than 0.85% for a 1-year brokered CD... same credit and interest rate risk... so a $65 advantage over the online savings account on $10,000.

Stick with 1.00.% savings account. no interest rate risk or.credit risk.

 

[jazz4cash]

1 year UST is 1.15%, so better than 0.85% for a 1-year brokered CD... same credit and interest rate risk... so a $65 advantage over the online savings account on $10,000.

I like that suggestion. Where are you buying these? I'm surprised to see very high minimums on 1yr UST's at Fidelity. 1yr really is a sweet spot vs. CD's

 

[pb4uski]

Stick with 1.00.% savings account. no interest rate risk or.credit risk.

Same credit risk and negligible interest rate risk and none if held to maturity. Besides, I can easily but UST in an IRA.

 

[pb4uski]

I like that suggestion. Where are you buying these? I'm surprised to see very high minimums on 1yr UST's at Fidelity. 1yr really is a sweet spot vs. CD's

I bought one earlier in Feb in my tIRA at Vanguard... bought one that matures in January 2023 in an amount equal to my annual Roth conversion... so when it matures I'll then move the proceeds to my Roth. IIRC there was no minimum other than perhaps $1,000.

I think you can buy them at any broker.

 

[MBSC]

I like that suggestion. Where are you buying these? I'm surprised to see very high minimums on 1yr UST's at Fidelity. 1yr really is a sweet spot vs. CD's

Method #1. The 1.15% on the Fidelity current yield page is for a 3/31/23 maturity (13 months) with $500k minimum. Click on 'depth of book' when viewing secondary market listing. It's available with lower minimums but the 'ask' (purchase price) is a little higher making the yield a little lower. Then, on place order page using 'more quotes -depth of book', I can buy the previously displayed $1k at 1.149%.

Method #2: Treasuries can be bought at auction in $1k increments. Here is the auction schedule.

https://home.treasury.gov/system/files/221/Tentative-Auction-Schedule.pdf

They appear on Fidelity just after the announcement date. The next 52-week T-Bill auction is Tuesday.

Fidelity > News & Research > Fixed Income

Select "New Issues" tab then click "+" next to Treasury. Look for the one with Maturity Date 2/23/23 and expected yield 0.957%. The actual yield may be slightly different based on global events between now and Tuesday.

I place orders after the announcement date and before auction date. I've never waited until the auction date. This article has screen shots of the process. https://thefinancebuff.com/treasury-bills-cd-money-market.html

 

[Montecfo]

Same credit risk and negligible interest rate risk and none if held to maturity. Besides, I can easily but UST in an IRA.

I can see that. I just wish we were talking about something more than 15 basis points!

 

[jazz4cash]

MSBC, Thanks for the step by step which was very easy to follow. I don't think I ever would've figured that out on my own. I'm going to use Method #1 at Fido and may also buy a bit at Treasury Direct. I think they sell in $100 increments.

 

[Oilcan]

I also appreciate the step by step. Thanks!

 

[audreyh1]

I’ve used the auction purchase and renew method at Fidelity where they keep rolling it over for you. Quite straightforward.

 

[Gotadimple]

Live Oak Bank increases rates on their High Yield Savings Account to 0.6% starting 3/1, no minimum balance.

 

[Another Reader]

Live Oak Bank increases rates on their High Yield Savings Account to 0.6% starting 3/1, no minimum balance.

I got an e-mail from them this morning with the 0.6 percent interest rate and offering a $200 bonus if you deposit at least $25,000 new money in a new savings account by March 31 and keep it in that account for at least 90 days.

 

[RetiredAndLovingIt]

Marcus by Goldman Sachs offering a 10 month promo certificate at 1.10%

https://www.marcus.com/us/en/savings/high-yield-cds/10-mcd-promo#cdcalc

Also a 13 month no penalty CD at 0.65

https://www.marcus.com/us/en/savings/no-penalty-cds

 

[Dash man]

Synchrony Banks savings account now 0.60%.

 

[Perryinva]

Anyone do the Capital One $50k 360MM deal? Deposit $50k by 12/17/21, leave through 3/17/22 for $450? I hate how they don’t acknowledge anywhere that you have qualified for the bonus, or to expect it by a certain date. I’ve done it in the past and have always gotten it. Still waiting for the bonus to post.

 

[jim584672]

1 year bills are 1.32% this morning. The CD rates are lagging.

 

[RE2Boys]

Started moving my online so-called Hi yield savings into 6 month T-bills, looking at building a 12 rung one year ladder that would maintain pretty good liquidity at higher yields.

 

[audreyh1]

Synchrony Banks savings account now 0.60%.

OK, creeping improvement!