San Diego County Credit Union (SDCCU) is offering two certificate specials, and one of them is a very good deal. It has a top rate of 2.00% APY for a 29-month term. It’s called a Reward Certificate, and it has requirements similar to a reward checking account. However, if you don’t meet the requirements, you still get a very competitive rate of 1.74% APY. I have more details about the monthly requirements below. Minimum deposit is $2,000, and there’s no maximum deposit. It’s also available in an IRA. Thanks to...Continue Reading
Dayton Firefighters Credit Union (DFCU) has recently raised the rates on two of its long-term CDs: 4-Year CD (1.89% APY) and 5-Year CD (2.19% APY). These CDs require a minimum deposit of $2K to open, and there is no maximum balance cap. Both CDs are also available as IRAs, with the same funding requirements.
The Early Withdrawal Penalty, as stated in DFCU's Savings Rates Sheet, is as follows:
Don't be fooled by the name: Dayton Firefighters Credit Union membership is open...Continue Reading
Avon Co-operative Bank (Massachussets) has recently raised the rate on its 30-month CD to 1.61% APY. It requires a $1K minimum deposit to open and is also available as an IRA. The Early Withdrawal Penalty is a substantial 12 months of interest.
The rate on this 30-month CD has risen consistently since its introduction in October 2013. The initial rate was an unimpressive 0.60% APY.
Avon Co-operative Bank is a self-styled, small town community bank in a large market....Continue Reading
Internet bank ableBanking made its debut this week on DepositAccounts.com's "Best Bank Account Summary," with their Personal Money Market Account (PMMA) at 1.02% APY. After remaining static for several months, the interest rate on this PMMA was increased yesterday by 22 basis points. A $250 minimum deposit is required to open an account.
According to ableBanking's Disclosure Page, the following transaction limitations apply:
ableBanking is also offering a 1-Year CD (1.10% APY). A $1K minimum deposit opens this CD and there is a maximum balance cap...Continue Reading
Last week, Blue Hills Bank (Massachusetts) introduced a 5-Year Bump Rate CD (2.10% APY) and a 3-Year Bump Rate CD (1.35% APY). While the 3-Year Bump Rate CD is not that competitive, the 5-Year Bump Rate CD is definitely worth consideration. A $500 minimum deposit opens this 5-Year Bump Rate CD, with interest compounded monthly.
The Early Withdrawal Penalty is six months interest on the amount withdrawn.
According to Blue Hills Bank's Disclosure Page, the Bump Rate feature is as follows:
Long before the Fed starts to raise interest rates, we’ll see changes in the Fed’s policy statement that will indicate a slow move toward policy tightening. We may actually see these changes in the next few months. There were a few hints of this in Fed Chair Janet Yellen’s speech last week at the famous economic policy symposium in Jackson Hole, Wyoming. According to this Reuters article:
The article described other signs that the Fed is seriously planning the path to higher rates next year:
Middle of 2015 continues to be the...Continue Reading
Three weeks ago, Sunmark Federal Credit Union (SFCU) added a new CD to their offerings: a 17-month CD (1.25% APY). It is also available as an IRA with the same 1.25% APY. This 17-month CD can be opened with a $500 minimum deposit, but unlike all the other CDs offered by SFCU, no additional deposits are permitted.
The Early Withdrawal Penalty, as stated in SFCU's Terms and Disclosures, is substantial:
Membership in Sunmark Federal Credit Union is available to practically all residents of...Continue Reading
I’m pretty sure the climate is changing, and I’m pretty sure people are contributing to it. How do I know? I don’t, really: I’m an economist, not a climatologist, so my views (such as they are) are largely driven by what I understand to be the consensus among scientists who study this for a living.
That sounds pretty convoluted, and it is. As David Friedman has pointed out, most of us don’t have first- or even second-hand knowledge of the relevant scientific literature. We aren’t climatologists ourselves, and we didn’t...Continue Reading
Brooklyn, New York's Bay Ridge Federal Credit Union (BRFCU) is offering a series of "Bonus" CDs, with rates between 24 and 26 basis points higher than their "regular" CD counterparts.
These Bonus CDs include: 6-month CD (1.01% APY), 1-Year CD (1.25% APY), 2-Year CD (1.50% APY), 3-Year CD (1.75% APY), 4-Year CD (2.00% APY), and 5-Year CD (2.25% APY).
The Bonus CDs all require a minimum $20K deposit to open, with no maximum balance cap. All six Bonus CDs are also offered as IRAs (Traditional, Roth and CESA),...Continue Reading
Garrett Allen, a single parent of a 16 year-old son has a big decision to make.
"My son will be going to college or a trade school. I’m struggling to figure out what is best in the both the short-term and long-term? Do I save for my retirement and let him take out student loans and hopefully get grants, or do I save for his education and end up working until I drop at some later date?"
Single parents are torn. According to a Allianz’s new, LoveFamilyMoney study, when asked about...Continue Reading
Bogota Savings Bank (New Jersey) is offering two "Online Only" CDs with attractive rates: a 6-month CD (1.00% APY) and a 17-month Tiered CD (1.21% APY). The 6-month CD requires a minimum $1K opening deposit and the 17-month Tiered CD requires a minimum $25K to open. Neither CD has a maximum balance cap. The Early Withdrawal Penalty on the 6-month Online CD is 91 days simple interest, and 180 days for the 17-month Tiered Online CD.
To call the 17-month CD "Tiered" is a bit of...Continue Reading
A few days ago, Susquehanna Bank unveiled a new Promotional Money Market Account with a very attractive interest rate of 1.20% APY. This rate is guaranteed for a period of 4 months from account opening or account conversion. The minimum deposit for this Promotional MMA is $10K and there is no maximum balance cap. Interest is compounded and credited on a monthly basis, and if the account is closed before the interest is credited, you will receive the accrued interest.
Susquehanna Bank's market...Continue Reading