Best CD and Money Market Rates

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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 this nice rewards checking offerfrom 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?
 
tmare said:
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?
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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.
 
ipoplaya said:
tmare said:
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?
Click to expand...

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.
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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.
 
ipoplaya said:
The DollarSavings money market account just dropped rate to 3.5% from 4%...

Sad IPO :(
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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. ;)
 
ipoplaya said:
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 this nice rewards checking offerfrom FNEFCU. No debit card transaction requirement, just a $500 direct deposit each month to earn 4% on up to $50K.
Click to expand...

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? Patelco 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.
 
CalGal said:
Am I reading this right? Patelco 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.
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Awesome find! Thanks CalGal.
 
The best "basic" one-year CD I could find was First Command 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.
 
CalGal said:
Is a Dollar Savings Account similar to Countrywide's Savings Link Account?
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Yes it is. Both do very fast ACH transfers unlike many online banks...

I just signed up at Hanmi Bank 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.
 
ipoplaya said:
CalGal said:
Is a Dollar Savings Account similar to Countrywide's Savings Link Account?
Click to expand...

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

I just signed up at Hanmi Bank 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.
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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:
 
ipoplaya said:
CalGal said:
Is a Dollar Savings Account similar to Countrywide's Savings Link Account?
Click to expand...

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

I just signed up at Hanmi Bank 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.
Click to expand...

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.
 
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.
Click to expand...
Yeah, that seemed to be the best rate I could find.

3.5% :shut:
 
badtime said:
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.
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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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