Starting today, Navy Federal Credit Union is offering a 15 month certificate (CD) at 2.25% APY. The Special 15-Month Share Certificate has a $50 minimum and a $50,000 maximum balance. Only available for Share Certificates. Additional deposits are allowed at any time, subject to the maximum balance.
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Ally Bank increased all three tiers of its 11-month No Penalty CDs:
1.15% APY with less than $5,000 opening deposit
1.35% APY with $5,000 minimum opening deposit
1.60% APY with $25,000 minimum opening deposit
In addition, it increased its 18 month CD to 1.75% APY with $25,000 minimum deposit
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Discover Bank increased its online savings account to 1.30% APY with no minimum balance requirement.
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Thanksā¦guess itās time to pull my funds from the 1.50% 11 month no penalty then open a new one so itās at the higher rate or is there a shortcut?
I did it today - very easy. Closed the no-penalty CD, transferred the proceeds to my Ally savings account and immediately opened a new no-penalty CD with the higher rate. Everything processed immediately.
I have to laugh at this. Yesterday, I closed my Discover Online Savings account. When asked why, I cited their 1.2% interest rate which is not competitive. I also said their ACH handling was way too slow (I did a test of the same amount transferred from three different online banks. Two of the three were pretty much next day. Discover took five days.)
Iāve found few can compare with Ally banking where itās there next business day. I used Ally as a middle man to pull the funds from Bank A and 2nd day put them in Bank B. It was still 3 days faster than if I had Bank B do it directly. Synchrony Bank was especially slow. I closed my Discover Bank account after they charged me a fee for a $10 charge that came across as a cash advance. I think it was $5ā¦canāt really remember nowā¦but that $5 cost them my banking business and I had ALOT of money with them. Their rates have been consistently behind everyone else and even the 1.30 isnāt really cutting it as several others have offered 1.40% for quite some time in savings and of course higher in cdās. I still use their credit card but they are certainly behind the pack on everything including customer service.
Hmm might have to revisit the navy fed 15 month 50k max 2.25% cd when their 5 month 10k max 3% Cd expires for me on 12/31.
Yes, my experiment with Discover was short and sweet. Just long enough to get the $200 bonus. Had they offered reasonable ACH time and competitive interest, I would have stayed with them. But no.
Navy Federalās deal is an add-on, why not open it now then roll the money in later? I think their CDs usually last to the end of the month but why risk it for a couple weekās interest?
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You make an excellent point but I guess I was kinda in hopes a better deal/shorter term might become available. Then again as you indicated I could open it and have all my bases covered either way.
I have not seen this mentioned anywhereā¦dollarsavingsdirect.com is offering 1.50% for the SAVINGS account. If you have money sitting around earning less this is a no brainer. Iāve got some 1.35% one year cdās coming due in early January and assuming things are still the same it will be moving to DSD. They seem to continue to be VERY competitive as they were also one of the first banks to offer 1.40% for their savings. They are a branch of emigrant direct bank for those unfamiliar with them so certainly not a fly by night.
Are there forums with threads for banking/saving rate threads as opposed to cd rates?
I need liquidity so for me Iād love a thread on high rate savings or checking. Thanks for the DSD tip.
With no proper support for tables, itāll be difficult to create a good High APY Savings accounts thread. Iāve been thinking about how to format it to keep it readable. Maybe Iāll post something tonightā¦ maybe.
Donāt you now have to pay taxes on the interest in 2017 instead of 2018?
Yes.
@scripta, looks like tables were turned on. Sample table:
| Sample Current CD Rates | ||
|---|---|---|
| BANK Name | Total APY | Term |
| ABC Bank | 1.30% APY | 18 Months > |
| P&L Thrift | 1.30% APY | 18 months> |
| Temporary Bank | 1.25% APY | 12 months> |
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I moved liquid savings funds to Salem 5 drawing 1.50%. Shortly afterwards I saw another credit union offer for 1.55%.(I didnāt bother for 1.55% since I already had an old Salem 5 CU that was opened.) These rates offer more for me than a CD showing 1.60% Ā±. No strings attached on the Savings accounts.
You ALWAYS have to pay for interest earned in the current year. Thatās why they send you a 1099. The exception is retirement accounts, IRAās, annuities etc which are deferred.
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Thanks! Looks real promising although for the real one weād need a column for max funds as well since some are limitedā¦also a flag for āNo Penaltyā I suppose.