Good banks with high CD rates?

[Nutria]

Hi,

Now that CapitalOne 360 has dropped their 12 month CD rate to 0.75% (the same as their savings account rate), I'm looking for some place with rates greater than 1.1% to store my EF cash.

Synchrony Bank made it easy to open an account, but hasn't sent the test payment yet and the account number that they emailed me is four digits too long for the web site sign in form to accept. Discover Bank has shockingly high penalties (six months!!), and others are ones that I've never heard of before or have minimum balances higher than I want to deposit.

So, any thoughts from you all?

[Nutria]

Yes, I posted it to the wrong forum. Sorry.

[bjl584]

Moved to "Investing & Banking"

[Singuy]

Ally bank is giving out 1% on their savings account. I have my account with them.

[Nutria]

Ally bank is giving out 1% on their savings account. I have my account with them.

Trying to squeeze out that last bit of cash, I went with Synchrony.

Not only did they not recognize that State IDs are valid, but the choice of phone numbers to send my one time passcode were (1) my father's, and (2) the one I had in college.

[feh]

Trying to squeeze out that last bit of cash, I went with Synchrony.

Not only did they not recognize that State IDs are valid, but the choice of phone numbers to send my one time passcode were (1) my father's, and (2) the one I had in college.

Calculate how much that .1% difference is earning you over the course of a year, and ask yourself if it's worth the effort to hold a CD.

In my experience the last couple years, there is little/no overlap between the best banks for savings accounts and best banks for CDs.

[Nutria]

Calculate how much that .1% difference

.6%, but who's counting...

is earning you over the course of a year, and ask yourself if it's worth the effort to hold a CD.

An extra $75 is an extra $75. If Synchrony keeps hassling me, then I can always not open any more, and close the existing account at the end of the term.

You're right, though, that at some point it becomes irrelevant.

[Like2Plan]

I keep looking for good CD rates. Last fall I signed up for 3 yr 3% add on CD last fall, but deal only lasted about 5 days before they stopped accepting anymore new accounts.


Recently, I saw that the Navy Federal Credit Union has a Open a 15-month Military Appreciation Certificate with a 3.00% APY and start growing your savings. Receive an additional $10 incentive when you set up a recurring transfer. $10,000 maximum balance (and must have qualifying DFAS Direct Deposit/Allotment to participate.)

But, I haven't seen any good ones that just anyone can sign up for, lately.

[JBinKC]

I concur with the group consensus by trying to keep as little money possible tied up in a bank given the usurious rates being offered . Pretty sad state of affairs when as a 16 year old kid I made more money in interest income than I do retired.

However, if these invested funds are earmarked for an expense 12 months from now I certainly would look for the highest rate if the amount of gain is worth your time. I have recently done this with a 6 month term for expenses due in December.

[MichaelHulse]

I am too in search of good CD rates.

[Nutria]

I am too in search of good CD rates.

Of banks that I'd heard of, as of three weeks ago Synchrony had the best 12 month rates at the minimum amount that I wanted to invest.

[frugal saver]

First, I'm not thrilled with Synchrony because they've had way too many name changes/ownership changes in the last few years. But that's just me.

I currently like Melrose CU--2.42% for a 5 year CD, $5000 minimum. Easy to join, easy to link accounts. Their regular savings is pitiful--.50% so I only use it to temporary hold cash for a CD.

Barclay Bank has a 1.05% savings and a 2.05% 5-year CD and are great to deal with. GSBank (Goldman Sachs Bank) is currently offering the same.

If you're local to California, Patelco CU has a 3.0% money market account--but they're a pain to deal with. Supposedly anyone can join, but they're way behind on linking accounts and allowing easy transfers. I'm still just making deposits in person, but for that rate, it's worth it.

[Nutria]

First, I'm not thrilled with Synchrony because they've had way too many name changes/ownership changes in the last few years.

Good to know.

I currently like Melrose CU--2.42% for a 5 year CD, $5000 minimum.

That's way too long of a term for our needs. A set of 6x 12 month CDs where one expires every 2 months is what were's doing now. (While I'm not terrified of job loss, I am in an industry that's rapidly outsourcing.)

[frugal saver]

Good to know.



That's way too long of a term for our needs. A set of 6x 12 month CDs where one expires every 2 months is what were's doing now. (While I'm not terrified of job loss, I am in an industry that's rapidly outsourcing.)

I can understand that--I'm currently working towards a ladder of 5-year CD's with one expiring every quarter.

In my previous job, I used to have "paycheck replacements"--a series of CD's each containing the equivalent of my paycheck that would come due the 1st of each month. Every year there would be budget fights and the first threat was always "we just won't pay the employees" so it worked for me.

[Jluke]

I just saw Capital One has a 360 Money Market account that pays 1% for 10k+ balances. I think this is a fairly new product for them.

vs the 360 Savings account that pays 0.75%. No minimum.