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

[Earl E Retyre]

City National Bank was fined $65 million, as reported on 1/31/24 according to OCC Assesses $65 Million Penalty Against City National Bank | OCC

A few weeks later, Bloomberg reported it was cutting 100 from its work force due to the fine. This seems insignificant for a bank with 70 locations spread across 8 states.

Did the bank pay it’s interest from CD’s?

Another article on City National Bank … maybe this is why I got 5% CDs … as long as it’s FDIC insured, I’m not worried…

City National shows progress, offers 18-month timeline for turnaround

The beleaguered Los Angeles-based bank reported its strongest quarterly results in more than a year, but executives at its Canadian parent company cautioned that improvements may not be linear.

www.americanbanker.com

 

[FIREd_2015]

From WSJ -
Pibank 5.5% APY FDIC insured Pibank Savings 5.50% APY - Pibank USA
IVY Bank 5.0% APY FDIC insured Ivy Bank | High-Yield Savings Account

 

[Al18]

From PiBank’s website:
‘Pibank, which originated in Spain on April 18, 2018, expanded its presence to Colombia in 2022 and to the United States in 2024.‘

 

[calmloki]

Re: Pibank. Reddit users of Pibank note that if you want your money back from them they don't do ACH transfers, but rather wire transfers. No charge on their end, but perhaps a receiving bank charge on yours. I like high interest, but really like simple and hassle-free. Florida, Spain, Columbia, interchange bank? Real new to the states? I'll stick with short term T-bills for now.

 

[jim584672]

The bottom the their web page...
"Pibank © 2024 is a brand of Intercredit Bank, N.A. All deposit products are provided and issued by Intercredit Bank N.A. Member FDIC "

Pibank doesn't come up on a FDIC search but Intercredit Bank, N.A. does. So does that mean Pibank is FDIC insured?

 

[njhowie]

Just bought CD 15 days to maturity with APY of 31%. It's only 1.28% total return, but it's just 15 days. It wasn't so long ago that we were salivating over 1.25% CDs for a full year.

 

[teej1985]

Just bought CD 15 days to maturity with APY of 31%. It's only 1.28% total return, but it's just 15 days. It wasn't so long ago that we were salivating over 1.25% CDs for a full year.

What CD is that? Does it auto-renew at the same rate? Hmm.

 

[njhowie]

What CD is that? Does it auto-renew at the same rate? Hmm.

Secondary market brokered CD...wild west. No auto renew. Rate on the CD is 4.9%, priced at 98.85...which is what boosted the 15 day return.

 

[Al18]

I picked up a brokered CD from Fidelity yesterday. 3 year at 4.10% APY from First National Bank (ME). Settlement date is 12/19. Fidelity also had 4 year and 5 year CD’s at 4.05%. As I learned last year, very few new CD’s are available after 12/15 - so you better get your orders in soon.

 

[Earl E Retyre]

I picked up a brokered CD from Fidelity yesterday. 3 year at 4.10% APY from First National Bank (ME). Settlement date is 12/19. Fidelity also had 4 year and 5 year CD’s at 4.05%. As I learned last year, very few new CD’s are available after 12/15 - so you better get your orders in soon.

I also purchased a Fidelity brokered CD yesterday but found that the secondary market CD deals were better. I purchased a JP Morgan 4.43% Yield to Worst with a coupon of 3.85% and maturity 10/29. I also purchased a Vanguard brokered CD with Morgan Stanley 4.325% YTW with a coupon of 3.7% CD maturity 9/27. Seems like a lot of options are available. Both CDs were not callable.

 

[Car-Guy]

I bought a 9mo 4.45% brokered CD at Schwab yesterday for the DW. It was only for 55k (mostly from her SS money that she has been saving up) but I'm glad to see her "listening" to me for once. (Finally)

 

[njhowie]

I also purchased a Fidelity brokered CD yesterday but found that the secondary market CD deals were better. I purchased a JP Morgan 4.43% Yield to Worst with a coupon of 3.85% and maturity 10/29. I also purchased a Vanguard brokered CD with Morgan Stanley 4.325% YTW with a coupon of 3.7% CD maturity 9/27. Seems like a lot of options are available. Both CDs were not callable.

Secondary market will most always get you a better deal than new issue - otherwise there would be no secondary market, everyone could just buy new issue with no markup.

 

[njhowie]

Just received email from Marcus - savings rate lowered from 4.1% to 3.9%. All the others likely to follow.

 

[Montecfo]

CFG Bank MM holding pretty strong at 4.65%.

 

[Al18]

Discover Savings lowered to 3.9% a few days ago.

 

[Surewhitey]

Just received email from Marcus - savings rate lowered from 4.1% to 3.9%. All the others likely to follow.

Yeah, we've moved most of this to treasuries ~4.125 & 4.25% on the last 7&10 yr.

 

[rembrandt]

Ally no-penalty 11 month CD at 4%.

 

[frank]

Hi All,

I'm always cautious - so, please comment?

I opened an account with NASA FCU with $5 last year.

They have a CDs with good rates ... 5.7% for 9 months, 5.45 for 15 months, 4.75 49 months.

Anything wrong with using this institution? Anyone have experience with them?

Thanks!

been doing business there a couple of years and no problems with acceptance as a member or opening cd/s.

 

[wrigley]

Just received email from Marcus - savings rate lowered from 4.1% to 3.9%. All the others likely to follow.

Ally HYS is down to 3.85%

 

[Car-Guy]

And MM's (like SWVXX) are now paying about the same as brokered 9mo and 1yr CD's. They were paying enough more recently to justify staying in the MM's. Not so now, IMO.

 

[teej1985]

And MM's (like SWVXX) are now paying about the same as brokered 9mo and 1yr CD's. They were paying enough more recently to justify staying in the MM's. Not so now, IMO.

Well, if you know you'll spend some of it within 9 mos - 1 yr, probably makes sense to keep in MM.

 

[target2019]

And MM's (like SWVXX) are now paying about the same as brokered 9mo and 1yr CD's. They were paying enough more recently to justify staying in the MM's. Not so now, IMO.

It is a bit of a dance, isn't it? But I think we knew all along that the MMF rates are not going to hold steady. It won't be long before MMFs drop below 4%.

 

[Montecfo]

And MM's (like SWVXX) are now paying about the same as brokered 9mo and 1yr CD's. They were paying enough more recently to justify staying in the MM's. Not so now, IMO.

True. You definitely want to lock up current yields if you can.

 

[almost there]

On another note, Navy Fed. allows you to add funds to long term CD's during tax season.
Have a 7 yr Roth CD with Navy at 4.16% thats now 2 yrs old. Handy place to do my
annual conversions from Schwab to Navy. (past 2 years anyway)
SWVXX has had a 7 day average around 4.4% for a while now.
But agree, it could easily be in the high 3's over the next year or so.
And at that point 4.16 might look pretty good.

 

[teej1985]

On another note, Navy Fed. allows you to add funds to long term CD's during tax season.
Have a 7 yr Roth CD with Navy at 4.16% thats now 2 yrs old. Handy place to do my
annual conversions from Schwab to Navy. (past 2 years anyway)
SWVXX has had a 7 day average around 4.4% for a while now.
But agree, it could easily be in the high 3's over the next year or so.
And at that point 4.16 might look pretty good.

Navy Fed lets you add to any existing CD during this time, or lets you open a new add-on CD at this time?