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

[Car-Guy]

^^^^
Callable or not? Open for anyone?

 

[aja8888]

^^^^
Callable or not? Open for anyone?

I didn't see anything that said it was callable. And it's open to anyone that opens or has an account.

 

[audreyh1]

The direct bank CD offers - I’ve never seen callable CDs offered.

I recently bought some Synchrony bank 15 month 5.5% CDs which is their best CD offer right now.

 

[Drake3287]

Noticed that many of the banks I keep track of dropped their CD rates .10% to .15% today. Early Christmas present apparently. Hopefully they won't drop further to soon, I have two large CD's mature in early January.

 

[Another Reader]

Synchrony 15 month and Marcus 12 month at 5.50 per depositaccounts.com. I bought both yesterday.

 

[Involuntary Retiree]

I have recently moved cash out of my Schwab MMA (SWVXX) to Synchrony CDs, where I already had a HYSA. A couple of weeks ago, I bought a 14-month for 5.65 APY, and then more recently bought a 9-month (5.5 APY) and an 18-month (5.25 APY). They are non-callable and pay monthly. Rates have changed a bit since I bought, but still look to be more competitive than what I've seen on Schwab or Fidelity for non-callable, monthly payable CDs recently.

 

[explanade]

If you buy brokered CDs from the same bank but through different brokerages, do you get $250k protection for each account or would it be just $250k total FDIC despite purchasing through different brokerages?

 

[gromit]

If you buy brokered CDs from the same bank but through different brokerages, do you get $250k protection for each account or would it be just $250k total FDIC despite purchasing through different brokerages?

FDIC insurance is per insured bank, ie FDIC insurance certificate. If you buy CDs from one bank through multiple brokers and then also from the bank branch, all those amounts are added together to determine if you are within the FDIC limit for that bank.

 

[explanade]

FDIC insurance is per insured bank, ie FDIC insurance certificate. If you buy CDs from one bank through multiple brokers and then also from the bank branch, all those amounts are added together to determine if you are within the FDIC limit for that bank.

OK so different branches of the same bank would have separate full FDIC coverage?

I would assume individual branches of giants like BofA or Wells Fargo would offer brokerage CDs through one brokerage at a time, not through multiple brokerages.

It's not always clear which branch of a big money center bank is offering CDs at brokerages.

 

[njhowie]

OK so different branches of the same bank would have separate full FDIC coverage?

I would assume individual branches of giants like BofA or Wells Fargo would offer brokerage CDs through one brokerage at a time, not through multiple brokerages.

It's not always clear which branch of a big money center bank is offering CDs at brokerages.

No - you need to take a step back, because you're getting very confused.

The total, per depositor is $250k - branch does not matter. Total up everything you have from "Wells Fargo", that is the amount subject to the $250k limit. Total up everything you have at "BofA", that is the amount subject to another $250k limit. It is the entire bank, not individual branches. Same across brokerages - total everything you have from "Wells Fargo" - all branches, all brokerages, you are capped at the FDIC limit per bank - it is one bank, no matter how many branches or brokerages you have purchased Wells Fargo CDs through.

All of the banks offer their brokered CDs through all of the brokerages at the same time. Sometimes they will assign different CUSIPs for the same CD issued at the different brokerages, but the terms/rates are generally all the same.

Branches do not offer their CDs through the brokerages, the bank does.

 

[gromit]

OK so different branches of the same bank would have separate full FDIC coverage?

I would assume individual branches of giants like BofA or Wells Fargo would offer brokerage CDs through one brokerage at a time, not through multiple brokerages.

It's not always clear which branch of a big money center bank is offering CDs at brokerages.

NO. What I meant was that all of the CDs you own that came from one bank, lets say BofA for example, are subject to 1 FDIC limit, regardless of whether you got them from 1 place or from many brokerages and bank branches. If the limit for you is $250,000, then that's it. Buying from multiple places does not change the total dollar amount of CDs that will be insured when said bank goes under.

 

[John Galt III]

Noticed that many of the banks I keep track of dropped their CD rates .10% to .15% today. Early Christmas present apparently. Hopefully they won't drop further to soon, I have two large CD's mature in early January.

Same here. Waiting nervously. My maturing CD's are 5 year 3.5%. Looks like I will get a bump up to approx 4.0 % with a new 5 year CD in early Jan, 2024.

 

[Drake3287]

Same here. Waiting nervously. My maturing CD's are 5 year 3.5%. Looks like I will get a bump up to approx 4.0 % with a new 5 year CD in early Jan, 2024.

BMO had a 59 month 4.75% rate I was watching but they just dropped it to 4.60%. Not sure which way to go now, next year at this time we'll all be looking at 4.0% rates most likely.

 

[MJ]

I just went online and joined Associated Credit Union and got their 19 month certifcate 5.90%APY which was just in time for money that matured yesterday at PFCU. You must apply by 12/31, is what I was told. I quickly qualified because I am a Georgia resident but don't know if there are any additional qualifications for non residents.
I also recently got a 5 year certificate from United States Senate FCU which also expires 12/31. Their tiered APY interest is 4.86, 4.92 and 4.97%. I was already a member and I don't know if they also have a fast track to join and apply for a certificate

 

[explanade]

Bought a CD this morning, 4.65 CP at Fidelity.

Pickings are slim.

Maybe should have waited until next week.

 

[audreyh1]

Brokered CDs are indeed slim at Fidelity. It was even worse yesterday!

I'm seeing better deals from online banks. Many still offering 5.25%+

 

[MuirWannabe]

I bought the Ally 12 month 5.25% CD yesterday. I’m actually exceeding the $250K FDIC limit for about a month until another Ally CD expires.

I’d hate to have to open up accounts with other banks just to get in on good CD rates. But it may come to that. Brokered CD’s are so much easier.

 

[audreyh1]

I bought the Ally 12 month 5.25% CD yesterday. I’m actually exceeding the $250K FDIC limit for about a month until another Ally CD expires.

I’d hate to have to open up accounts with other banks just to get in on good CD rates. But it may come to that. Brokered CD’s are so much easier.

One nice thing about Ally Bank CDs is their early withdrawal penalty for 24 month or less is only 60 days interest. That’s quite generous!

We have joint account limits of $500K.

I bought a couple 15 month 5.50% CDs at Synchrony Bank last week.

In terms of brokered CDs versus direct bank. I’ve seen periods where direct purchase beats brokered CDs offered, and it’s been that way again for a few weeks.

The online banks and FCUs do tend to offer more hot deals near the end of the year, so that may be part of it.

 

[ShokWaveRider]

Snaxx still paying 5.42% for dry powder.

I also just purchased a A++ rated MYGA for 7 years at 5.55%. MYGAs seem to be the way to go at the moment.

 

[MJ]

I bought the Ally 12 month 5.25% CD yesterday. I’m actually exceeding the $250K FDIC limit for about a month until another Ally CD expires.

Just in case you don't know, you can have a POD (pay on death) beneficiary which would add another $250K to FDIC limit.

 

[jazz4cash]

Snaxx still paying 5.42% for dry powder.

I also just purchased a A++ rated MYGA for 7 years at 5.55%. MYGAs seem to be the way to go at the moment.

I agree with you re MYGAs right now, esp since you can lock rates for 30-60 days and even cancel during the free look period. I had planned to buy 5 yr A rated 5.75 but found a 10 yr bond over 6%. That bond has dropped significantly since I bought but the MYGA rate is still available.

 

[Another Reader]

One nice thing about Ally Bank CDs is their early withdrawal penalty for 24 month or less is only 60 days interest. That’s quite generous!

We have joint account limits of $500K.

I bought a couple 15 month 5.50% CDs at Synchrony Bank last week.

In terms of brokered CDs versus direct bank. I’ve seen periods where direct purchase beats brokered CDs offered, and it’s been that way again for a few weeks.

The online banks and FCUs do tend to offer more hot deals near the end of the year, so that may be part of it.

Just finished the year with a Synchrony and a couple of Marcus CD's at 5.50 percent. With Marcus, you can only transfer from one bank account into a CD, which is a minor annoyance. Thinking rates will drop, but hoping to be pleasantly surprised.

 

[MuirWannabe]

One nice thing about Ally Bank CDs is their early withdrawal penalty for 24 month or less is only 60 days interest. That’s quite generous!

We have joint account limits of $500K.

I bought a couple 15 month 5.50% CDs at Synchrony Bank last week.

In terms of brokered CDs versus direct bank. I’ve seen periods where direct purchase beats brokered CDs offered, and it’s been that way again for a few weeks.

The online banks and FCUs do tend to offer more hot deals near the end of the year, so that may be part of it.

We have a joint account so maybe our limit is $500K as well. I’ll research this as I may want to buy more of that Ally 12 month if it stays at 5.25% for a bit. Thank you.

 

[audreyh1]

Yes, if you are both named on the accounts including on the CDs then combined you have $500K FDIC protection. When I open a CD I’m sure to add DH as joint. If any of this is missed you can call or chat and get the titling fixed.

Ally offers 5.25% in 8 month, 12 month, and 14 month options at the moment, FWIW.

 

[check6]

Purchased 12 mth CD with 5.25% APR from Wings Financial CU this morning. Betting that rates will drop in January. I'll kick the dog if they go up.