Happy Thanksgiving!

POSTED ON THURSDAY, NOVEMBER 27, 2014 BY Ken Tumin

I wanted to wish everyone a Happy Thanksgiving. Thanks for all of your support this year. DA member Pearlbrown said it well in the forum:

Happy Thanksgiving to you and your family and to all in our deal-seeking community. May this holiday season bring all of us health and peace and prosperity and the time to enjoy them with our loved ones.

I thought it would be useful and interesting to look back at some of the bank deals this year that we can be thankful for. The bank deals may not compare to the good old days when it was easy to get 5% on savings accounts and 6% on CDs, but we should remember that things this year could have been worse. Here are a few of this year's bank deals that we can be thankful for (and they’re still active as of 11/27/2014):

Chartway Federal Credit Union has been offering very competitive web certificates. The best ones are 2.52% APY for a 5-year term and a 1.51% APY for an 18-month term. Minimum deposit is $10,000. Chartway makes it easy for anyone to join (see review).
Connexus Credit Union has been offering a 1-year step-up CD with a blended APY of 1.37%. Minimum deposit is $2,500. This CD allows for one penalty-free early withdrawal. Connexus makes it easy for anyone to join (see review).
Service Credit Union has a Black Friday CD special with a 2.00% APY for a 15-month term. Minimum deposit is $1,000. The special is scheduled to end on the 28th. Service Credit Union’s membership has restrictions (see review).
Institution for Savings Bank has a 20-month CD with a 2.00% APY. Minimum deposit is $500. This offer is only available in the bank’s market area which is around northern Massachusetts (see review).

I know some of these deals have issues, but let's focus on the positives today.

What deposit account deals were you thankful for this year?

pearlbrown | Nov 27, 2014 | Comment #1

I am grateful the Tobyhanna Prime Rate certificate (now no longer offered) lasted as long as it did. The add-on capability is a huge benefit in a time of uncertain rates.

James Barnes | Nov 27, 2014 | Comment #6

I agree. I finally ended up going into this for the full $250,000. Hope it works out!

Kaight | Nov 27, 2014 | Comment #2

Happy Thanksgiving back atcha, Ken. Gobble gobble!!

Dealz so far (we have another month plus to go, after all) in 2014?

I liked, and I REALLY miss, the AFCU deal. You talk about "step up" deals. Their deal was a "step out" deal . . a CD with a "Get out of jail free" feature and a decent rate of interest. There are too few such deals around today, IMO. That AFCU thing was a super opportunity for savers. I put in as much money as I could back at that time, but it was not a lot. Now, with one of my CDs having matured, I have more dough. But the deal is gone. :-(

scottj | Nov 27, 2014 | Comment #3

The plus side of low rates for me is this year between the ACA and MA Health Subsidies my healthcare cost is almost nothing, about a $17k savings from what I use to pay. Happy Thanksgiving to all!!

paoli2 | Nov 27, 2014 | Comment #4

#3 This may be a plus side for you but not for those citizens who are having to pay for all those ACA and MA Health Subsidies you are enjoying. Where do you think this money is coming from? Obama had to have some way to entice people like yourself into using his ACA program. You can keep enjoying it all until he drives our country over the cliff into complete bankruptcy and we ALL will be standing in line for his "great" not so free subsidies. Happy Thanksgiving while you can still have something to be happy about.

scottj | Nov 27, 2014 | Comment #5

I use to make over 6 figures in interest and now less than half of that, The Fed has taken my money to subsidize the banks, wall street and deadbeats who caused this mess that I had nothing to with. So I look at this as evening things out. Also I'm 100% against the ACA, if changes are not made it will bankrupt Country, but heck I would be an idiot not to take advantage of it

Anonymous | Nov 27, 2014 | Comment #8

Scottj,

For now you may have learned ways to keep your reportable income below the 400% FPL to qualify for the subsidy. Congratulations! But here is the kicker. What is going to be your plan when you draw social security benefits and you start having to take mandatory distributions from your IRA at age 70-1/2? Assuming this might be the case for you, the RMD's, social security benefits, pensions, if any, and other remaining income will probably put you in the reportable income category of having to pay higher than normal Part B and Part D medicare premiums. So it looks to me, you might as well get all you can. If you can get the subsidies now, then do it because later on they are going to get it back and maybe even more from the higher Medicare premiums. I guess these higher Medicare premiums could even start hitting one beginning at age 65 if one can no longer figure out a way to keep their reportable income low enough to dodge the higher Medicare premiums.

RJM | Nov 29, 2014 | Comment #20

Scott, Im in a similar situation as you. Getting big subsidies now. But in the end, they will **** us back Im sure. And the rates were jacked up so much from pre affordable that I dont feel guilty about it at all.
In fact, I hope it gets repealed and prior low rates come back.
Keeping my income low is fairly easy for me. At least in any single year or 2 out of 3. But I would wager there will be something thrown in there regarding assets before long.
Our president wont want us to have assets and get subsidies for the long term.
I havent given much thought about what happens if I make it to age 70. (18+ years from now) And I dont know the first thing about medicare.

Anonymous | Nov 28, 2014 | Comment #10

Wait until the formula is based on net worth and not annual income. The times they are a changing.

Anonymous | Nov 27, 2014 | Comment #9

I am not sure he has any other choice. Don't you have to have a qualified Obamacare insurance plan to avoid being fined? I called several insurance agencies and they told me the only plans that they could help me enroll in are the same marketplace plans on Obamacare.

scottj | Nov 28, 2014 | Comment #11

Yea since I don't work my only option to buy insurance is through the exchange, The exchange asks for my income but I could check a box saying I don't want any help in buying insurance but I think we can agree that would be dumb to do. I have 9 years before I start collecting SS at 62 and I'm hoping well before that rates are higher and I don't qualify for any help anyways. Since last March my insurance has been $0 thanks to MA Healthcare exchange failing and tens of thousands of people got put into MA Free State healthcare, starting this January my plan will only be $320 a month so even if things change in 2016 I'm thankful for these couple very cheap years

Anonymous | Nov 28, 2014 | Comment #12

I have a similar situation. I too am receiving credits for year 2014. My premiums were $935 a month in 2013, but with the exchange plans, I am now paying $257 a month for a HSA Bronze plan in 2014. So for year 2014, I saved about $7.8K for year 2014 when you factor in the premium difference and the extra out of pocket that I had to pay for medical needs. The $4300 HSA contribution though save me about $650 in taxes and qualified me for about $34 more per month in tax credits. Anyway, my experience is if the government offers you any perks, you better take it, because later on, they are going to get it back later on anyway. For example, like the higher premiums on medicare that I mentioned earlier.

Anonymous | Nov 28, 2014 | Comment #14

Good for you but the people whose income exceeds the limit to qualify for subsidies are the ones paying for your almost free ride. Income redistribution, plain and simple.

Anonymous | Nov 28, 2014 | Comment #15

If you qualified though, you would take it wouldn't you?

Anonymous | Nov 27, 2014 | Comment #7

I am grateful for Everbank's 6 month intro rate of 1.4% for their checking account. A nice place to hang out and wait for attractive deals to come along (I hope).

RJM | Nov 29, 2014 | Comment #17

Is it even worth it for a mere 6 months ? Its a mere $100 extra over a 1% rate on $50k.
And its a one time deal.

Anonymous | Nov 29, 2014 | Comment #18

You can put in $100k. Not everyone has an account open already to keep that much money at 1% if you generally use CDs and RCAs.

RJM | Nov 29, 2014 | Comment #19

I thought I read a $50k limit. Or maybe that was their money market ?
Just seems like such a pain to be moving it in 6 months.
Because their regular rates are not competitive.

Anonymous | Nov 29, 2014 | Comment #21

It's 100K for checking. https://www.everbank.com/banking/checking
I have it linked to another account so it is just an ACH to move $ out.

Rosedala | Nov 28, 2014 | Comment #13

Oh yes, A VERY HAPPY THANKSGIVING to you and yours Ken. A BIG THANK YOU especially for the hard work you do on this website so we may all benefit from it! In addition, I wish everyone Good Health and Peace! :o)

RJM | Nov 29, 2014 | Comment #16

Ive got a CD expiring at Penfed. Im leaning toward opening a Connexus account for their 12 month deal.

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