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

[Tracer]

Sounds good. But your existing balance in your account, plus the new funds must remain for the whole period to get the bonus. At least that's the way I read it.

While I have a small CD and a credit card at PenFed, my existing balance in the savings account with this promotion is currently 1 cent. I'll gladly keep that penny in the account to get the bonus. It's kind of a moot point for someone opening this account for the first time to take advantage of the deal.

I'm thinking about dropping $20,000 in there that is currently earning about 5%. Raising that yield by 50% to 7.50% with zero risk, though only for a four month period, seems like a no brainer.

Not only that, but in the fine print it states that it can take up to 60 days to receive the bonus and I believe then to be in good standing the account effectively must stay open for 6 months.
Thus the APY would really be 6%, which is still a nice 6 month return with no risk.

I saw that, but nowhere does it state the entire amount has to stay in the account until the bonus is paid. You could withdraw the amount after 4 months and leave $1.00 in the account. They will simply add your bonus to your $1 balance.

 

[Dtail]

While I have a small CD and a credit card at PenFed, my existing balance in the savings account with this promotion is currently 1 cent. I'll gladly keep that penny in the account to get the bonus. It's kind of a moot point for someone opening this account for the first time to take advantage of the deal.

I'm thinking about dropping $20,000 in there that is currently earning about 5%. Raising that yield by 50% to 7.50% with zero risk, though only for a four month period, seems like a no brainer.



I saw that, but nowhere does it state the entire amount has to stay in the account until the bonus is paid. You could withdraw the amount after 4 months and leave $1.00 in the account. They will simply add your bonus to your $1 balance.

Good point. I am assuming there are no minimum balances.

 

[Tracer]

Good point. I am assuming there are no minimum balances.

I believe PenFed requires at least $5 to open an account but no minimum to maintain an account. I've had a 1 cent balance in the Premium Savings account for the longest time.

 

[Al18]

Regarding the PenFed bonus, it seems like a big eh to me. If I deposit $10k in PF, I’ll end up with $450 more in 1 year. By comparison, if I deposit the same amount in Discover Savings, I’ll have $435 in 1 year.

 

[Tracer]

Regarding the PenFed bonus, it seems like a big eh to me. If I deposit $10k in PF, I’ll end up with $450 more in 1 year. By comparison, if I deposit the same amount in Discover Savings, I’ll have $435 in 1 year.

That's if you leave your funds in PF after the bonus period ends when all you'll be yielding is 3%. Why would you do that if a couple of minutes and few clicks on your computer could move it to somewhere else that has a better return. Right now it's easy to find yields of 5% or better.

 

[GhostofTomJoad]

Northeast Bank is offering 5.3% yield for up to 15 months on a CD right now. $5k minimum. Regional bank out of Maine.
https://www.northeastbank.com/

 

[PatrickA5]

I just got an interesting offer in the mail from PenFed. They are offering a savings bonus of up to $750. Must make deposits on or before 12/30/23 into their Premium Savings account. Balance must be maintained from 12/30/23 to 4/30/24. You will receive a bonus of $150 for every $10,000 deposited (up to $50,000) at the end of the period.

Funds need to be in the account for four months, account earns a base rate of 3.0%. With the bonus this works out to be 7.50% APY. That’s better than current basic savings account rates or any short term CD and worth considering if you have lots of spare funds in cash currently and won't be needing it in the near furture. Your funds are totally liquid but you must keep the funds in the account until 4/30/24 to receive the bonus.

https://www.penfed.org/psvoffer2

I like doing these bonuses. I usually do a couple a year with money I won't need. Last year quite a few of us took advantage of the Ally $500 bonus. CapOne has a savings bonus that works out to 10.4% interest (over 105 days) that I posted about earlier and I think is still going on.

 

[xlf11]

Here is a similar offer from CIBC Agility Saving of $500 bonus for holding $50k+ for 3 months on top of the current 5% interest:
https://us.cibc.com/en/agility/agility-savings.html

 

[jldavid47]

Current best non-callable brokered CD rates at Schwab (11/28/23):

12 mo - 5.20%
18 mo - 5.00%
24 mo - 4.85%
36 mo - 4.65%
48 mo - 4.55%
60 mo - 4.45%

In the past week rates on brokered non-callable CDs at Schwab have dropped 15-25 basis points. Buyers should look at longer callable maturities as substitutes for shorter maturities if the yield to call exceeds they yield for a comparable shorter-maturity non-callable. For example, this morning at Schwab this CD is available:

BankPlus MS 5.3% CD 12/14/2026 Callable
First call date: 12/13/2024
CUSIP 06647MAC1

You are guaranteed 5.3% for 12 months which is higher than the 5.2% you can get for the best 12 month non-callable CD. The "risk" isn't in getting called. It lies in being stuck with it for 3 years if rates resume their rise.

 

[Tracer]

Milli Bank 5.5% APY savings account

Milli Bank is the online division of First National Bank of Omaha (FDIC insured). They have a simple no fees, no-frills place to park your idle cash at an attractive rate of 5.50% APY. Highest in the country (I think). No bonuses, just a high rate with no minimum balance plus free unlimited transfers with linked accounts at other banks. They have a spending (checking) account also with a debit card that has free ATM withdrawals, but that account pays no interest. They are not offering CD's at this time. Their website is informational only.. No login. If you're comfortable doing all your transactions (transfers in and out of external banks) on a mobile app and you're looking for a simple, super high yield place for your idle cash with no fees or minimums and that's totally liquid, this sounds like a pretty good place for that.

https://milli.bank/

 

[check6]

Seems rates are beginning to fall. My Wings Federal CU 12 mth CD was 5.40% until just a few days ago and is now 5.25%

 

[Another Reader]

I still use Depositaccounts.com for rates. Synchrony dropped their 14 month rate but the 9 month at 5.50 is still available. Bask has dropped both the 6 month and one year rates back to the pack level. Some smaller credit unions and banks have good rates. NASA credit union has a 9 month at 5.70.

 

[Tracer]

Seems rates are beginning to fall. My Wings Federal CU 12 mth CD was 5.40% until just a few days ago and is now 5.25%

Maybe so. I recently bought a 4 rung ladder of certificates at Credit Human ranging from 5.25% up to 6.0%. Less than a week later, those rates have all been cut back to 4.65% up to 5.50%

 

[Drake3287]

Lot's new talk here regarding these 9 month CD's in the 5%+ range but unfortunately almost know one's looking for such a short term CD simply because rates will be dropping 6 to 9 months. Longer term the better at this point, even if it comes with a slightly lower rate.

 

[teej1985]

Blupeak Credit Union, which anyone can join by becoming a member of KPBS, has a 5.33% Money market fund. https://www.blupeak.com/spend-save/money-market/

 

[Tracer]

I still use Depositaccounts.com for rates.

I've been using Doctor of Credit. They seem to have more banks and institutions listed for savings and CD's at different maturity levels. Also includes many reviews.

https://www.doctorofcredit.com/high-interest-savings-to-get/

 

[teej1985]

I've been using Doctor of Credit. They seem to have more banks and institutions listed for savings and CD's at different maturity levels. Also includes many reviews.

https://www.doctorofcredit.com/high-interest-savings-to-get/

I'm not sure how frequently they update that.

 

[Tracer]

I'm not sure how frequently they update that.

They seem to update frequently. An easy way to check is simply clicking on the link to the bank. It will immediately show if there have been any changes that are not reflected yet.

 

[Drake3287]

I have two $100k+ CD's renewing at Capital One next month and I just received an email from them offering 5.40% for 14 months if I roll over my CD's. That's well above their advertised rates. Might be the way to go even though I'd love a longer term.

 

[Car-Guy]

I have two $100k+ CD's renewing at Capital One next month and I just received an email from them offering 5.40% for 14 months if I roll over my CD's. That's well above their advertised rates. Might be the way to go even though I'd love a longer term.

Assuming they are non-callable, I'd take them.

 

[GhostofTomJoad]

Byline Bank ONLINE CD for up to 11 months at 5.45% yield. $5k minimum. Chicago brick and mortar branches.
https://www.bylinebank.com/personal/savings/cd/

 

[jldavid47]

Current best non-callable brokered CD rates at Schwab (12/12/23):

12 mo - 5.15%
18 mo - 5.00%
24 mo - 4.90%
36 mo - 4.65%
48 mo - 4.55%
60 mo - 4.45%

Rates stabilized this week with only the 12 month (down 5bp) and 2 year (up 5bp) moving at all.

 

[Al18]

Seems like the Fed rate hikes are over. I’m starting to lock in longer CD’s. I put some $ into a 36 month 4.65% CD yesterday.

 

[Tracer]

Seems like the Fed rate hikes are over. I’m starting to lock in longer CD’s. I put some $ into a 36 month 4.65% CD yesterday.

I loved taking advantage of these higher rates while we had them, but with rates coming down, might be time to think about the stock market again.

 

[Al18]

I’m retired and invested in 50% stock/50% fixed income - that never changes.