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

[Marc]

Zion bank has 18 month non-callable CDs at 5.4% with lots of supply at Fidelity. Fidelity bond people informed me that a flood of CDs are coming at higher yields at the short end from regional banks as they scramble for liquidity. The sweet spot is going to be 9-18 months.

Just ordered $50K; my first CD at Fidelity (actually first CD ever).

 

[rkser]

Bought 1 yr CD at 5.25%, Non Callable, maturing on 7/1/202 at Schwab

 

[Freedom56]

Fidelity has a 3 year non-callable CD from City National Bank at 5.1%

 

[Earl E Retyre]

Fidelity has a 3 year non-callable CD from City National Bank at 5.1%

Awesome. I just bought some. I want 3 years or more at 5% or more. This fits the bill. Thanks for posting.

 

[jldavid47]

SWVXX crept up to 4.51% from 4.49% overnight. It will probably keep creeping up over the next week or so if it follows the pattern following previous Fed hikes.

 

[latexman]

^^^^^
My SPAXX and FIGXX MM funds at Fido crept up a few basis points too. Come on 0.25%!

 

[Freedom56]

City National Bank is offering 5 year 5% non-callable CDs at Fidelity.

 

[gromit]

Fidelity has a 5 year 5% call protected CD from City National Bank.

Does anyone have good resources for determining the soundness of banks? My concern is that a bank offering a CD closes in a couple of years, leaving me to either accept revised CD terms from the Bank buyer or to reinvest the proceeds myself at the 2.5% predicted rates for a few years from now. Thanks.

 

[Marc]

Fidelity has a 5 year 5% call protected CD from City National Bank.

Does anyone have good resources for determining the soundness of banks? My concern is that a bank offering a CD closes in a couple of years, leaving me to either accept revised CD terms from the Bank buyer or to reinvest the proceeds myself at the 2.5% predicted rates for a few years from now. Thanks.

On Fidelity you can research the bank's stock. I just put in CADE for Cadence Bank and I reviewed all the analysis of the stock. You need to be logged in to get all the info.

 

[Freedom56]

Fidelity has a 5 year 5% call protected CD from City National Bank.

Does anyone have good resources for determining the soundness of banks? My concern is that a bank offering a CD closes in a couple of years, leaving me to either accept revised CD terms from the Bank buyer or to reinvest the proceeds myself at the 2.5% predicted rates for a few years from now. Thanks.

I don't know how much you can trust these ratings but this one is from Lendingtree.

https://www.depositaccounts.com/banks/city-national-bank-ca.html#health

https://www.depositaccounts.com/banks/city-national-bank-ca.html

 

[Freedom56]

5/5 from City National are all gone now.

 

[JohnDoe]

Just curious, is anyone not retired yet buying CDs or creating a ladder?

 

[gromit]

I don't know how much you can trust these ratings but this one is from Lendingtree.

https://www.depositaccounts.com/banks/city-national-bank-ca.html#health

https://www.depositaccounts.com/banks/city-national-bank-ca.html

Thanks. City has a C- rating on Capitalization. For comparison, First Republic Bank with all its problems rated a C for Capitalization. But the resource helps.

 

[gromit]

For anyone wanting the City National 5 yr 5% non-call CD. Like Freedom56 said its gone now, but I had also seen it available last night early, so the deal has been posted twice and may repost again.

 

[Freedom56]

Thanks. City has a C- rating on Capitalization. For comparison, First Republic Bank with all its problems rated a C for Capitalization. But the resource helps.

All these banks that are issuing CDs are doing so to increase liquidity. Schwab has been offering CDs at higher coupons due to liquidity issues. Schwab made some bad bets on their investments. But the FDIC is back stopping your risk. Right now we are in a perverse situation where one of the safest asset classes next to treasuries is yielding more high grade corporate bonds.

 

[lordjust]

For anyone wanting the City National 5 yr 5% non-call CD. Like Freedom56 said its gone now, but I had also seen it available last night early, so the deal has been posted twice and may repost again.

schwab has it still (its going fast..)

City Ntnl Bank CA 5% CD 03/31/2028
178180GY5
Recently Issued

 

[Car-Guy]

^^^^
They also have a 3yr for 5.1 (Same bank) Matter of fact, the only term they have that isn't 5% or over is their 4 yr and it's 4.85.

 

[ShokWaveRider]

^^^^
They also have a 3yr for 5.1 (Same bank) Matter of fact, the only term they have that isn't 5% or over is their 4 yr and it's 4.85.

Snapped up $200k for my ladder.

 

[Free bird]

Seems like we’ve been in a perverse situation since 2008 when they lowered rates to zero & made QE the new normal. Basically backstopping the risk assets & making a mockery of people who save money. Now they’re unwinding that experiment.

 

[lordjust]

schwab has it still (its going fast..)

City Ntnl Bank CA 5% CD 03/31/2028
178180GY5
Recently Issued

just about gone!!!!

 

[gromit]

All these banks that are issuing CDs are doing so to increase liquidity. Schwab has been offering CDs at higher coupons due to liquidity issues. Schwab made some bad bets on their investments. But the FDIC is back stopping your risk. Right now we are in a perverse situation where one of the safest asset classes next to treasuries is yielding more high grade corporate bonds.

I'm not concerned about loss of capital within FDIC limits. I've been buying short duration CDs and don't care too much about bank soundness. However, moving out to a 5 year investment, reinvestment risk gets my attention. That risk is that my 5 year CD bank fails 2 years from now and I have to either accept much lower terms from the new bank or cash it out and reinvest it, possibly at a much lower rate. So, for longer maturities I'm paying attention to bank soundness.

 

[Car-Guy]

schwab has it still (its going fast..)

City Ntnl Bank CA 5% CD 03/31/2028
178180GY5
Recently Issued

just about gone!!!!

That batch is gone, but two minutes later a new batch appeared with the same CUSIP. And some new ones popped up for 18mos @ 5.4%

 

[Freedom56]

I'm not concerned about loss of capital within FDIC limits. I've been buying short duration CDs and don't care too much about bank soundness. However, moving out to a 5 year investment, reinvestment risk gets my attention. That risk is that my 5 year CD bank fails 2 years from now and I have to either accept much lower terms from the new bank or cash it out and reinvest it, possibly at a much lower rate. So, for longer maturities I'm paying attention to bank soundness.

I have had jumbo CDs at WAMU and they just transferred to JP Morgan after WAMU folded in 2008 and matured per the terms. I also had callable CDs from Wachovia Bank that transferred to Wells Fargo after Wachovia folded but two months later they were called by Wells Fargo. It really depends on the situation.

 

[11522914]

That batch is gone, but two minutes later a new batch appeared with the same CUSIP.

Back up on Schwab with over 11,000 available

 

[jldavid47]

This one popped up at Schwab this morning:

Zions BanCorp, Ntnl UT 5.4% CD 09/27/2024, CUSIP 98970LC43

I bought some for two of my accounts. 5.4% for 18 months is as good as it gets right now.


Edit: As of 9:47AM EDT there are still over $20mm worth available.