6 Month @ 2.87%, 12 Months At 2.99%, 15 Month @ 3.10% Or Wait For Something Better?

RJM | Jan 8, 2019 | 499 posts since 2011

Both are new credit unions to me. I do not qualify for the Navy Federal deal.

I have $ coming available on 1/16, 1/20, 2/5 and 3/27 and 4/17. From prior short term deals.

If rates are not going to continue climbing, the shorter term CDs just seem like I am creating more work for myself in 6 months.

I called Navy Fed and asked for a backdoor way and while the rep tried, there is no way. Short of moving in a Vet with me.

Will Ally come up with something better to try and retain all that money that came in for the 1% bonus deal?

Will others know that deal is coming to an end and compete for it?

I am cranking one RCA back up that pays 3.35% for 10 transactions on $25k. I could do a 2nd but probably will not until the weather warms up. But I have a lot more money maturing in the coming days/weeks.

In a perfect world, I would stick with places I already have accounts at. But NASA and Ally do not have competitive deals right now. And who knows what Keesler might do when it's CDs mature.(3/27 for me)

My 4/17 maturity is at Andrews who has a somewhat competitive 8 month at 2.86%. The downside with Andrews is they do not have nationwide shared branches so ACH is my only way out.

Innova is not an option because I don't put much in CDs in my IRA and I like to keep it at one place, my broker.

(I can accept the risk of a bear market. This is not my first rodeo)

Longer term CDs do not really appeal to me right now. (Meaning 3-5 years and I probably won't ever go over 5)

Thanks

3

Answers

RJM | Jan 13, 2019 | 499 posts since 2011

Surprised nobody else is wondering where to put their Ally money when the 1% promo ends on 1/15.

For my first set, Im leaning toward Andrews 8 month at 2.86% just because I already have an account with them. Its limit one though so if I do that on 1/16, I could not do it again on 1/20 and 2/5 when more money becomes available.

Id prefer to avoid opening a new account unless its just too good to pass up.

4

rockies | Jan 13, 2019 | 295 posts since 2018

Here are some alternatives I generated last week. I did not double check the rates today to see if they are still available. I know you said you do not qualify for Navy Federal, but I kept them here for other readers who may qualify for Navy Federal. FYI.

Navy Federal - 3.25% (17 months)
Premier America CU - 3.10% (15 months)
Advancial - 3.05% (18 months), 2.99% (12 months), 2.87% (6 months) ($50K minimum)
MutualOne Bank - 3.04% (19 months), 2.89% (13 months)
CD Bank - 3.00% (18 months)
State Bk of India (IL) - 2.95% (12 months)
First Internet Bank - 2.89% (12 months)
Andrews FCU - 2.86% (8 months)

4

alan1 | Jan 13, 2019 | 877 posts since 2015

The 1 year 2.95% APY at State Bank of India is their senior citizen yield. The APY for non-seniors is 2.85%.

https://www.sbichicago.com/resources/interest-rates

2

RJM | Jan 13, 2019 | 499 posts since 2011

Yes, I knew about them all. I don't qualify for Navy and of the rest, I only have an Account at Andrews.

Unless we get something else significant this week, I will probably drop off a check at a shared branch and close my no penalties at Ally.

2

RJM | Jan 14, 2019 | 499 posts since 2011

I forgot to mention that Andrews DOES have shared branch capabilities. I misstated that in my first post. But, sure would like a 15 month at 3.25% or something like that in the coming days.

I have one at NASA that matures in Dec but they lowered the rate on new ones to 2.75%.

2

RJM | Jan 17, 2019 | 499 posts since 2011

I still have not decided what to do. Ally raised their savings rate to 2.20% which could spur more competition. I had decided to wait until Monday to combine 2 maturing CDs and put it in the Andrews 8 month at 2.86%. But, now I wonder if I should sit tight for something better?

I feel like AA will raise their money market to 2.50% soon. Although only on $50k. But that blurs the line to locking the money up for 8 months for just .36% more.

2

RJM | Jan 15, 2019 | 499 posts since 2011

Premier's CD changed to 16 months at 3.15%.

Unlike Andrews, it does not appear to be limit one.

I'm unsure what to do here. On one hand I prefer to avoid new accounts, on the other the 8 month term is just creating more work for myself in 8 months. So the longer term does have some appeal.

My ALLY funds are free tomorrow with a NASA CD maturing sunday. Im leaning toward waiting and combining the funds from both for a new account and new CD at Premier I guess.

1

unmesh | Jan 16, 2019 | 78 posts since 2010

I tried opening an account at Premier early today and probably answered one of the credit history based identification questions incorrectly and was declined. Customer Service tells me I will continue to be declined online and the only recourse is to walk into a branch. The nearest one to me is a flight away :-(

Be careful filling out the form!

4

RJM | Jan 16, 2019 | 499 posts since 2011

Someone else had a problem too.

One FI had a set up where if you missed a question, you had to start the application all over but it gave you unlimited tries. Can't recall which one offhand but I missing a question once, got timed out another time and finally got it the 3rd time.

Some of those questions are a bit tricky. i think I missed the correct spelling of a street I lived on when I was 13.

3

RJM | Jan 17, 2019 | 499 posts since 2011

I forgot Monday is a holiday.

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