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

[gwill1010]

Saw this on Vangurard today. What's the death of holder all about? And the maturity date of 2038... Maybe I need to hit youtube for some training. Thanks.

 

[Al18]

The BMO CD is callable - not interested. Chances are the CD will be called years before 2038.

 

[Car-Guy]

About time!

Non-callable?

Yes, non-callable... It's only type I buy.

 

[Mulligan]

Yes, non-callable... It's only type I buy.

I typically do that also along with being monthly payers. But last summer I picked up bits and pieces (probably 100k in total) of secondary market CDs all paying monthly and between 5.0-5.4%. They were all “past first call” with maturities of 2030-2035. I did it when CDs were below 4%. I figured they were just short duration hiding spots, but all be damned if none of them have been redeemed yet. And I am very fine with that.

 

[Car-Guy]

^^^^^
Interesting.... I only buy monthly payers too. As I get paid I move it to a MM.

 

[MarieIG]

Yep, I also only buy the monthly payers.

 

[elvis76]

Another new year, another new thread.

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

Thanks for setting this up again. Very useful for keeping an eye on rates throughout the year.

 

[audreyh1]

Just bought a 2 year 4.25% 100k brokered CD at Schwab this morning. CD's are ticking back up.

Today I’m seeing 2 year non-callable CDs at 4.25% and 18 months at 4.20% at Fidelity.

 

[Car-Guy]

^^^^
The same at Schwab for non-callable.

18mo 4.20%
2yr 4.25%
3yr 4.3%
Heck you can get 4.4% for 4 or 5 year CD's. (but I don't want to go out that far)

 

[Al18]

It seems Morgan Stanley has some of the highest interest rates, both bought directly thru E*Trade and brokered CD's thru Fidelity and other brokers. The hoops MS makes you jump thru to open a CD directly with identity verification is crazy, in my opinion. The application also requires about 3-4 days for review, before you can fund it. My recommendation is to buy the brokered CD, which can be done with 3 mouse clicks.

 

[Spock]

^^^^
The same at Schwab for non-callable.

18mo 4.20%
2yr 4.25%
3yr 4.3%
Heck you can get 4.4% for 4 or 5 year CD's. (but I don't want to go out that far)

How does that compare to your current or expected rate of inflation over that time period?

 

[Dtail]

It seems Morgan Stanley has some of the highest interest rates, both bought directly thru E*Trade and brokered CD's thru Fidelity and other brokers. The hoops MS makes you jump thru to open a CD directly with identity verification is crazy, in my opinion. The application also requires about 3-4 days for review, before you can fund it. My recommendation is to buy the brokered CD, which can be done with 3 mouse clicks.

That is what I do for the MS CD's. (Buy Brokered)

 

[F.I.R.E User]

I have had VIO Bank for few years and they have been consistent on high interest rates. Which bank consistently gives the highets rates? I just don't want to switch often

 

[audreyh1]

I have had VIO Bank for few years and they have been consistent on high interest rates. Which bank consistently gives the highets rates? I just don't want to switch often

Brokered new CDs is an option. I often see higher rates offered by banks through my Fidelity brokerage account than offered directly to customers, still FDIC insured. This lets you choose between different banks without having to open accounts at the bank. We just avoid the callable CDs that can choose to shorten the term.

Of my online banks, Marcus Bank by Goldman Sachs seems to offer slightly higher rates directly.

 

[Dtail]

Brokered new CDs is an option. I often see higher rates offered by banks through my Fidelity brokerage account than offered directly to customers, still FDIC insured. This lets you choose between different banks without having to open accounts at the bank. We just avoid the callable CDs that can choose to shorten the term.

Of my online banks, Marcus Bank by Goldman Sachs seems to offer slightly higher rates directly.

You have used Ally Bank IIRC.
Is the Marcus online site as easy and clear to use like Ally?

 

[audreyh1]

You have used Ally Bank IIRC.
Is the Marcus online site as easy and clear to use like Ally?

Yes, Marcus has a good online interface. Presentation and navigation is a bit different from Ally, but straightforward enough.

 

[Al18]

Brokered CD interest received is actually lower, because interest never compounds

 

[F.I.R.E User]

This account is paying 10%. But, there are a few strings attached. If I was a Michigan teenager with a spare grand, I might take them up on it.

Why not just keep $1,000 there and the rest elsewhere? I would be earning $100 every month?

Brokered new CDs is an option. I often see higher rates offered by banks through my Fidelity brokerage account than offered directly to customers, still FDIC insured. This lets you choose between different banks without having to open accounts at the bank. We just avoid the callable CDs that can choose to shorten the term.

Of my online banks, Marcus Bank by Goldman Sachs seems to offer slightly higher rates directly.

CD’s are locked up. I need a HYSA. Through Fidelity? How?

 

[Al18]

Uh, 10% interest APR on $1000 works out to slightly more than $8 per month

 

[F.I.R.E User]

Uh, 10% interest APR on $1000 works out to slightly more than $8 per month

My bad. Still not bad. $96 a year.

 

[audreyh1]

Why not just keep $1,000 there and the rest elsewhere? I would be earning $100 every month?

CD’s are locked up. I need a HYSA. Through Fidelity? How?

For an HYSA you do need to go straight to a bank and also compare to brokerage money market funds.

I often use no penalty CDs where you can withdraw money from the CD early. Marcus is paying 3.8%. If you withdraw early you have to close the entire CD. I use multiple CDs.

Sites like depositaccounts.com show you rates paid for savings accounts and CDs across many banks.

 

[jsncpa]

Yes, Marcus has a good online interface. Presentation and navigation is a bit different from Ally, but straightforward enough.

There's nothing wrong with the mechanics of the Marcus website. My gripe is the lack of any big picture information. The website doesn't even give you your total savings and CD balance (though the app does). There’s no summary of monthly interest earned. Some assistance with visualizing maturities, a bar chart or some such, would be helpful. I’ve never laddered anywhere else, but with over 30 CD’s outstanding I’d like to see some better tools.

Marcus has 14 months at 4.1%. I would have sworn the 9 monthers were the same a couple of days ago, because I was going to get one of each early next month, but they're shown at 4.0% now.

 

[Maximus]

Brokered CD interest received is actually lower, because interest never compounds

How can this be true if you have a situation where they both post the same annual percentage rate or annual yield

 

[Al18]

I meant to say slightly lower interest rates for brokered CD’s.

Brokered CD’s never pay compound interest. They pay interest as stated on the CD - monthly, every 6 months or yearly. The interest is deposited into your core account, which usually pays a MM rate.

 

[Car-Guy]

Brokered CD interest received is actually lower, because interest never compounds

Well you can create your own compounding. Just buy CD's that pay interest monthly. Then as paid, just roll that monthly interest over to a MM each month. Boom, it's compounding.