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

[disneysteve]

So when it comes to Venmo or Zelle, I say to the kids: "Nope. Not gonna do it sonny boy. Here's a $50 bill."

LOL. I use Zelle all the time. I use it for my mom to send me money to cover the shopping we do for her. I use it to transfer money between my daughter and I. I use it to pay friends when I have to reimburse them for something like a meal. I've used Venmo plenty, too. So nice to not have to deal with cash much.

 

[disneysteve]

Sorry for going off on a tangent. Back to CD and MM rates. I'm just glad Ally is up to 2.00% as we do still have some money there that I haven't moved to Vanguard.

 

[JoeWras]

LOL. I use Zelle all the time. I use it for my mom to send me money to cover the shopping we do for her. I use it to transfer money between my daughter and I. I use it to pay friends when I have to reimburse them for something like a meal. I've used Venmo plenty, too. So nice to not have to deal with cash much.

You're the cool dad.

I'm the stodgy one whose kids have to put a bag over their head out of embarrassment.

 

[braumeister]

And how many of your Fidelity/Schwab transactions are done in person vs online?

Precious few, but that wasn't my point. People just like knowing that they can go and deal with a person face to face if they want to. No different from those who like to deal with a local bank branch.

 

[JoeWras]

Sorry for going off on a tangent. Back to CD and MM rates. I'm just glad Ally is up to 2.00% as we do still have some money there that I haven't moved to Vanguard.

Although it is a tangent, it had a reason.

Too many people are suffering inertia right now. Wake them up! Get them moving to get these rates. The banks aren't gonna talk about Treasuries, or Ally, Marcus, Syncrony, etc.

And even though we were just joking about young vs. old, let your young friends or kids know too. I think a lot of them ARE in the world of have-it-now apps (gotta keep my money in the bank so it is linked to Venmo!) and may be missing an opportunity to get outside of themselves and explore these new rates. Think about it: the concept of bank interest actually being significant has never happened during the working lives of anyone under 30.

 

[Car-Guy]

Precious few, but that wasn't my point. People just like knowing that they can go and deal with a person face to face if they want to. No different from those who like to deal with a local bank branch.

My dad was a "Social Security paper check" hold out for years (decades)... He absolutely hated direct deposits on anything... He wanted that check in his hand. I don't recall the details but he was basically forced to make the change just a few years before he passed away.

 

[RetiredAndLovingIt]

I use Paypal or Zelle to send and receive money from family when we pick stuff for each other. It is really convenient, I've even used Zelle to pay my neighbor a couple of times when we were fixing the fence.

 

[Dtail]

Although it is a tangent, it had a reason.

Too many people are suffering inertia right now. Wake them up! Get them moving to get these rates. The banks aren't gonna talk about Treasuries, or Ally, Marcus, Syncrony, etc.

And even though we were just joking about young vs. old, let your young friends or kids know too. I think a lot of them ARE in the world of have-it-now apps (gotta keep my money in the bank so it is linked to Venmo!) and may be missing an opportunity to get outside of themselves and explore these new rates. Think about it: the concept of bank interest actually being significant has never happened during the working lives of anyone under 30.

Yup, have turned my DGF's son towards online banks.

 

[Dtail]

I use Paypal or Zelle to send and receive money from family when we pick stuff for each other. It is really convenient, I've even used Zelle to pay my neighbor a couple of times when we were fixing the fence.

DGF and I do use Zelle but not too often.

 

[copyright1997reloaded]

I hope so. I'm specifically looking at credit unions. The two I belong to plow way too many profits into real estate -- something they are allowed to do as non-profits. They need to plow it back into rates.

And even though we older people are somewhat sophisiticated online, the kids are way beyond us. Example: I'm like the cranky guy who has to visit the bank personally when I think of money transfer apps. I don't like them. So when it comes to Venmo or Zelle, I say to the kids: "Nope. Not gonna do it sonny boy. Here's a $50 bill."

I'm a member of at least six credit unions, including four local or where I used to work/live. Of those four, only one has rates in the same galaxy as other online institutions. But those credit unions do spend a lot of time and effort talking about what they are doing for the community, opening new branches, and paying the CEO big bucks.

 

[Trailwalker]

I never could get my dad to open an account at Ally (or anywhere online). He wanted to be able to drive to his bank and buy a CD from the nice guy at the desk. So, he'd buy a .5% CD when he could get 3% or 4% at an online bank. All of his money was at the local bank in CDs. I think a lot of older people are uncomfortable with their money being not being local.

My mom is the same way about online banks or credit unions. Her fear is getting hacked or scammed online somehow. I can't stop her from clicking on links so I'm okay with that decision.

 

[JoeWras]

I was a huge credit union supporter but lately I've soured on the way they are behaving.

And as for ya'll using Venmo and Zelle, I hope you know I was joking and not poking fun at you all that do use it. I know a lot of you have to, especially if you have kids.

I was poking fun at myself because I am going to be that old codger who never uses it when 99% of the rest of the world is.

 

[Dtail]

I was a huge credit union supporter but lately I've soured on the way they are behaving.

And as for ya'll using Venmo and Zelle, I hope you know I was joking and not poking fun at you all that do use it. I know a lot of you have to, especially if you have kids.

I was poking fun at myself because I am going to be that old codger who never uses it when 99% of the rest of the world is.

Hey using a cell phone could be close for you now.

 

[wrigley]

I never could get my dad to open an account at Ally (or anywhere online). He wanted to be able to drive to his bank and buy a CD from the nice guy at the desk. So, he'd buy a .5% CD when he could get 3% or 4% at an online bank. All of his money was at the local bank in CDs. I think a lot of older people are uncomfortable with their money being not being local.

When my grandmother passed away in the early 90s at age 89 my mother found 71k in cash in one of her dresser drawers. My grandmother lived with us from the time I was born. She worked part time in a local mom and pop grocery store that was a block away from the house. She never had a driver's license, never drove a car in her life, and never flew on a plane. The furthest she ventured away from South Chicago was Lake Geneva Wisconsin. She didn't believe in banks!

Mike

 

[pb4uski]

You're the cool dad. [emoji23]

I'm the stodgy one whose kids have to put a bag over their head out of embarrassment.

Aka neanderthal. [emoji16]

 

[pletal]

I'm on the fence. I have 100k from a CD that just came due. It was at 2.4% . MSU FCU still has a 7 yrs 3.76% cd right now. I have been waiting on going for it. I know 7 years is a long time. I may have posted something about this before. Just getting over Covid, a little foggy! I guess rates could go higher for 5 years or shorter, thanks for advice

 

[Car-Guy]

^^^^^^
As I've posted before, I've been waiting on ~4% for 3 year or less brokered CD's. Any longer maturities are just to long for me. Schwab currently has them for 3.5% now and I suspect they will hit 4% shortly after the next FED meeting in a few weeks. (another .5% isn't a lot, but that's my magic number) Personally, I'm planning on adding 1/2m to my fixed income portfolio during the 4th quarter no matter what the rates are. (I'm done waiting) Probably will ladder them from 6mo to 3 years. Not sure that helps you or not, but that's what I'm planning.

 

[pletal]

^^^^^^
As I've posted before, I've been waiting on ~4% for 3 year or less brokered CD's. Any longer maturities are just to long for me. Schwab currently has them for 3.5% now and I suspect they will hit 4% shortly after the next FED meeting in a few weeks. (another .5% isn't a lot, but that's my magic number) Personally, I'm planning on adding 1/2m to my fixed income portfolio during the 4th quarter no matter what the rates are. (I'm done waiting) Probably will ladder them from 6mo to 3 years. Not sure that helps you or not, but that's what I'm planning.

I hope you are right. .5 is a lot when there are big numbers in the equation. my ladder goes out a little longer, but same results. Good luck and thank you, have a great day.

 

[Car-Guy]

I hope you are right. .5 is a lot when there are big numbers in the equation. my ladder goes out a little longer, but same results. Good luck and thank you, have a great day.

I guess it's relative... +.5% for 500k in CDs is an additional $2500 yr... Sure it's better than a sharp stick in the eye (so to speak) but I see my relatively small equity portfolio swing much more than that in a day very often (like today and the market has only been open 2 hours).

 

[njhowie]

Fidelity now offering fractional CDs - $100 minimum.

https://www.fidelity.com/fixed-income-bonds/fractional-cds

 

[almost there]

Slow going for sure. Got 3.5% on a 5 yr at Charles Schwab on June 28th.
3.4% on a 3 & 4 year at the same time.
I kind of suspected it would go like this. Also any hint of continued recession
and will see an immediate fed U-turn. More personal CD $$ available Jan & Feb 2023. Will see what things look like then. Hoping for 4%... Past 5 years my average has been 3.4%. So anything over that is a bonus. My frothy ret. plan is based on a 3% return. Actual plan based on a zero % return, but with ZERO losses.
Super constitutive over here.

 

[audreyh1]

The yield curve is slightly inverted with the 1-yr out yielding all the longer durations. Unless the additional Fed rate raises also push the longer duration rates up…..

 

[Al18]

Freedom Credit Union has a 3 year 4.08% CD according to https://www.depositaccounts.com/banks/freedom-cu/offers/

 

[Out of Steam]

I wonder what goes on inside the institutions that lag on interest rates? Eventually they seem to pony up. Maybe that's their strategy. Something like, "We know our depositors follow interest rates, but ours aren't on top of things day-to-day, and they'll usually not switch institutions on a dime."

Capital One has a variation on this. They keep rates low on your existing money market account, and force you to open a new account and transfer your money into it to get a competitive rate.

I had to do this for the second time a few weeks ago, 1.75% vs. 0.80%.

 

[audreyh1]

Wow, they are still pulling that trick? I know they aren’t the only ones. I think it was a common practice at CIT bank, for example.