Best CD and Money Market Rates

Sadly, my 5% CD from First New England Federal CU is going to mature soon. Was going to transfer the funds to my DollarSavings money market, paying 4% now, and found <a href="http://www.firstnewengland.org/fnefcu/Platinum_Rewards.asp">this nice rewards checking offer </a>from FNEFCU. No debit card transaction requirement, just a $500 direct deposit each month to earn 4% on up to $50K.
 
Ipo-What do you do to maximize your summer saver account with School's First? I'm assuming you have one since your wife is a teacher. I haven't opened one in years, stupid, I know. What are the rules these days?
 
[quote author="tmare" date=1232808412]Ipo-What do you do to maximize your summer saver account with School's First? I'm assuming you have one since your wife is a teacher. I haven't opened one in years, stupid, I know. What are the rules these days?</blockquote>


We used to use that account regularly but not this year. For whatever reason back before the school year started, they were advertising a 4% or maybe 4.25% rate on the account. As we were earning more than that pretty much everywhere else, we didn't renew this year. They upped to 4.8% sometime recently, not sure why.



Max contribution per paycheck is $2K, so with a $20K possibility, at only a slightly higher interest rate, it wasn't worth the hassle for us.



Contribs of $500-2,000 per check with 50% auto withdrawal of the balance to your share on July 30 and Aug 30. Can early withdrawal with penalty fee of $50 and immediate closure of the account.
 
[quote author="ipoplaya" date=1232849477][quote author="tmare" date=1232808412]Ipo-What do you do to maximize your summer saver account with School's First? I'm assuming you have one since your wife is a teacher. I haven't opened one in years, stupid, I know. What are the rules these days?</blockquote>


We used to use that account regularly but not this year. For whatever reason back before the school year started, they were advertising a 4% or maybe 4.25% rate on the account. As we were earning more than that pretty much everywhere else, we didn't renew this year. They upped to 4.8% sometime recently, not sure why.



Max contribution per paycheck is $2K, so with a $20K possibility, at only a slightly higher interest rate, it wasn't worth the hassle for us.



Contribs of $500-2,000 per check with 50% auto withdrawal of the balance to your share on July 30 and Aug 30. Can early withdrawal with penalty fee of $50 and immediate closure of the account.</blockquote>


Thanks for the update, I had forgotten the details. I guess it might be worth it now since we could put in $4,000 a month. I would have to take another CD that will mature and transfer the money back into our accounts every month and just leave the money in our money market account. I guess it still sounds like more hassle than it is worth for only $40,000. The difference in the interest would probably only be a $100 or so since you can't put it in at the beginning.
 
Hi,



Just found out Western Federal Credit Union is offering <a href="http://www.western.org/mkt/dp_certificate13mo0901.htm">13-months CD for 4.05% APY end January 31, 2009.</a> They have an office in Irvine.



There are many ways to <a href="http://www.western.org/infodesk/howToJoin.htm">join Western.</a> Western is part of my company's employee benefits.
 
[quote author="ipoplaya" date=1232778005]The DollarSavings money market account just dropped rate to 3.5% from 4%...



Sad IPO :(</blockquote>


DANG IT! I knew that the 4% APY for Dollar Savings money market was too good last. IPO, what is Panda going to do?



Sad Panda :(
 
Bleh, not for me. Wrong city, wrong employer, no church, no family...I'm thinking of joining the surfrider foundation for $25. Otherwise, thank-you withdrawn. ;)
 
[quote author="ipoplaya" date=1232684819]Sadly, my 5% CD from First New England Federal CU is going to mature soon. Was going to transfer the funds to my DollarSavings money market, paying 4% now, and found <a href="http://www.firstnewengland.org/fnefcu/Platinum_Rewards.asp">this nice rewards checking offer </a>from FNEFCU. No debit card transaction requirement, just a $500 direct deposit each month to earn 4% on up to $50K.</blockquote>


You do have to make 12 debit card transactions in addition to the $500 direct deposit each month. I'm considering this, but it seems like a lot of tasks just to get the 5.15% APY. Although, I can't find anything even close to that APY.
 
Am I reading this right? <a href="https://www.patelco.org/accounts/certificates.aspx">Patelco</a> has a 12-Month CD for 6.75% / 7 APY?



Although it only has a max of $1,000. :down:

I'm not sure if it's worth the time and effort for $70.
 
[quote author="CalGal" date=1233704818]Am I reading this right? <a href="https://www.patelco.org/accounts/certificates.aspx">Patelco</a> has a 12-Month CD for 6.75% / 7 APY?



Top that one, IPO! %-P



Although it only has a max of $1,000. :down:

I'm not sure if it's worth the time and effort for $70.</blockquote>


Awesome find! Thanks CalGal.
 
The best "basic" one-year CD I could find was <a href="http://www.firstcommandbank.com/personal-banking/first-command-pers-interest-rates.asp#cds">First Command</a> with 3.69% / 3.75% APY.



I just need a basic CD for $50k.



"basic" meaning no tasks required (direct deposit each month, use debit card, no minimum)



Can anyone find a better one?

It's killing me to have a CD under 4%.

_________________



EDITED:

Forget about First Command.

They don't do on-line CDs.

You have to go to a branch.
 
Is a <a href="https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/index.jsp">Dollar Savings Account</a> similar to <a href="https://bank.countrywide.com/scontent.aspx?cmtag=content-savingsLink">Countrywide's Savings Link Account</a>?
 
[quote author="CalGal" date=1233878770]Is a <a href="https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/index.jsp">Dollar Savings Account</a> similar to <a href="https://bank.countrywide.com/scontent.aspx?cmtag=content-savingsLink">Countrywide's Savings Link Account</a>?</blockquote>


Yes it is. Both do very fast ACH transfers unlike many online banks...



I just signed up at <a href="https://www.hanmi.com/hanmi/personal/certificateofdepositl.asp">Hanmi Bank</a> for a 3-month CD at 3.5%. They are offering 3-12 months CDS, all at a 3.56% APR. Sign up was a breeze. You might have to be a CA resident to sign up though. Account gets funded via ACH so no branch visit required...



I am sad to see my 4.15% Downey / US Bank CD mature.
 
[quote author="ipoplaya" date=1233991817][quote author="CalGal" date=1233878770]Is a <a href="https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/index.jsp">Dollar Savings Account</a> similar to <a href="https://bank.countrywide.com/scontent.aspx?cmtag=content-savingsLink">Countrywide's Savings Link Account</a>?</blockquote>


Yes it is. Both do very fast ACH transfers unlike many online banks...



I just signed up at <a href="https://www.hanmi.com/hanmi/personal/certificateofdepositl.asp">Hanmi Bank</a> for a 3-month CD at 3.5%. They are offering 3-12 months CDS, all at a 3.56% APR. Sign up was a breeze. You might have to be a CA resident to sign up though. Account gets funded via ACH so no branch visit required...



I am sad to see my 4.15% Downey / US Bank CD mature.</blockquote>
Thanks! The Countrywide SavingsLink worked really well for me, but their rates are terrible now that BOA has control.

I tried to open a Hanmi account, but you are right - it's only open to CA residents. :shut:
 
[quote author="ipoplaya" date=1233991817][quote author="CalGal" date=1233878770]Is a <a href="https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/index.jsp">Dollar Savings Account</a> similar to <a href="https://bank.countrywide.com/scontent.aspx?cmtag=content-savingsLink">Countrywide's Savings Link Account</a>?</blockquote>


Yes it is. Both do very fast ACH transfers unlike many online banks...



I just signed up at <a href="https://www.hanmi.com/hanmi/personal/certificateofdepositl.asp">Hanmi Bank</a> for a 3-month CD at 3.5%. They are offering 3-12 months CDS, all at a 3.56% APR. Sign up was a breeze. You might have to be a CA resident to sign up though. Account gets funded via ACH so no branch visit required...



I am sad to see my 4.15% Downey / US Bank CD mature.</blockquote>


Just opened a CD account with hanmi for 6 months term at 3.5%. seems this is the best rate these days. better than nothing. thanks.
 
<blockquote>Just opened a CD account with hanmi for 6 months term at 3.5%. seems this is the best rate these days. better than nothing. thanks. </blockquote>
Yeah, that seemed to be the best rate I could find.

3.5% :shut:
 
[quote author="badtime" date=1234236753]



Just opened a CD account with hanmi for 6 months term at 3.5%. seems this is the best rate these days. better than nothing. thanks.</blockquote>


Hanmi is quick with the funding test deposits. I signed up on Friday and the deposits are showing today.
 
Dollar Savings Direct down again to 3.2%. Man, this really stinks.



Doral Bank Direct is paying 3.5% APY money market.
 
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