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Happy New Year!


Happy New Year! I and my team at DepositAccounts wish you and your family a happy, healthy and prosperous New Year. I thank all of you for your support over the last year.

I’ll be spending today with family recovering from last night’s celebrations. My weekly summaries will return next Tuesday, January 7th. By then most credit unions should have their January rates published. I did a quick check of the major credit unions which often update rates as soon as the new month begins. I only found four credit unions with rate changes that were effective on January 1st. Here’s a summary of how their rates have changed:

  • Justice Federal Credit Union (5yr Jumbo down 51 bps to 2.69%)
  • Advancial (5yr Jumbo up 13 bps to 2.83%, 1yr Jumbo down 2 bps to 2.00%)
  • Mountain America (5yr down 10 bps to 2.30%, 30mo down 5 bps to 2.15%)
  • CommunityWide (1yr down 15 bps to 2.10%, 6mo down 15 bps to 2.05%)

NASA Federal Credit Union appears to have continued their three Certificate Specials into January. Their rate sheet now has a January 1st date, and it still lists the three Specials:

  • 49-month: 2.60% APY
  • 15-month: 2.50% APY
  • 9-month: 2.35% APY

I was hoping for something noteworthy from PenFed, but there were no changes. They have a history of offering great CD rates around the first of the year. Their highest Certificate rate is still only 1.90% APY on their 7-year term.

  |     |   Comment #1
Thanks so much, Ken, for the hard and thorough work over the years. You are unique and of course the best.

Happy New Year 2020 and best wishes to you/family/staff/all.
Go Navy
  |     |   Comment #3
Yes, c'mon PenFed! Lets see a nice juicy rate special in January. I got 100K with you and it matures in 2 weeks.
  |     |   Comment #4
Thank you Ken for helping us out over the yrs. I can't add to what everyone has said about PenFed, however they better step to the plate soon or I will be leaving the door open to other opportunities
Thank. Again
  |     |   Comment #6
Just checked my Northern Direct savings account and they are still paying me 2.5%. Have to keep checking to see if the rate drops.
  |     |   Comment #7
The rate will change on 1/13/20; see comments at the NBD site at DA here.
  |     |   Comment #8
Thanks #7 Have to see what the rate is on 1/13. I set up an Elements CU savings account that has 2.1% guaranteed till 11/2020 so if they drop below 2% I'll be moving my funds out.
deplorable 1
  |     |   Comment #9
I think that Northern's new rate will be 1.75% which is the same as the Northern premium savings. Just a guess but that would make sense. For those with the "grandfathered" EBSB direct savings it is still paying 1.97% APY. which doesn't look that bad at the moment. I left this account opened with $5,000 just to see how the rates shake out.
  |     |   Comment #10
For the EBSB accounts, the MM rate will probably be decreased should the Savings rate drop to below 1.8%. Many of the other rate leaders have dropped below the EBSB rate now. I took out a large portion of my EBSB balance out of the accounts and moved it over to non-bank products to get a better after tax yield. State plus local income tax bracket is around 7.7%. so I don't need to give the state more money than I have to.
  |     |   Comment #11
Good point, deplorable 1. I also have kept the EBSB account as backup. Both EBSB and NBD require some effort to find out their ongoing rate.
  |     |   Comment #16
Good guess (1.75% APY), deplorable! My NBD money will be temporarily parked at EBSB before I move to RCAs next month.
  |     |   Comment #12
Long time, first time.
Your blog has helped me greatly over the last 3 years.
Thanks!, And Happy New Year!
deplorable 1
  |     |   Comment #13
Just a heads up NFCU has started off the new year by offering existing credit card holders 0% or low rate balance transfers. They don't have balance transfer fees at NFCU. I just got 2 offers in my email no mention of this on the website when logged in.
  |     |   Comment #14
They have done that for years (via e-mail offers); I never got it (well, got it once).
  |     |   Comment #18
Some get 0% on all their credit cards.
  |     |   Comment #15
penfed has lost it, i wonder why
  |     |   Comment #17
(Penfed) Too big to have to please anyone nowadays.
Stand Up, Hook Up...
  |     |   Comment #19
Our troops are going in Harm's Way!
Let's go PenFed, at least give them a measly 3% rate on their savings.
  |     |   Comment #20
Got email that on from Northern Direct : Effective January 13th, the interest rate for daily balances less than $250,000.00 on your Northern Bank Direct Money Market will be lowered to 1.74% with an APY of 1.75% in response to the recent Federal Reserve rate cuts.
  |     |   Comment #21
Re: #20
That's why I moved to PurePoint. Currently 1.90% on their 13-month no penalty CD. Good fast ACH times. Can close acct any time after 6 days, no questions asked. Great hybrid savings account. (I have their previous npcd's that are still paying 2.60%. Good untill July. Will miss those.)
  |     |   Comment #22
#21 Moving funds from Northern to Elements Financial savings that pays 2.1% guaranteed till November 2020. I used savings account to pay bills and for a place to hold cash that can be used to open CDs and other investments. I put a lot of money in PSECU 3 year CDs paying 3.25%.
I Owe Sam
  |     |   Comment #27
I actually don't mind these lower rates we're seeing. I will have a much lower tax bill.

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