Best CD and Money Market Rates

WaMu's 12-month online CD is now back down to an APY of 4.00% (dropped a full percentage).



Also - right now, their website is running really slow. I wonder if there's a bunch of customers freaking out or something and trying to get into their website.



In addition, I heard a guy on CNBC early this morning say that he thought WaMu might be in receivership by the end of the week. I've also heard that Chase might pick it up.



Interesting times ...
 
[quote author="Astute Observer" date=1221567441][quote author="ipoplaya" date=1221262509]I just did an account and CD with First New England CU. It was easy sign up and pleasant customer service experience. Highly recommend. They participate in CU shared branching so you can make transactions with them through many local CUs. The 5% 5-month CD is a great deal IMO. I popped $50K in I had sitting on Wamu's online savings account that was earning at 3.75%.</blockquote>


Some of the WaMu have really long lines. Now, I am interested in the FNEFCU... how do you become eligible for membership? Do I have to have "relationship" with Business Development Manager or something? Or I just need to fill out the online form?</blockquote>


You can sign up online. Unless you live up that way (CT), you need to join some library association, Friends of blah blah blah library, to get membership at the CU. I believe the 5% 6-month CD promotion ended yesterday... I got mine funded on Monday so I barely made it.
 
Geez,



Countrywide's Savingslink Money Market just dropped their rates down to 2.9% APY? I wonder if it is going down to 1% pretty soon here? I remember opening this account when the savings link was at 5.75% APY.... ????
 
[quote author="PANDA" date=1227002384]Geez,



Countrywide's Savingslink Money Market just dropped their rates down to 2.9% APY? I wonder if it is going down to 1% pretty soon here? I remember opening this account when the savings link was at 5.75% APY.... ????</blockquote>
Yeah, their rates dropped as soon as Bank of America took them over.

Bummer, I was enjoying the Countrywide SavingLink rates as well.

I enjoyed the CD rates without tying up the money for a set number of months.
 
[quote author="CalGal" date=1227007763][quote author="PANDA" date=1227002384]Geez,



Countrywide's Savingslink Money Market just dropped their rates down to 2.9% APY? I wonder if it is going down to 1% pretty soon here? I remember opening this account when the savings link was at 5.75% APY.... ????</blockquote>
Yeah, their rates dropped as soon as Bank of America took them over.

Bummer, I was enjoying the Countrywide SavingLink rates as well.

I enjoyed the CD rates without tying up the money for a set number of months.</blockquote>


CalGal,



When inflation starts to kick in at full speed in a couple of months, I really doubt people will keep their savings in money markets paying only 1% interest. What do you think?
 
[quote author="PANDA" date=1227009817][quote author="CalGal" date=1227007763][quote author="PANDA" date=1227002384]Geez,



Countrywide's Savingslink Money Market just dropped their rates down to 2.9% APY? I wonder if it is going down to 1% pretty soon here? I remember opening this account when the savings link was at 5.75% APY.... ????</blockquote>
Yeah, their rates dropped as soon as Bank of America took them over.

Bummer, I was enjoying the Countrywide SavingLink rates as well.

I enjoyed the CD rates without tying up the money for a set number of months.</blockquote>


CalGal,



When inflation starts to kick in at full speed in a couple of months, I really doubt people will keep their savings in money markets paying only 1% interest. What do you think?</blockquote>
In a couple of months? Are you kidding? Try a couple of years. This deleveraging is going to take years and with it it'll bring deflation.
 
Bank of America called today and asked if I wanted to transfer my money to a CD. They are lowering the money market rate from 2.3% to 1.5%. S*cks.

The 3 month CD is 2.5%.

Don't want my money tied up.

>:-(
 
[quote author="Allison C." date=1227083540]Bank of America called today and asked if I wanted to transfer my money to a CD. They are lowering the money market rate from 2.3% to 1.5%. S*cks.

The 3 month CD is 2.5%.

Don't want my money tied up.

>:-(</blockquote>


Why get 1.5% <a href="https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/index.jsp">when you can have 4%</a>?
 
[quote author="ipoplaya" date=1227086252][quote author="Allison C." date=1227083540]Bank of America called today and asked if I wanted to transfer my money to a CD. They are lowering the money market rate from 2.3% to 1.5%. S*cks.

The 3 month CD is 2.5%.

Don't want my money tied up.

>:-(</blockquote>


Why get 1.5% <a href="https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/index.jsp">when you can have 4%</a>?</blockquote>
<a href="http://www.corusbank.com/ratesheet.pdf">Corus Bank</a> is offering a 12-month CD for 4% APY
 
[quote author="CalGal" date=1227093328][quote author="ipoplaya" date=1227086252][quote author="Allison C." date=1227083540]Bank of America called today and asked if I wanted to transfer my money to a CD. They are lowering the money market rate from 2.3% to 1.5%. S*cks.

The 3 month CD is 2.5%.

Don't want my money tied up.

>:-(</blockquote>


Why get 1.5% <a href="https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/index.jsp">when you can have 4%</a>?</blockquote>
<a href="http://www.corusbank.com/ratesheet.pdf">Corus Bank</a> is offering a 12-month CD for 4% APY</blockquote>


<a href="http://www.dimewill.com/">Dime is offering 4.15% on 9 months...</a>
 
So we know GM needs cash, looks like its FDIC insured, but what happens if GM goes belly up? Any takers?

<a href="http://www.gmacbank.com/todays-rates/cd-rates.html">GMAC 4.2% CD</a>
 
[quote author="roundcorners" date=1228968338]So we know GM needs cash, looks like its FDIC insured, but what happens if GM goes belly up? Any takers?

<a href="http://www.gmacbank.com/todays-rates/cd-rates.html">GMAC 4.2% CD</a></blockquote>


I'd rather dig a hole in my backyard and bury the cash
 
[quote author="sell4u" date=1228974438]I'd rather dig a hole in my backyard and bury the cash</blockquote>


From their site:



<em>Yes, GMAC Bank is insured by the Federal Deposit Insurance Corporation, up to $250,000 per depositor.</em>
 
[quote author="effenheimer" date=1228990786][quote author="sell4u" date=1228974438]I'd rather dig a hole in my backyard and bury the cash</blockquote>


From their site:



<em>Yes, GMAC Bank is insured by the Federal Deposit Insurance Corporation, up to $250,000 per depositor.</em></blockquote>
I believe the $250,000 limit expires on 12/31/09

That date will come fast if someone has their money in a year CD and it's over the $250k limit.
 
[quote author="CalGal" date=1229072864]That date will come fast if someone has their money in a year CD and it's over the $250k limit.</blockquote>
I would like to have that problem.
 
Again, see my other post. The Feds are getting money at 0%, or sometimes people are paying the Feds to watch their money as the short term yields have gone negative. All money market and savings accounts will also go to 0% since the banks will not be able to afford to pay you interest seeing that the market rate is 0% and they're not willing to loan any money out, therefore, no need to pay you any interest.
 
If you don't mind some insolvency risk, here is a comparison for you.



Bank of America 5 yr CD, APR of 2.60% (bankrate.com)



Bank of America bonds, about 6 years to final maturity, 7.04% ask yield. CUSIP 06050XSY0. Minimum quantity $5000.



What is the FDIC guarantee worth to you? 4.44% per year?



Not intended to be investment advice. Your actual mileage may vary. Consult your doctor or pharmacist regarding any potential drug interaction. Past performance does not guarantee future results.
 
[quote author="rkp" date=1220450642]I recommend everyone bookmarkinghttp://bankdeals.blogspot.com- the entire blog is dedicated to CD and MM rates.

</blockquote>


Thank you!



This site was totally my friend today. I'll be walking into a Navy Federal Credit Union branch tomorrow. B of A is not my friend at all right now. Time to flee.
 
You must log in or register to reply here.
Back
Top