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

[Car-Guy]

I know I posted this earlier but just a reminder to all of you invested in Schwab's MM funds (Like SWVXX) and are expecting your dividend payment today (the 15th). Just got this from Schwab.

This is an annual reminder that in December, dividends for all Schwab Money Funds are paid on the last business day of the month instead of the typical mid-month payment schedule.
Since this annual distribution date covers a larger (47-day) accrual period, your December dividend payment will be greater than the amount for a one-month (30-day) cycle.

Your December distribution.
No action is needed from you. Based on your current position in a Schwab Money Fund(s), you’ll receive the scheduled dividend distribution for the following Schwab Money Fund(s) on December 29, 2023.
SWVXX Schwab Value Advantage Money Fund - Investor Shares

Dividend distributions for January 2024 will cover a shorter accrual period.
Following the December distribution date, we will resume the mid-month dividend payment schedule. As a result, your next dividend payment (January 16, 2024) will only include payment for a 15-day accrual period. This shorter accrual period will result in a January dividend payment that will be smaller than customary.

 

[aja8888]

I know I posted this earlier but just a reminder to all of you invested in Schwab's MM funds (Like SWVXX) and are expecting your dividend payment today (the 15th). Just got this from Schwab.

This is an annual reminder that in December, dividends for all Schwab Money Funds are paid on the last business day of the month instead of the typical mid-month payment schedule.
Since this annual distribution date covers a larger (47-day) accrual period, your December dividend payment will be greater than the amount for a one-month (30-day) cycle.

Your December distribution.
No action is needed from you. Based on your current position in a Schwab Money Fund(s), you’ll receive the scheduled dividend distribution for the following Schwab Money Fund(s) on December 29, 2023.
SWVXX Schwab Value Advantage Money Fund - Investor Shares

Dividend distributions for January 2024 will cover a shorter accrual period.
Following the December distribution date, we will resume the mid-month dividend payment schedule. As a result, your next dividend payment (January 16, 2024) will only include payment for a 15-day accrual period. This shorter accrual period will result in a January dividend payment that will be smaller than customary.

Thanks, I sent that to some friends who invest in SWVXX.

 

[jldavid47]

Current best non-callable brokered CD rates at Schwab (12/20/23):

12 mo - 4.90%
18 mo - 4.70%
24 mo - 4.60%
36 mo - 4.20%
48 mo - 4.15%
60 mo - 4.10%

CD rates got crushed in the past weeks dropping from 25bp on the short end to 35-45bp on the long end.

 

[erkevin]

Marcus is still offering 12 month CDs at 5.5% and 18 month at 5.25%. Also, Marcus just raised their rate on HYSAs from 4.4% to 4.5%. That seems a little unusual.

 

[Chuckanut]

My 5.75% callable agency bond was called last week. It occupied a space on my two year step, so I replaced it with one of the 4.6% non callable CDs.

IMHO, the interest rate premium being paid for a callable CD or an agency bond at this time was not good enough.

 

[Sojourner]

Ally is going from 4.25% to 4.35%. Better than nothing, I guess, but Ally has been very slow to raise rates and still lags far behind the leading high-yield savings account rates.

 

[audreyh1]

Ally is going from 4.25% to 4.35%. Better than nothing, I guess, but Ally has been very slow to raise rates and still lags far behind the leading high-yield savings account rates.

Yeah, all my Ally money is in CDs including no-penalty CDs offered earlier this year with a higher rate.

 

[GenXguy]

Ally is going from 4.25% to 4.35%. Better than nothing, I guess, but Ally has been very slow to raise rates and still lags far behind the leading high-yield savings account rates.

They're always changing rates and sending out emails to their customers about the change in rate. But, this is not meaningful or newsworthy, as usual - still too low as always.

 

[JohnnyBGoode]

Current best non-callable brokered CD rates at Schwab (12/20/23):

12 mo - 4.90%
18 mo - 4.70%
24 mo - 4.60%
36 mo - 4.20%
48 mo - 4.15%
60 mo - 4.10%

CD rates got crushed in the past weeks dropping from 25bp on the short end to 35-45bp on the long end.

It is interesting that Ally's CD rates beat all these rates (except for the 5 year one, which they match.) They've been lagging behind raising CD rates, but I guess that also could mean they are lagging behind reducing them as well.

 

[Another Reader]

It is interesting that Ally's CD rates beat all these rates (except for the 5 year one, which they match.) They've been lagging behind raising CD rates, but I guess that also could mean they are lagging behind reducing them as well.

Brokers are generally below the banks that are competitive. Check depositaccounts.com for a broader view of rates. Synchrony has a 15 month at 5.50 as an example. Marcus is at 5.50 for 12 months. NASA Credit Union is at 5.70 for 9 months.

 

[street]

I'm in for 5.85% for 9 years. I can take 10% out each year without any penalty. I don't plan on taking any WD and if I took 10% it would more than our expenses for the year.

Nine years is a long haul, but it is also tax free till I start to draw money out, so that is a win, win for me.

A 250K minimum was required for this offer.

 

[Tracer]

I'm in for 5.85% for 9 years. I can take 10% out each year without any penalty. I don't plan on taking any WD and if I took 10% it would more than our expenses for the year.

Nine years is a long haul, but it is also tax free till I start to draw money out, so that is a win, win for me.

A 250K minimum was required for this offer.

Sounds like a good predictable rate over the long haul, but where is this at? Sounds like a MYGA from an insurance company and not a CD from a bank. Unlike a CD, you can defer taxes on a MYGA until you withdraw the funds and many MYGA's allow you to withdraw a certain amount every year without penalty.

 

[audreyh1]

It is interesting that Ally's CD rates beat all these rates (except for the 5 year one, which they match.) They've been lagging behind raising CD rates, but I guess that also could mean they are lagging behind reducing them as well.

From what I’ve looked at recently, online banks and CUs are starting to exceed treasuries and brokered CD rates for some of their maturities. This is more the typical scenario compared to the past year.

 

[teej1985]

I'm in for 5.85% for 9 years. I can take 10% out each year without any penalty. I don't plan on taking any WD and if I took 10% it would more than our expenses for the year.

Nine years is a long haul, but it is also tax free till I start to draw money out, so that is a win, win for me.

A 250K minimum was required for this offer.

Did you purchase a MYGA?

 

[street]

Sounds like a good predictable rate over the long haul, but where is this at? Sounds like a MYGA from an insurance company and not a CD from a bank. Unlike a CD, you can defer taxes on a MYGA until you withdraw the funds and many MYGA's allow you to withdraw a certain amount every year without penalty.

Yes, it was an exchange program if you had policies with them that fit the criteria you could exchange them for this long-term rate. The offer was open for two-week period only.

The Company is Thrivent and sure I will get flake from some here for doing business with them.

 

[audreyh1]

I just picked up a couple of the Synchrony 15 month CDs at 5.50%. None of the brokered CDs at Fidelity can touch that - not even the callable ones .

Amazingly, and this has happened before, I initiated a transfer from Fidelity to Synchrony to buy these CDs expecting tomorrow, but just 3 hours later I got a notification from Synchrony that the funds had been deposited. The funds were available, so I was able to already buy the CDs.

 

[jim584672]

The ACH system must be improved, I did one today and it moved today.

 

[audreyh1]

The ACH system must be improved, I did one today and it moved today.

It very much depends on which banks are involved.

 

[GenXguy]

Did you purchase a MYGA?

I think I need to purchase one or more of these this year to get my MAGI income down some for several years. But with some of my CDs not maturing for months, and interest rates falling, I'm not sure it's going to be a good deal when time comes. Also have some TIPs I would have to sell off early.

I would probably want a deferred annuity payout of several years starting in about 7 years.

 

[street]

MYGA is non qualifying, so I never have to take any withdraws from it in my lifetime if I don't want too.

 

[Tracer]

Amazingly, and this has happened before, I initiated a transfer from Fidelity to Synchrony to buy these CDs expecting tomorrow, but just 3 hours later I got a notification from Synchrony that the funds had been deposited. The funds were available, so I was able to already buy the CDs.

The ACH system must be improved, I did one today and it moved today.

ACH transfers seem to be almost as fast as wire transfers lately (at least at Fidelity). I did a couple of outbound transfers around 8-8:30 in the morning and the receiving bank had it complete and available by noon.

 

[audreyh1]

And I even initiated my transfer early afternoon today.

I initiated the transfer at 1:43pm and was notified of the deposit by the receiving bank at 4:25pm.

 

[jldavid47]

Ally is going from 4.25% to 4.35%. Better than nothing, I guess, but Ally has been very slow to raise rates and still lags far behind the leading high-yield savings account rates.

Note that it is the APY that is moving to 4.35%. The actual interest rate is now 4.25829% (compounded daily).

 

[audreyh1]

Note that it is the APY that is moving to 4.35%. The actual interest rate is now 4.25829% (compounded daily).

Sure, but I compare everything using APY. That’s what other savings accounts, all compounding daily, advertise too. CDs as well. It’s pretty standard.

 

[aja8888]

Ally has a 5.25% one year CD offer going on right now.