In the last few weeks there has been debate about the weather’s impact on the recent disappointing economic news. After Friday’s employment report showing stronger-than-forecast jobs gain, it’s starting to look like the weather was the cause of the slowdown. So expectations are growing that economic growth will accelerate and the Fed will continue to taper. Eventually, that will lead to higher deposit rates.
Treasury yields were up quite a bit last week after Friday’s upbeat jobs report. The change in Treasury yields and Fed funds futures in the last week...Continue Reading
Funding for college can be complicated, students and parents alike can be confounded by the process. One thing everybody is sure about, college is far from cheap. The amount of money owed on federal student loans eclipsed the $1 trillion mark in 2013.
According to The College Board, the average yearly tuition for a public, two-year college for in-state students is $3,131. For a public, four-year college for in-state students it's $8,655. The cost for a public, four-year college four out-of-state students jumps to $21,706, and to $29,056 for...Continue Reading
Treasury yields were up quite a bit this week after Friday’s upbeat jobs report. According to Reuters, "U.S. job growth accelerated sharply in February despite the icy weather that gripped much of the nation, easing fears of an abrupt economic slowdown and keeping the Federal Reserve on track to continue reducing its monetary stimulus." That should help keep up the slow increase of CD rates.
Rate increases at three institutions show that CD rates may continue to rise.
GE Capital Retail Bank increased the rate of its 5-year CD rate to 2.25%...Continue Reading
Security Service Federal Credit Union just increased its 5-year CD and IRA CD rates. Rates went up by 40 basis points. In San Antonio, the Jumbo 5-year CD rate is 2.25% APY. This requires a $100,000 minimum deposit. Rate is 5 basis points lower for a $50K minimum, 10 basis points lower for a $25K minimum and 15 basis points lower for a $500 minimum.
Security Service FCU continues to offer a good deal on a 13-month CD. In San Antonio, the Jumbo 13-month CD rate is 1.25% APY.
Rates vary by...Continue Reading
GE Capital Retail Bank (formerly MetLife Bank) just had another rate increase on its 5-year CD and IRA CD rates. Its top 5-year CD APY was increased from 2.15% to 2.25%. Minimum deposit is $25,000. The CD has a 2.20% APY for a $2,000 minimum deposit. These rates are listed on the bank’s CD rates page as of 3/5/2014. This 2.25% APY is now the top 5-year CD rate that’s nationally available. It just exceeds CIT Bank’s Jumbo 5-year CD APY of 2.20%.
GE Capital Retail Bank has been making...Continue Reading
First Niagara Bank has a nice checking account promotion in which you can earn up to $250. The account can be opened online, and I was told by the bank CSR that the promotion is available nationwide. Full details are listed at this First Niagara Bank promotions page. The offer is scheduled to run through 3/29/2014. Below is a summary of the requirements:
To qualify for the cash bonus, a new Choice, Pinnacle or PinnaclePlus checking account must be opened online through FirstNiagara.com. You can earn the $250 when you complete...Continue Reading
Consumers Credit Union made several changes to its Free Rewards Checking Account that many savers should appreciate. First, you can now earn 5.09% APY for balances up to $10,000. Before this change you could only earn 3.09% APY for balances up to $5,000. However, qualifying for the 5.09% APY is not easy. If you don’t qualify for 5.09%, you can still qualify for 4.09% or 3.09%. If existing members have been earning 3.09% before, they can continue to earn 3.09% with no additional work. In that case the only change...Continue Reading
Mountain America Credit Union (MACU) has just recently come out with a special 5-year CD rate that’s very competitive. It has a 2.20% APY with a $500 minimum deposit. MACU calls these Term Deposits, and they’re available in IRAs. This special term deposit is listed in MACU’s promotions page as of 3/3/2014. According to this page, this is a limited time special. Thanks to DA member OldGuy who posted on this news in the forum.
Some of the term deposit details are listed in the credit union's membership agreement. However,...Continue Reading
It took a while before Navy Federal Credit Union responded to PenFed’s high CD rates. Unfortunately, Navy Fed was quicker to respond to PenFed’s rate cuts. Navy Fed cut rates on its CDs with terms from 4 years to 7 years. However, the rate cuts weren’t as large as PenFed cuts, and Navy Federal’s new rates are still very competitive. Below is a summary of the new long-term Navy Federal CD rates for a $100K minimum deposit and how much they have changed. The rates are 5 bps lower for...Continue Reading
Fed chairwoman Janet Yellen in the Senate Banking Committee on Thursday said that there is uncertainty about how much of the recent economic weakness is weather related. If the Fed determines that the weather isn’t the only factor in the slowdown, the Fed could cut back on the tapering, and that could delay when we see rate hikes. However, Chairwoman Yellen did say that it would take a "significant change in the outlook" for a change to be made to the pace of tapering.
One thing the Fed may have overlooked...Continue Reading
All good things must come to an end. That’s the case with PenFed CD rates. PenFed slashed its CD rates for March. The sizes of the cuts range from 51 basis points for the 7-year CD to 25 basis points for the 2- and 3-year CDs. For those who had PenFed CDs maturing in March, I’m afraid the special renewal rates were not extended into March.
Below is a summary of the new March 2014 CD APYs and the old February APYs:
Mom and dad took care of you, at some point, you may need to do the same for them.
By 2050, one-fifth of the U.S. population will be 65 or older and the number of people 85 or older will grow the fastest over the next few decades, constituting 4% of the population by 2050, or 10 times its share in 1950, according to the Congressional Budget Office.
Many adult children will grapple with what to do with mom and dad as their health declines. The instinct is to...Continue Reading