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

[almost there]

No not any CD. But do know I can add to my ROTH / IRA CD. Past few years anyway.
And it is not an add on CD.
Sorry, dont have all the details. Might just be Ret. CD's.

 

[teej1985]

No not any CD. But do know I can add to my ROTH / IRA CD. Past few years anyway.
And it is not an add on CD.
Sorry, dont have all the details. Might just be Ret. CD's.

That's strange. I wonder why you can do that. During what dates are you allowed to do this?

 

[almost there]

Sometime in Late Jan-Feb (As I recall) to the 1st part of April.
They dont advertise it. Was made aware as I was starting a new Navy CD/ transfering
from Schwab to Navy. And the rep mentioned I could just add to it during tax season.
Plan to do it again in 2025.

 

[jazz4cash]

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

It seems to me that NFCU has changed many of their customary offers. As far as adding to any existing CD at tax time I didn’t think they were still doing that but I wouldn’t hesitate to ask. I generally always open the promo add-on CDs with a minimum deposit. Sometimes the rate becomes more attractive as maturity nears and other issuers drop their rates

 

[teej1985]

It seems to me that NFCU has changed many of their customary offers. As far as adding to any existing CD at tax time I didn’t think they were still doing that but I wouldn’t hesitate to ask. I generally always open the promo add-on CDs with a minimum deposit. Sometimes the rate becomes more attractive as maturity nears and other issuers drop their rates

Yes, I've opened the promo add on CDs twice. So far, I have not added to either. The second one goes through October 2025 I think. I like that NFCU lets you turn off auto-renewal on the website. A lot of CU's make you request withdrawal after they auto-renew it within X number of days.

 

[Car-Guy]

Just setup a new IRA and rolled over enough from my 401k to buy in one of Schwab's MM's that's paying 4.6%. Not bad for these times.

 

[target2019]

Just setup a new IRA and rolled over enough from my 401k to buy in one of Schwab's MM's that's paying 4.6%. Not bad for these times.

My Schwab Rollover eventually became our largest account. I went whole-hog into SWVXX initially, and had much fun looking at the interest each month. But I did slowly chip away at the shares and mostly invest according to our AA now.

 

[Car-Guy]

My Schwab Rollover eventually became our largest account. I went whole-hog into SWVXX initially, and had much fun looking at the interest each month. But I did slowly chip away at the shares and mostly invest according to our AA now.

Me too. But I was jealous of those that were getting just a little more in SNAXX, so I final bought into it. Not sure how long it will last but I'll start re-buying CD's if/when it becomes clear to me that the party is over. If history is any indicator, it should stay slightly above CD's. If the bottom falls out on fixed income, I may miss locking in longer term CD rates, but that's okay with me at this point.

Of course both SWVXX and SNAXX are not specifically FDIC insured, but close enough for me. They are also both very liquid. YMMV

 

[explanade]

Just setup a new IRA and rolled over enough from my 401k to buy in one of Schwab's MM's that's paying 4.6%. Not bad for these times.

Which symbol is paying 4.6%?

 

[Car-Guy]

Which symbol is paying 4.6%?

SNAXX

 

[Al18]

I bet SNAXX will drop by 0.25% by month end.

 

[explanade]

That's low expense ratio.

Does it have a $100k initial investment requirement?

 

[target2019]

$1M for SNAXX.

Charles Schwab

 

[explanade]

I suspected as much for that low an ER.

FZDXX is similar.

I think VMFXX has low ER but doesn't have the high a initial buy-in requirement.

 

[Car-Guy]

I bet SNAXX will drop by 0.25% by month end.

Probably... Depends on what Powell does/says this week.

 

[camfused]

$1M for SNAXX.

Charles Schwab

Viobank is currently 4.66%, and no million dollars buy in.

 

[target2019]

Viobank is currently 4.66%, and no million dollars buy in.

Thanks I'll keep rolling with 4.46% and call it a day.

 

[Graybeard]

I suspected as much for that low an ER.

FZDXX is similar.

I think VMFXX has low ER but doesn't have the high a initial buy-in requirement.

VMFXX has a 7 day SEC yield is 4.53%, initial investment is $3k.

 

[MJ]

VMFXX has a 7 day SEC yield is 4.53%, initial investment is $3k.

VUSXX is 5 basis point lower today and is state tax exempt for those living in tax return states ,

 

[FIREarly]

The brokered CDs are very lame these days. Especially if you look at only non-callable.

I picked up several decent direct bank CDs last month, 5.25% and 5.50% APY. Longest term was 15 months.

Where did you find these AND what are "Direct Bank CDs" vs the regular CD?

 

[audreyh1]

I just meant CDs that you buy directly from a bank as opposed brokered CDs you buy through a brokerage.

And note that my post was from Jan 2 2024. Different deals then.

 

[pb4uski]

Where did you find these AND what are "Direct Bank CDs" vs the regular CD?

There are basically two different sources for CDs.

The most common are CDs that you buy directly from a bank or credit union. Those CD usually have an early withdrawal penalty of x months of interest if you cash them out before maturity. The problem with these is if you chase interest rates you can end up with accounts with many different banks or credit unions which some consider a PITA.

Brokered CDs are issued by banks and sold through brokerage firms like Schwab, Fidelity, Vanguard, etc. They are similar to bank CDs in most respects except if you cash them in before maturity you do so by selling the brokered CD on the open market like you would sell a bond. In this case, the early withdrawal cost is based on changes in interest rates and may be more or less what the early withdrawal penalty on a bank CD would be.

 

[rembrandt]

There are basically two different sources for CDs.

The most common are CDs that you buy directly from a bank or credit union. Those CD usually have an early withdrawal penalty of x months of interest if you cash them out before maturity. The problem with these is if you chase interest rates you can end up with accounts with many different banks or credit unions which some consider a PITA.

Brokered CDs are issued by banks and sold through brokerage firms like Schwab, Fidelity, Vanguard, etc. They are similar to bank CDs in most respects except if you cash them in before maturity you do so by selling the brokered CD on the open market like you would sell a bond. In this case, the early withdrawal cost is based on changes in interest rates and may be more or less what the early withdrawal penalty on a bank CD would be.

I had to look up what PITA means. It sounds like some kind of financial term!

 

[Chuckanut]

I’ve been looking at TIPS, CDs in the 2 -4 year area and callable Agency bonds still yielding 5% or more. I don’t go too long on he Agency bonds 10 years at the most, mostly in the 3-5 year range. If they aren’t called.

 

[jazz4cash]

NFCU Add-on CD info
Just noticed the updated NFCU app has an “Add Funds” button on each of my CDs (IRA and taxable). I am pretty sure these were all designated as “add-on” products when I opened them but NFCU has been inconsistent with making the add-on button visible.