Best CD, MM Rates & Bank Special Deals Thread 2023 - Please post updates here

[almost there]

Agree, short term rates being higher than long term rates is the clue I look at. No idea exactly when, but its going to get really ugly.

Take them with a grain of salt. Anyone remember what their dots said in late 2021?

said right now Fed Funds would be at .75 or so.

https://www.forexlive.com/centralba...-and-dot-plot-september-2021-meeting-20210922

Does anyone remember when they said they would keep rates low through 2023?

https://www.nytimes.com/2020/09/16/business/economy/federal-reserve-interest-rates.html

If you believe the Fed can forecast accurately, you have lost a lot of money.

 

[John Galt III]

Plus the ability to consolidate any existing CD there to a longer duration with no penalty. So an old 1,2,3,4, 5 yr. can go into a new 4.2% 5 yr. with no penalty.

Nice ! I have a 7 year CD at Andrews (air force base) FCU getting 3.1 %, which I got 2 years ago. Maybe I ought to call up Andrews and ask if I can roll it into a their current 5 year CD deal at 4.2 %, without a penalty.

 

[jazz4cash]

Nice ! I have a 7 year CD at Andrews (air force base) FCU getting 3.1 %, which I got 2 years ago. Maybe I ought to call up Andrews and ask if I can roll it into a their current 5 year CD deal at 4.2 %, without a penalty.

Yes, please call and let us know what they say! I have 7 and 12 month maturities there at 3%. I recently scraped the interest off to buy 6 yr @5.45.

 

[Spock]

Take them with a grain of salt. Anyone remember what their dots said in late 2021?

said right now Fed Funds would be at .75 or so.

https://www.forexlive.com/centralba...-and-dot-plot-september-2021-meeting-20210922

Does anyone remember when they said they would keep rates low through 2023?

https://www.nytimes.com/2020/09/16/business/economy/federal-reserve-interest-rates.html

If you believe the Fed can forecast accurately, you have lost a lot of money.

Somebody had a Fed blooper reel but I can't find it back.
The two recent ones:
"inflation is transitory"
"the subprime mortgage problem is self-contained"

 

[Drake3287]

Maybe I ought to call up Andrews and ask if I can roll it into a their current 5 year CD deal at 4.2 %, without a penalty.

I already tried that with one of my banks, I even offered to open a second $100k CD. As much as they would have loved to do it, they said Federal Banking laws don't allow them to wave penalty fees.

 

[Bigdawg]

That's what I thought from what I read when first looking into signing up a couple years ago, and I was not active or a veteran. However, long ago, I was active duty for reserve training and a reservist for about 6 years with honorable discharge about 30 years ago. NFCU let me sign up despite not being active or a vet. Also I had no family members with NFCU.

Umm, yes! U r a vet. Anyone who raised their hand, took the oath, served (even for one day) and then received a discharge is considered a veteran. Thank you for your service. I have no doubt Navy Fed will take you as a client. Good luck.

 

[John Galt III]

Yes, please call and let us know what they say! I have 7 and 12 month maturities there at 3%. I recently scraped the interest off to buy 6 yr @5.45.

Too busy now, but will call later, perhaps. You didn't get the 6 year 5.45% at Andrews, did you? I see they have a 5 year CD at 4.2 %, but no 6 year CD. I'd almost rather they didn't 'haggle' for rates and deals. Is nothing sacred, lol? I tried getting my local credit union to give me a deal and they said no dice, the rules are the rules. How the heck can Navy FCU get away with waiving early termination fees, I wonder.

 

[jazz4cash]

Too busy now, but will call later, perhaps. You didn't get the 6 year 5.45% at Andrews, did you? I see they have a 5 year CD at 4.2 %, but no 6 year CD. I'd almost rather they didn't 'haggle' for rates and deals. Is nothing sacred, lol? I tried getting my local credit union to give me a deal and they said no dice, the rules are the rules. How the heck can Navy FCU get away with waiving early termination fees, I wonder.

S[-]omehow I missed the 6 yr 5.45 at Andrews. [/-] I mis-read your question....The 6yr 5.45 deal was a MYGA I bought because the brokered CDs seem to be losing call protection. It is still available.

I re-read the CD disclosure at NFCU and I think the folks getting to roll into a new certificate with no penalty are getting a generous interpretation of the policy. Generally speaking they is a lot of discretion in how the policies are enforced.

 

[MTB4me]

Does the signal to noise ratio in this thread typically increase when the number of deals decreases? It's sometimes hard to weed through all the chatter to see if there are actually any deals to be had. Perhaps a separate thread for discussions of CD/MM rates/Deals and this one just for posting of the actual deals would be really helpful. Don't get me wrong...some of the discussions are interesting, they just happen to really obscure what I think is the original intent of the thread.

Not looking for a discussion on this, maybe just seeding some food for thought.

 

[GenXguy]

Umm, yes! U r a vet. Anyone who raised their hand, took the oath, served (even for one day) and then received a discharge is considered a veteran. Thank you for your service. I have no doubt Navy Fed will take you as a client. Good luck.

Well thank you, but unfortunately, there are some strict rules on veteran status. I have about a year of active duty for when I was in training, which would be more than enough to qualify me as a veteran, but any active duty time for reserve training is excluded in meeting the time requirement.

You are correct about Navy Fed taking me as a client. I've been a NFCU member since 2019.

 

[retire202052]

Just signed up for a 15 month, 5% CD at Pasadena FCU. Deal ends January 31st.

 

[njhowie]

Just signed up for a 15 month, 5% CD at Pasadena FCU. Deal ends January 31st.

Nice!

 

[copyright1997reloaded]

Ally increases rates (for those not following the Ally thread):
https://www.depositaccounts.com/banks/ally-bank/offers/

 

[Car-Guy]

This may have been asked and answered in last years thread (I forget, heck I may have asked it ) but I'm curious if how a "brokered" CD pays it's earned interest affects your decision on which ones to buy?

If you buy a brokered CD (any denomination) does it matter to you if it pays monthly, quarterly, semi-annually, annually or at maturity? Since the interest isn't compounded, does it matter to you when you get the interest payments? I've got a mixed bag of CD's, but I must admit, I like seeing a bunch of payments hit my balance each month.

 

[audreyh1]

Total return investor here, don’t care about timing of cash flow from my investments, so doesn’t matter much to me. Less often slightly preferred but wouldn’t matter on purchase decision.

 

[Fire26]

Delete

 

[Fire26]

This may have been asked and answered in last years thread (I forget, heck I may have asked it ) but I'm curious if how a "brokered" CD pays it's earned interest affects your decision on which ones to buy?

If you buy a brokered CD (any denomination) does it matter to you if it pays monthly, quarterly, semi-annually, annually or at maturity? Since the interest isn't compounded, does it matter to you when you get the interest payments? I've got a mixed bag of CD's, but I must admit, I like seeing a bunch of payments hit my balance each month.

I don't like brokered CDs because I want the interest at maturity to fund my annual need.

 

[pb4uski]

Total return investor here, don’t care about timing of cash flow from my investments, so doesn’t matter much to me. Less often slightly preferred but wouldn’t matter on purchase decision.

+1. I keep at least a year of spending in a MM or online savings account so I don't much care whether interest is paid monthly, quarterly, annually or whenever. I like brokered CDs because I don't have to have accounts at numerous financial institutions in order to get a decent yield.

 

[aja8888]

+1. I keep at least a year of spending in a MM or online savings account so I don't much care whether interest is paid monthly, quarterly, annually or whenever. I like brokered CDs because I don't have to have accounts at numerous financial institutions in order to get a decent yield.

My bold. This is a good point.

 

[ShokWaveRider]

Just waiting for the elusive 5% brokered CD.

 

[Car-Guy]

Total return investor here, don’t care about timing of cash flow from my investments, so doesn’t matter much to me. Less often slightly preferred but wouldn’t matter on purchase decision.

+1. I keep at least a year of spending in a MM or online savings account so I don't much care whether interest is paid monthly, quarterly, annually or whenever. I like brokered CDs because I don't have to have accounts at numerous financial institutions in order to get a decent yield.

But, but, but. Just for grins let's say you had 1m invested in several 5 year CD's at 4.5% that all pay out at maturity. That will get you 225k in interest all at once in five years. Or if you opt'd for 1m in 5 yr CD's that paid annually, you could get 45k in interest a year to either withdraw and/or invest in something else along the way.

OTOH if you can tie up 1m for 5 years, maybe it doesn't matter that much when you get your money.

 

[pb4uski]

But, but, but. Just for grins let's say you had 1m invested in several 5 year CD's at 4.5% that all pay out at maturity. That will get you 225k in interest all at once in five years. Or if you opt'd for 1m in 5 yr CD's that paid annually, you could get 45k in interest a year to either withdraw and/or invest in something else along the way.

OTOH if you can tie up 1m for 5 years, maybe it doesn't matter that much when you get your money.

It "think" that I could manage my income by gains trading the brokered CDs... selling them and buying them right back... no restrictions on buying back assets with a gain recognized.

The benefit is that I can manage it but with bank CDs I'm getting 4.5% in income whether I want it that year or not.

 

[audreyh1]

But, but, but. Just for grins let's say you had 1m invested in several 5 year CD's at 4.5% that all pay out at maturity. That will get you 225k in interest all at once in five years. Or if you opt'd for 1m in 5 yr CD's that paid annually, you could get 45k in interest a year to either withdraw and/or invest in something else along the way.

OTOH if you can tie up 1m for 5 years, maybe it doesn't matter that much when you get your money.

Doesn’t matter. Anything that has a 5 year maturity is considered a long term investment. Other more liquid assets will be pulled from to satisfy annual withdrawals. Most of my investments are highly liquid.

I don’t look for cash flow from my investments. Any income generated stays in the investment pile until the start of the following year. Withdrawal and rebalancing are done together.

BTW I believe CDs are required by law to pay out at least annually so that you pay tax on the accumulated interest. For example, if I buy a 13 month or 18 month CD that doesn’t pay out until maturity I still get the accumulated interest paid to me on Dec 31 and the remainder when it matures the following year.

 

[pb4uski]

Yup.

How often do brokered CDs pay interest?

The issuing bank determines when it will pay interest on the brokered CD. Generally, interest is paid at maturities of one year or less. Sometimes banks pay interest monthly. For maturities beyond one year, banks may pay interest semiannually, quarterly, or monthly.

 

[John Galt III]

Speaking of brokered CDs, I want to add a Fidelity Brokerage Link to my 401K, in order to buy some CDs. I want to get some $$ out of my stable value fund in the 401K and move it into CDs. I looked at the verbiage from my 401K website about Fidelity and it says there in no annual fee for the brokerage account, but there may be fees taken from certain buys. For example, one dollar per thousand on the purchase of a CD. Is the process of adding the Fidelity brokerage link pretty straight forward? Is there really a fee to the user, or is that $1 per thousand fee absorbed by a third party? Thanks