CD Discussion Thread

So far it has worked that way. I’ve made transfers of over $25k. I’m not sure of the limit on transfers yet, but the first transfer I made was like $37K, & no problem.

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Darn. I closed my old TIAA account. That’s a violation of my standing rule:

Do not close accounts

But I had the account for a long time and was not using it.

Given the way Alliant is closing people out without cause, I figure my account there could be shuttered at any time. I need to be ready.

I may be naive, but why are you guys making so many transfers and why is it so important they happen overnight with no holds either way?

With me, CD’s that mature must transfer to a site that will gain a decent % rate.

Not an easy task at this moment in time. Some folks have add-on CD’s with great rates and they are transferring $$’s there.

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New Q1 2021 ratings published by Ken and also at Bauer!

Title says it all. GTE not looking too bad.

Weiss Research? Not yet. Stay tuned . . . . but it could be a while. :slightly_frowning_face:

Link to Ken. Click at top of page to access Ken’s search box.

Link to Bauer Star Ratings

ETA

Note this is all we are going to get from these two ratings providers until after Labor Day.

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Reminder

Independence Day this year happens to fall on a Sunday. Hence the following Monday, July fifth, is a bank holiday.

Independence Day is the one holiday always celebrated on July fourth, regardless day of the week. So in many years no three day weekend results. But this year is different. This year Independence Day will give rise to a three day weekend, with financial institution closures on Monday.

If you are moving money, or if you have a CD maturity: heads up.

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IFCU (Interior) Update

You may withdraw the interest (i.e., the dividends) on your IFCU CD at any time without requirement to pay an early withdrawal penalty.

As always, this is my best current information. Be certain to check and confirm for yourself before executing this manoeuver.

Why would we only want to withdraw interest on Interior? Those of us that have IFCU CD’s maturing soon will withdraw the balance, right?

Am I missing something?

Most likely, pattyb53, you are not. However, other people might have need of money right now. And there could be thousands of dollars of interest available to them, penalty free. We all are in different situations.

In my own case I thought I might need money to meet a minimum requirement at Keesler as I seek to renew my HIMMA Plus. But after a call to Keesler that need appears now to have fallen to the wayside. But still, other people might have various needs for money in advance of their IFCU CD maturity.

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If you are moving a large sum and are subject to transfer amount limits, withdrawing the interest now will break that amount off from the lump sum you’ll be handling in a couple weeks. For a maturing 2 year CD, that’s around $7k per $100k principle you can get to it’s new home without the delay of hitting a transfer limit.

For example - with a $300k CD and using Alliant to move the money, you can get the $21k interest moved with Alliant’s $25k/daily limit in advance of moving the principle, instead of having to tack it onto the end of the series of $25k transfers. (I know at that amount, wiring the whole amount at once would make more sense, but this is just an example!)

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I understand now why a person might withdraw the interest only shortly before the maturity of the CD.

Since I switched to TIAA Bank I can make the larger transfers. As we all know Alliant CU had a limit of $25k on transfers.

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Blue Federal Credit Union has a small money seven month CD special ongoing at 7% APY. You need to act before month’s end:

New Blue FCU CD deal

It’s small money so you might wonder “why bother”?

Well, Blue is one of those “gotta join” credit unions. They are known for having deals, and you never know in advance when the next one is gonna pop up. Some credit unions are dull and boring. Blue is not dull or boring, and anyone may join. Come for the small money deal now. Stay for the deals certain to be offered in future.

Blue is headquartered in Cheyenne. It’s a pretty cool credit union.

Actually, $2,000 is the max either way.

It’s the minimum for non-IRA accounts.

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can the 7-Month CD $2000 Max 7% APY be opened online?
any promo code required?
Anyone want to refer me? Is there a referral credit?

If you’ve never seen that part of the country, here’s your golden opportunity to visit for the annual members’ meeting. You will not regret it, unless the meeting is between Oct 15 and May 15. :smile:

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Weiss Research is out with new ratings for end of Q1 2021. Some might be of interest to participants here:

Safety rating for GTE Federal Credit Union (Tampa, FL)
Was upgraded to B- from C+

Safety rating for Sharonview Federal Credit Union (Indian Land, SC)
Was downgraded to C- from C

Safety rating for Sun East Federal Credit Union (Aston, PA)
Was upgraded to B- from C+

Not thrilled about Sharonview because I have CD money there paying 4% APY, I need them to stick around until 2024, and it’s only the middle of 2021.

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Interior FCU kept their promise. My CD matured today $ fund’s already in Savings.

Just transferred all funds over to TIAA. Can’t really transfer to final destination until tomorrow (Friday). So caught again with the same old weekend drama.

I’ll maybe be a couple days ahead of those folks that had CD’s mature on weekend. lol

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I’m able now to add my own data point as well, pattyb53. And I have to admit I’m feeling a good measure of relief. After all, given my Friday maturity I needed to “git 'er done” in a matter of hours or face loss of three days of interest. Quite a large amount of money was involved.

I was up early and so was Interior. They were better than their 6:00 am transfer promise, and I took full advantage. Seeing the money in savings I went straightaway to the Interior wire form and filled it out quickly. I already had practiced with the form yesterday, but obviously could not submit it then not knowing the amount of money I would want to wire.

The only problem I encountered was uploading my driver’s license. This was my own fault because I stupidly did not read the instructions. So I went back over everything, finally saw and read the instructions, followed them, and all was good from there forward. You have to, in essence, send them a general purpose message, attach your license copy, and include certain wording which they provide for you if only you read the instructions first.

Anyway all that was accomplished long before the credit union opened. I later received an answer online to my message acknowledging they had my license. An hour or two still later they telephoned me and did a comprehensive wire data double check.

Interior sends wires in two batches, the first at 11:00 am ET and the last at 3:00 pm ET. I badly wanted to make the first batch, which is why I started so early. And my wire was included in the first batch. This helped me avoid drama at the destination financial institution which closes at 5:00 pm and has no weekend hours.

Anyway bottom line I am completely satisfied with Interior’s wire service which was WELL worth the twenty bucks. My CD money is now earning interest at an APY actually slightly higher than I was getting from Interior, I’m a happy camper, and life is good. :slightly_smiling_face:

shinobi, you are a warrior!
I never could have managed that wire. Right off the bat, getting the DL deal would have “done me in”.

So you beat me. I have my funds at TIAA now & able to transfer a max limit of $50k per day. I have a pretty good deal with TIAA, a Money Mkt account @ 1.29%. (old acct), not available any longer.

On Monday I’ll transfer the $50k to Keesler HIMMA+, and keep the remaining funds at TIAA.

You are in the best deal with the old “add-on” account. Next round I’ll remember to go for them. lol

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I disagree with you, pattyb53, with the utmost respect of course.

But you have mentioned in the past you have children. And I’m confident you have a driver’s license. Ask a child, or grandchild, to scan your license and create a file of the image. You could store a copy of that file on your computer. I prefer to store my own license image file on a thumb drive. Whenever an image is requested by a financial institution you just upload it to them. It’s always the same image except when your driver’s license renews. But that should only happen every few years. Meanwhile you just use the same image over and over. You do not need to re-scan your driver’s license each time. It’s “once and done” until next time your license is renewed.

For me last time I needed to update my driver’s license image was back in 2018. Will not need to do so again until next year.

If you don’t already own a scanner you might want to consider picking one up. I own at least four of them, all bought over the years at off price. But to be honest I’m only using one.

You are totally killing it at TIAA. And I, like a dunce, closed my account with them. Arrrrrg!! :crazy_face: