we have now determined that participation in the program's initial trial was simply too low to generate an offer of a six-month CD rate which would have been meaningfully better than the best rates which are now available on the open market.
There were a total of 29 pledges for a total of about $2.9M. According to a BestCashCow spokesperson, some banks stated that an offer above 4.36% (the currenty best 6-month CD rate) would require a greater and broader pool of pledged money. So a successful pledge drive would likely require not only a total pledge of much more than $2.9M but also many more pledges than 29. One of the pledges was for $1M and another was for $700K. These two pledges made up 59% of the pledges. Without these two pledges, the total would have only been $1.2M. I guess it takes a lot of cash and customers to get the attention of banks these days.
Even though their bar was at 4.36%, there's currently a publicly available 5-month CD with a rate of 4.65% APY at Affinity Bank. To get excited about a program like this, I would expect rates at least 0.5% higher than the best 6-month CD.