CD Discussion Thread

Finance
835

I’m not barry but Northern Bank offers 2.5% from 07/01 - 12/31 for < $250,000. If you go over the entire balance drops to 1.XX %. This is not how things normally go…typically only the money OVER 250k would have the new rate but that’s NOT how they are doing it.

I posted about Northpointe a while back in the liquid apy thread. I had a contact person named “Nate” that was offering 2.5% for a year (and I took advantage of it)…so you might search on “Nate” in the thread to find his phone # and see if the offer is still available.

836

I joined GTE yesterday and opened up a 5 year add-on at 3.04% (although my account is still pending). I may still do a 3 and 4 year too. I think being able to add funds at 3% might become scarce over the next few years. It’s also nice that you can fund up to $5K with a VISA.

837

My apology, famewolf. Have been a tiring day. :slight_smile:

838

How difficult was opening the account? I’m thinking I’ll get the addon’s as well to have someplace to put cd’s that mature later if the rates have dropped below the 3%. I may also do the 3 and 4 year in some form of cd laddering.

Badlands if you’ll give me your referral id I’ll use it when signing up at GTE Financial. Private message is fine assuming that’s supported. It says I have to open a checking account so not sure if the cd by itself will be enough to qualify.

839

The application itself was really quick, but my account still isn’t open. I applied late afternoon Monday and it gave me a link to an application portal and said I would be contacted within 24 hours for further information. Almost exactly 24 hours later, I received an email to upload my driver’s license through the portal, which I did. You could probably save time by uploading it before they ask. You can also contact them by phone or online chat, available 7 AM - 8 PM Eastern.

Since I don’t have my account open yet, I can’t access a referral code yet. Hopefully, tomorrow I’ll be set up.

840

I have been with GTE for a while now. Used to run a good bit of my hustle dough through there until I discovered better options. Thing is:

I have never opened a GTE checking account, have never been requested to open a checking account, and I studied their checking account options and firmly decided I do not WANT one of their checking accounts. And goodness knows I still have, even now, enough residual CDs with them to choke a team of horses.

Anyway, bottom line, I do not understand their insistence on your opening a checking account. Maybe I am grandfathered? I dunno. But regardless, if you indeed must open checking with them be certain to study the matter thoroughly and go in with eyes wide open. But if it were me, I would appeal and ask to be excused.

841

The checking account requirement was for him to get the $25 referral credit…not anything to do with my cd.

842

Want to thank all here. Opened the NorthernDirect acct online last night. And they do send free checks and guar. Rate thru 12/31. Thanks all.

2 Likes
843

A quick follow-up on GTE. I’m now a member (PM sent to Famewolf). It took 48 hours for the account to open, but it was easy. I was a bit concerned since a couple people on Deposit Accounts said they needed to upload 4 documents (and others reported complications), but I only needed to upload my driver’s license.

1 Like
844

OK, CD dealz are what everyone is seeking. I found this hiding in plain sight over on Ken’s website. Ken does not mention the aspect I’m gonna share here, which is based on my experience. But first the deal:

Go here to see 5 year CD rate of 3.3%. You must scroll down to see promo CD rate chart.

Some Q&A:

Q: Have you spoken with this bank, shin, and will they accept me as a customer?

Yes and yes. You can live anywhere in USA and do business with this bank.

Q: It looks from the rate chart like this deal might be limited to $100,000. Is that correct?

No. As a new money customer you may invest however much dough you wish. There is no limit. Renewals could be a different story, but this post is with regard to the new money promo deal.

Q: Shin, it’s a five year CD. I do not want to commit my funds for such a long time. Period. You got a response?

Yes, that is the interesting part of this deal. This bank has all KINDS of problems. It is poorly rated. You go in now, there is a chance the FDIC will be closing the bank before your five year CD matures, at which point you get your money back!

Q: Yeah, but the FDIC might have another bank take over my account instead of closing this bank down fully. In that case my CD will remain standing for the full five years.

Agreed. That is the risk you are running. This deal is not for the timid.

Q: So shin, you have done this before? You put money into a bank which later turned turtle?

More than once. There was never a problem. You get your money back fasssssst from the FDIC.

OK, look:

This bank has the advantage of being located in Illinois, a state which is falling apart financially. People are leaving. Moreover, the bank is in the Chicagoland region, the worst in Illinois fiscally speaking. So you have a real chance your “five year” CD will not still be around in five years. Possibly a risk worth assuming? You decide. This is not, of course, a deal for the squeamish or for scaredy cats.

ETA

One more question:

Q: Shin, have you done this deal/would you do this deal?

I have not done the deal. I have no money. If I had money I would surely consider this offering. One positive I am seeing:

Because this rate is prompted by a relatively distressed situation, I believe there is less chance than otherwise would be the case for this high interest rate to fall as rates fall generally . . . if they do going forward. Hence, there might be some time on this one. I hope.:pensive:

845

Major rate cuts on PurePoint CDs, looks like a whopping half percent on almost all CDs, regular and no-penalty.

847

Argyll,

I appreciate you mentioning the 2.75% addon at navy federal. I was able to pull $50 interest out of my existing 17 month 3.25% cd to open the 10 month addon without having to wait on an ach transfer. I believe it’s capped at 100K and I did confirm with the CSR that it was unlimited addons.

848

Thank you for mentioning this, Argyll. I have managed to open my account using a credit card. Am not at all certain it’s going to be OK, but if it posts as a cash advance I will just have to pay it off ASAP.

Also NFCU provides no secure way to open with a CC. You cannot do it online, for example. You must telephone NFCU and give your CC number verbally to a rep. There is a limit of $250/day. I obtained a virtual CC account number from Citi and went that route. The virtual card was dollar limited, so no chance of fraud or CC number theft.

Anyway, CD account is open and I guess at this point that is the matter of principal importance. There appears to be doubt about this deal surviving June. It’s a good deal, Argyll, so thanks once again.

849

I, too, got caught up in excitement to grab the NFCU CD addon, and just opened with $50 that was sitting in my share account. Haven’t decided how much I will tie up for 10 months but at least I’ve got the option. Wish I had grabbed this when it was 6-month at 3, or whatever it was.

850

Remember if you are looking for long term cd’s Andrews FCU still has an 84 month cd paying 3.45%.

I kinda wish ken @ deposit accounts would revisit the article he wrote about it when it was 3% for the new rate. He basically told you what the interest earned would be if you stopped 1 year in…2 year…etc.

1 Like
851

This add-on CD also caught my attention after seeing your listing.

Funny thing when I checked my Navy CU account, I had $80+ sitting in my checking account. I didn’t know that money was there. It must have been left over from some earlier transaction.

So I opened this new 10 mo 2.75% CD. Just took 5 min. I almost can’t belief it!!:grinning:

852

Do you perhaps have an existing CD that pays interest out to checking?

Unrelated, but I had a moment of euphoria when I noticed the 3.25% CD I had was actually an add-on CD. But my spirits fell when I realized it was already funded to the max.

853

FYI since you mentioned the 6 month @ 3% Andrews does have an 8 month @ 2.86% which might be useful for folks biding time. NOT an addon…just a short term with an attractive rate now that everything’s dropping.

854

@shinobi

Should we be finding the longest term cd with highest rate and sticking some money in to get soem guaranteed seed money for farther down the line? Something better than the Andrews? If we can’t find 5% are there 10 year 4% cd’s floating around?

855

I think the best long term CD is Andrews 7 year at 3.45%.