CD Discussion Thread

CD Discussion Thread


Agreed. Totally. Double ouch! You are spot on. This would not be for me . . . . . VERY twentieth century.


No ACH and no online applications (although you can use FAX!). That’s too bad because I would have been in otherwise.

Meahwhile, my Andrews CU membership has been approved, but I’m unable to enroll in online banking. Hopefully, I can get it resolved and money into the share account before their deal expires on Friday.


They wont open a checking account without having the opening deposit in-hand. After that, you can ACH push in/pull out as much as you want.

Shinobi - for all your talking about CDs and wanting particular rates, have you ever tried calling and asking for a custom long term CD rate? Big banks couldnt care less about an individual’s deposit, and you wouldnt get 5 layers away from someone capable of making the decision anyways. But, for example, Hyperion has all of 22 employees total; even if you get told no, it’s probably coming directly from the person who determines their CD rates.


OK, so you’re saying the post by FracturedChaos was in error? Just for your information, I am not a Hyperion Bank customer and I’ve never spoken with anyone there. My post regarding Hyperion was an effort to inform and assist others . . . and that is all. I have no personal need for the Hyperion Bank account and I took the post by FracturedChaos at face value.

No. I doubt I have the kind of money it takes to negotiate special, individual, CD deals. Like most other posters here I’m merely an average member of the general public, out there searching for the best interest rates like everyone else.

If you DO have enough money to be able to negotiate special CD deals with banks, please accept my sincere congratulations. I admire rich people and I want to be as wealthy and successful as they are.


My info came right from Dan’s website. Regardless, if the key to getting ACH transfer access is dependent on opening a checking account, thats still a hard pass for me. Rate is good but im not keen on opening yet another checking account.


No, just not as drastic as it may have implied. You cannot use an ACH transfer to establish a relationship with them, and you cannot initiate transfers with them. And if you do not open a checking/savings account along with the CD, they can only mail/wire the proceeds at maturity. But once a deposit account is open, you can transfer money in and out like any bank account, using other bank’s transfer systems.


Thank you, glitch99, for clarifying. Of course everything you write here makes total sense. One needs a transactional account anywhere to be able to use ACH. This is commonplace and not in the least noteworthy. I appreciate your post.


Can we CD rate chasers agree rates are not great at this time? I for one am not jumping up and down and cheering maniacally. Such unfortunate circumstances as this can lead to the posting of less than optimum deals, ones that look great superficially but which contain one or more “gotchas” that squirrel the deal and make it either not really viable or, worse, actually a BAD deal.

Here is a case in point:

3.75% APY for five years appears decent until you look hard

And then there is this variable rate CD, indexed to the Federal Funds rate. I am a gargantuan fan of Fed-indexed CDs following my success, back in 2017, at Belco Credit Union. However, this particular CD sadly has its problems:

Fed-indexed variable rate CD - several of 'em!

Bottom line, like I wrote above, things with CDs are not great at this time. It can, in fact, be a minefield out there, as the above offerings demonstrate.


i have been on this forum on and off. Im an avid MSer and Bank acct bonus collector. So I will try to explain my current operations (in addition to F/T job that I am retiring from on 5/10…Hooray!!) Still doing 22k-26k in MS AFTER fees/gas/and other expenses among 5 CC. Had many many bank bonuses with DD and required balances and NO fees. So my new strategy now is to continue MS as long as it lasts BUT no new bank bonuses. I have finished with PNC 300/MTB 400/350/ and Citizens 450/350.BMO 300. I have withdrawn the funds after leaving them there 3 months longer then needed to be safe. I have found that I easily opened a CIT bank 2.45 online savings at 2.45%. NO cd…no strings. I can access funds immediately if needed. I am in upstate NY …they are in Ca. I mailed all my checks from the closed bank acct over the past month… (56k). All were credited within 5 biz days. No more keeping track of bonuses… BMO was worst when I closed acct… had 5k for 1 year with no int. BUY a 300.00 bonus. Took 2 months to get them to send check. Xfers had 3.00 fee to outside bank and a limit of 600 day. Would cost a fortune to send all the To CIT. After sending me forms for notary.. pics of ID etc finally got check on Mon. One Citizen acct bonus yet to post for wife of 400.00.. but must leave 25k in there thru May. I know other banks have higher interest on savings.. but my point is.. no strings on this acct and very east to get my if needed. Hope this helps someone.


meant " get my $" if needed.


what is MS


barrytuneup… Where do you find a CIT bank online savings at 2.45%? Sounds good!


MS stands for manufactured spending.


Patty…CIT Bank has had it for several months now…it’s their main offering…
SAVINGS BUILDER 2.45% apy with either a $25k minimum OR a deposit of $100 a month instead will get you the rate…:grinning: :

These days, i have Purepoint and CIT…:wink:


Be warned that CIT Bank invents new savings account names to avoid paying higher interest rates to existing customers. You can chase the new accounts by transferring funds, but you shouldn’t have to do that.

Their savings accounts went through three name changes in the last year.


Purepoint is especially good because of their instant crediting of deposits for immediate interest and their no penalty cd’s paying 2.6%.


I take it that you don’t have much faith that the Savings Builder will be maintained for the long run? They seem to be doing so well with it…


I think it will be maintained but they have a record of creating new account types and giving the new account type a higher interest rate while leaving the older account types with older lower interest rates. Really only an issue if you aren’t paying attention as a quick call will get your account changed over to whatever the newest account type is with the higher interest rate. If you look at their website they still have a savings account paying 1.55% and a money market paying 1.85%. At one time each of these accounts were their flagship accounts with the highest rate they offered.


Yes, i noticed that…sure doesn’t make much sense, you’d think they’d update the rates on those!
Since setting up with Purepoint, i have been using CIT as a secondary bank but with this information, may considering closing CIT…i don’t like to have to keep moving around…

I also have an account with AMEX Savings…their rates aren’t as high as CIT but they don’t pull stuff like that! :roll_eyes:

#627 Not Citibank…