Best CD, MM Rates & Bank Special Deals Thread 2024 - Please post updates here

[latexman]

JG III, on 9/3 at 8:30 a.m. I requested online at Fidelity to ACH $15k from my Roth IRA to my CU checking account. It posted in my CU account on the same day that afternoon.

 

[John Galt III]

Thanks for the replies to my 401k question. If all goes as planned, I won't have to withdraw anything until my RMD's come around.

Will look into preRMD withdrawals. I now recall I already researched this, lol. Will have to find my notes.

 

[Al18]

There is a required 20% federal tax withholding from a 401K. There is no mandated federal tax withholding from an IRA, though the IRS recommends 10% withholding. In my opinion, if you are 59 1/2 or older, considering moving some or all of the 401K to a rollover IRA.

 

[pb4uski]

I've just had a couple of bonds called as well. I guess I should buy a CD before the CD rates fall even further.


If rates drop, that affects all four bonds, right? Having two different bonds didn't protect me from a call. I doubt four would, either, unless some of them have lower interest rates. But, I don't know a whole lot about calls - other than I just got two bonds called from the same issuer.

I don't think that you can conclude that a drop in market rates will necessarily result in all callabe bonds being called. While rates are an important input, there are many inputs.

As an example, I own C-N preferred stock that pays 8% and is callable which one would think that CItigroup would call, but they haven't and have good reasons for not doing so. ALL-B is a similar story... no idea why it hasn't been called but at 8.47% yield one would think that it would have been called.

 

[explanade]

Got the latest mailing from Amex for their High Yield Savings Account, 4.25%.

Of course the rate is subject to changing at any time.

Anyone ever use them, mainly to have as an alternate FDIC bucket?

 

[Gotadimple]

Got the latest mailing from Amex for their High Yield Savings Account, 4.25%.

Of course the rate is subject to changing at any time.

Anyone ever use them, mainly to have as an alternate FDIC bucket?

I use them as another place to put funds. They are FDIC insured. Compare their CD rates and High Yield savings rates. If you have some time on your money you may want to use their CDs to tie up the rate - although they are not as competitive as other commercial banks, and slower to react to rate increases than other banks.

 

[RE2Boys]

I was visiting my local credit union web site this morning checking their cd rates. They are down about half a percentage point in the past month. But also noted that to attract new money, they had a special where you can add principle on an existing cd with new money. Since I just had a bond called, I quickly added as much as I could tranfer. Original cd was one year at 4.95%, I doubled the principle, essentially lucked into a 11 month addition at that rate,

 

[audreyh1]

Got the latest mailing from Amex for their High Yield Savings Account, 4.25%.

Of course the rate is subject to changing at any time.

Anyone ever use them, mainly to have as an alternate FDIC bucket?

Sure. They were my first high yield savings account. I still use them for short term spending.

 

[Another Reader]

https://www.depositaccounts.com/savings/ Scroll through the "featured" (advertised) accounts. Several known banks there and on the main list offer higher rates. Rates are dropping, so they might not last.

 

[pb4uski]

I have a rolling Treasury ladder that I manage for our lake association. Yesterday, we had a 17-week Treasury that matured that yielded 5.50%. The best Jan 2025 maturity that I can find today is 4.77%. Big drop.

 

[explanade]

Fed cut 50 basis points instead of the 25 many expected.

 

[Car-Guy]

Fed cut 50 basis points instead of the 25 many expected.

Yep, CD's have already been dropping the past month or so anticipating this rate cut, but 50% is more than most expected (I think), so now you can expect CD's to follow,,,,,, quickly!

 

[Another Reader]

And Bask Bank wasted no time in reducing rates. The 18 month CD, which had recently dropped from 4.9 to 4.75, just dropped to 4.2.

 

[PatrickA5]

Seems like in the past MMF rates dropped quickly, but CDs lagged a bit. I'll be curious to see what the other banks do with their CDs. Ally 18-month is currently 4.25%. Three and Five year at 3.75%. Assuming the Fed cuts rates 3 more times this year, my MMF will be sub 4% and possibly 3% or lower by end of 2025. The days of easy, risk free, high rates are probably coming to a close. Of course, even 2% or 3% is a lot better than most rates were not too long ago.

 

[NomDeER]

Yep, CD's have already been dropping the past month or so anticipating this rate cut, but 50% is more than most expected (I think), so now you can expect CD's to follow,,,,,, quickly!

I had a couple of bonds called, so went looking for some longer term CDs last night. Vanguard had none that weren't callable. Right now they have nothing non-callable longer than 2 years.

 

[Car-Guy]

I had a couple of bonds called, so went looking for some longer term CDs last night. Vanguard had none that weren't callable. Right now they have nothing non-callable longer than 2 years.

Schwab has a few (not a lot) non callable 3 year CD's paying up to 3.75%. Nothing beyond 3 years. (at this time)

One year, non callable CD's paying 4%.

 

[aja8888]

Schwab has a few (not a lot) non callable 3 year CD's paying up to 3.75%. Nothing beyond 3 years. (at this time)

One year, non callable CD's paying 4%.

You can make this much in a good bond fund and maybe pick up some capital appreciation as rates fall further.

 

[Car-Guy]

You can make this much in a good bond fund and maybe pick up some capital appreciation as rates fall further.

Yep, that's why I picked up a couple of jumbo's about a week ago at 4.5%. I could see it coming.

 

[Chuckanut]

Yep, that's why I picked up a couple of jumbo's about a week ago at 4.5%. I could see it coming.

Yes. I ought a 5.1% one year CD a month ago. And a 2 year 4.6% CD a few weeks ago. Now it’s slim and none at those rates and slim was just seen leaving town.

 

[Fermion]

With TIPS still paying a pretty decent real rate, perhaps it is time to shift to them? Inflation at 2.5% + 1.5% real rate is getting better than 2 year now.

 

[Al18]

Not seeing good CD rates at Fidelity for call-protected. Currently
1 year CD at Carson Bank at 4.20%
2 year CD at Ally for 3.80%
3 year CD at Ally for 3.75%
4 year CD at First Citizens for 3.50%

At DepositAccounts, rates are .75% higher for most CD’s.

 

[NomDeER]

1 year CD at Carson Bank at 4.20%
2 year CD at Ally for 3.80%
3 year CD at Ally for 3.75%
4 year CD at First Citizens for 3.50%

I just checked and Vanguard has no CDs at all available for three, four, five, or seven year durations. The other day, there was a four-year CD available for 3.75, so 3.5 isn't that bad.

At DepositAccounts, rates are .75% higher for most CD’s.

I think that will soon change.

I'll be curious if we have one of those situations again where Treasuries have better rates than CDs. That was briefly the case when interest rates were rising.

 

[Al18]

I can wait a few days to see if there’s a better selection of CD’s.

 

[pb4uski]

Recently had a maturity and a couple calls so had cash to invest in 2027 and 2030 maturities. Agencies looked the best to me... callable but ~4.7% yields so not too bad.

 

[erkevin]

Marcus held their savings rate at 4.4% apr, but dropped their 1-year CD from 4.6 to 4.5% post fed decision.