Excellent catch, zzz. And anyone may join Affinity, too.
Here is a link directly to the Smart Start account itself:
Smart Start linky get 3.5% here
I read that over quickly and find no “gotchas”. If you become aware of one, please post. Seems to me a good deal, though I have not as yet done the deal.
Well I just finished opening my Andrews OSA. The process was a significant PITA. And on top of that, the rate might only be good through October!!
I should do these deals before I post them.
Anyway, Andrews has messed up IT and totally unnecessary security demands. Taken together these things extend a signup process which would be easy peasy anywhere else, in particular for anyone who already is a member.
For example, Andrews wants a copy of the BACK of your driver’s license. They are alone with that wholly unnecessary demand among all the MANY other financial institutions with which I do business.
To open my new account I moved in funds from my Andrews savings. But at the end the account was opened with a zero balance. Probably the hangup was that they require oversight by a human. And any time human beings must become involved in banking, things go sour . . . . or at least they do not proceed quickly. The money will likely be moved in to the new account later today or tomorrow.
But all in all a clumsy, clunky, annoying process. I saw it through. I don’t know why.
No gotchas on it and super easy to open. I’ve had it for awhile but they recently raised the rate from 2% to 3.5% so more attractive now.
I am most respectful of your opinion. For me, I’m not already a member and lots of places do not want the likes of me as a member. I am, after all, something of a banking rascal owing to all of my side hustle activity. So I dunno.
But for others, still an excellent catch on your part, zzz. Glad you posted that deal.
Be on notice the July jobs report will be released tomorrow (Friday) morning.
Brokered CDs seem to have pushed past 3.5% for longer (5 year) terms. I’m looking at TD Ameritrade, but I presume they’re all pretty much the same.
Well, that was prescient. And, for the record, I never saw this coming:
Only by pure, unvarnished, blind squirrel, luck I continue to be short on my CDs. Cause I had no inkling whatsoever of a report like this. To be honest, I was wrongly anticipating “plain vanilla”.
So now everyone is, once again, thinking a 75 basis point hike at the next FOMC meeting. Frankly, in light of events, they should be doing an interim hike. They remain obviously WAY behind the curve!!
And nothing here is suggestive of CD interest rates declining any time soon. This report has rocked people right down to their socks!
I dont think there will be anything suggestive of rate declines, until those declines are practically right on top of us. The situation is just going to suddenly flip, and I’d bet on it happening sooner (within 1 year-ish, give or take) than later. When we hit the rate peak, wherever that may be, those rates are not going to stick around for long.
Be on notice the July CPI announcement will drop on Wednesday, August 10th, at 8:30 AM ET. That is less than one week hence. This is a big one.
Not a great offer but in case someone’s interested, Ally is offering a 13-month Select CD at 2.35% APY.
1 year treasuries are 3.1%! Why would you want a CD for less (and more state taxes too)?
Agree. Just posted a CD offer in this thread in case someone’s interested.
don’t forget about Service Credit Union - 5% on $500 and 3% on $3000.
Long story short the rate will adjust with the Prime Rate, which goes up/down with the FED rate. Is there anything better than this for 12-mo? I doubt we’ll see any decreases within a year.
CFG Bank offering a 12-month CD at 3.05% APY; $500 min/$250k max deposit.
Bread financial (formerly Comenity Direct) Savings CD rates increased again: 1-year CD at 3.00% APY; 2-year CD at 3.50% APY; 3-year CD at 3.55% APY – $1.5k min/$1m max deposit per account.
Posted with a nod of thanks, and a tip of my cap, to Ken Tumin.
Personally I want nothing whatsoever to do with Fintechs. But, as is always the case on this thread, you may decide the matter for yourselves and reach a different conclusion:
From Ken himself:
It is important to be aware that non-bank companies are never FDIC insured. Even if they partner with insured banks, money you send to a non-bank company is not FDIC insured unless, and until, the company deposits it in an insured bank.
FDIC insurance protects you only in the unlikely event the insured bank fails, and does not protect you against losses due to the non-bank company’s bankruptcy or failure to meet its obligations to its customers. A non-bank’s company failure or bankruptcy may result in delays in accessing your money, even when your money was deposited in a bank for your benefit.
At the very least, it’s probably a good idea to avoid depositing money at a non-bank company that you may need immediate access to. That’s especially the case if you can’t access the account via a routing and account number.
Word on the street is the EFCU Financial five year jumbo CD rate will be 4% APY starting tomorrow. You can check their CD interest rates here, both now and tomorrow as well:
Note anyone may join this Louisiana credit union. If the jumbo CD rate pops to 4% tomorrow I doubt the deal will last very long.
Apologize couple of errors in my earlier post regarding EFCU, just above:
First, here is the correct link to their rate sheet, effective now:
Corrected link to EFCU rate sheet
Second:
As you can see there, the deal is better than I had reported in advance yesterday.
You can get a 4% APY five year CD with just $500.
If you have jumbo CD money, they will pay you 4.1% APY for the five years.
IRA CD rates are even higher.
Big shock: they are swamped. Good luck if you try for this deal.
ETA
As a convenience for participants on this thread, here is a link to the EFCU Share Certificate page:
Are you going for this deal?