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Replies: 22
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All-TigerNet [10647]
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CD ..... money market rates .......
4
Oct 27, 2023, 12:07 PM
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Another thread reminded me that I recently got a solicitation from 5/3 Bank for 5.3% interest for their Money Market accounts ...... also they would put $450 in a new checking account with $3,000 of direct deposits in the next 90 days. I jumped on both of them since my current bank that I have been with forever acted like they were doing me a favor by increasing my money market account from .001% to 3.5%.
PS: Yeah, I know the decimal stuff.
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All-In [26081]
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Re: CD ..... money market rates .......
1
Oct 27, 2023, 12:27 PM
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Yeah, the banks are making a lot of money by giving dismal CD rates but investing our monies in many different areas. Take a look at I Bonds by the U.S. Treasury. I recently got 9.1% there.
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Orange Blooded [4028]
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Re: CD ..... money market rates .......
Oct 27, 2023, 12:32 PM
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How did you get a 9.1% i bond?
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All-In [26081]
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Re: CD ..... money market rates .......
Oct 27, 2023, 12:39 PM
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Pull up U.S. Treasury - I Bonds
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All-In [26081]
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Re: CD ..... money market rates .......
Oct 27, 2023, 12:40 PM
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The 9.1 was months ago but the rates are always much better.
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Varsity [206]
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Re: CD ..... money market rates .......
2
Oct 27, 2023, 12:41 PM
[ in reply to Re: CD ..... money market rates ....... ] |
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I-bonds are not worth it right now. I bought one last year when it was 9.62%. Loved it, but they re-evaluate the rate every 6 months. It dropped from 9.62% to 6.48% in November of 2022, then 3.38% in May of this year. There are high-yield savings accounts with minimal restrictions with 4.30% and up. Though some are "online banks" that I have never heard of, so buyer beware.
The Treasury will be releasing the next 6 month rates on November 1st for the I-bonds. Currently projected just above 5%. Most banks are offering better CD rates without the penalty (I-bonds you have to keep in there for a year, and if you cash it out before 5 years, you lose that last 3 months of interest). I just opened some short-term CDs (3-9 months) with Fidelity, all 5.4% or higher, so I can keep some liquidity.
Just things to think about.
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All-TigerNet [10647]
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Re: CD ..... money market rates .......
Oct 27, 2023, 4:29 PM
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Are those the bonds that limited the amount of money you could invest.
There was something a number of months ago that paid like 10%, but you could only invest $10,000. I think it was some sort of Gov't CD type thing. Maybe it was the I bonds.
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Varsity [206]
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Re: CD ..... money market rates .......
1
Nov 1, 2023, 1:51 PM
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Yeah, I-bonds are limited. In total you can purchase up to $15,000. However, the break down is this: You are allowed to invest up to $10,000 cash every year. In addition, when you do your tax return, if you get a refund you can purchase up to another $5,000. But ONLY based on your tax refund. So if you only get $1,000 back from taxes you can only purchase $1,000.
If you are getting $5,000 back or more in taxes every year, you are doing something wrong with your withholdings.
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Orange Blooded [4759]
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Legend [16070]
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I've used them before and their customer service is horrible...
Oct 27, 2023, 12:46 PM
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BUT for $450? That's a different story.
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All-TigerNet [10647]
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Re: I've used them before and their customer service is horrible...
Oct 27, 2023, 4:27 PM
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I had just the opposite experience. Their service has been outstanding, whereas my other bank only calls when I make a large deposit and wants to talk about "investments". Maybe it just depends on which bank and who your banker is.
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CU Guru [1155]
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6 month t-bills at 5.6% is tough to beat.go to
3
Oct 27, 2023, 4:34 PM
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Treasury direct.gov. No commission. Even one month tbills are over 5%. Easy once set up.
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CU Guru [1120]
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Re: 6 month t-bills at 5.6% is tough to beat.go to
Oct 27, 2023, 7:05 PM
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I agree, 6 month TBills is the way to go. No limit on amount you put in. When it matures then go another 6 months if rates are still good or can go with 6 month CD rate whichever is higher.
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All-TigerNet [10647]
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Re: 6 month t-bills at 5.6% is tough to beat.go to
Oct 27, 2023, 7:59 PM
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Good part of the 5.3% money market account is that you do not have to leave it in for any certain amount of time ….. unlike a CD. Trill can be sold before maturity but you are not guaranteed what you will receive.
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110%er [6698]
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CU Guru [1462]
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Re: 6 month t-bills at 5.6% is tough to beat.go to
Nov 1, 2023, 11:03 PM
[ in reply to 6 month t-bills at 5.6% is tough to beat.go to ] |
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Their website is very difficult to navigate, looks like a 1990s website. I believe you can buy them through Fidelity but not 100% sure. I'm definitely not the expert on it.
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Legend [19873]
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Join a credit union
Oct 27, 2023, 7:08 PM
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And sin no more, my son.
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Orange Blooded [3145]
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Let's Go Brandon
Nov 1, 2023, 11:02 PM
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you know if CD rates are high, the stock market is low. My IRA sucks right now. No progress in 2 years.
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CU Guru [1462]
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Re: CD ..... money market rates .......
Nov 1, 2023, 11:05 PM
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There are plenty of good HYSA offerings today. I'm at Discover.
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CU Guru [1462]
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Re: CD ..... money market rates .......
Nov 1, 2023, 11:06 PM
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Don't play with options. IMOP.
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All-TigerNet [10647]
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Re: CD ..... money market rates .......
Nov 2, 2023, 4:22 PM
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Funny, but just got a call from my bank that I am NOT getting the 5.3% at, to tell me they now have raised their CD rates to 5% for 7 months and 4% for 12 months. The call comes two days after I made a substantial deposit ..... the only time they ever call!
Curious, why are they offering less for 12 months than 7 months and why would anyone do that rather than taking a 5% CD for 7 months and then re-new if the rate is still close to 5%.
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Legend [19965]
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I got a free $350 for opening a Capital One 360 checking account the other day
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Nov 2, 2023, 4:27 PM
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I only had to direct deposit $500 from my brokerage account to get the bonus. Easy money for 15 minutes of my time. I think the offer ended on 10/31 though. It was supposed to end in January but it blew up on social media and I guess they had more applicants than expected.
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110%er [5066]
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Re: CD ..... money market rates .......
Nov 2, 2023, 4:48 PM
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I've been getting 5.7% to 5.75% on 1-yr and 2-yr CDs lately from several banks through E*Trade. JP Morgan Chase makes up the majority of what I've bought.
As of now, they're 5.75% on 1-yr, 5.7% on 2-yr, 5.5% on 3-yr, 5.7% on 5-yr and 5.8% on 10-yr.
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Replies: 22
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