Anyone Finding Any Add-On Cds?

CDmanFL | Jul 15, 2023 | 286 posts since 2019

Greetings Friends,

Aside from the usual add-on players (Navy, MACU, Rising Bank (yuck), Bank5Connect (double yuck)), does anyone know of any other add-on CDs currently in the market? I saw Genisys has one but it’s only 14 months and NASA has one with limitations. I’m already maxed out at Navy and MACU so the add-ons there don’t really help. Would love to find one or two that don’t have many strings attached even if the rates aren’t so hot. Rising Bank has too many drawbacks that I’m turned off and Bank5Connect has an abysmal rate. Does anyone know of a gem out there?

Post an answer

Answers

alan1 | Jul 15, 2023 | 876 posts since 2015

CDmanFL -- I will leave it to others to decide whether a particular add-on certificate qualifies as "a gem".

To learn about nationally available add-on CDs, I suggest you regularly read Ken Tumin's periodic "CD Deals Summary" articles. Near the end of each article is a section titled "Nationally Available Add-On CD Rates".

I believe the most recent article is dated July 5, 2023, so it may be outdated. You can find it at
https://www.depositaccounts.com/blog/cd-rates-survey/

MAKNYC | Jul 15, 2023 | 323 posts since 2015

AgFed offers 3 terms up to 24 months.

CDmanFL | Jul 15, 2023 | 286 posts since 2019

Thanks Mak! I’ll look into it.

Kaight | Jul 15, 2023 | 1,192 posts since 2011

Yes, thanks MAKNYC. AgFed is the obvious go-to on this one. I already have opened my first AgFed add-on. But darn it I keep forgetting to open that second AgFed add-on account. So much other stuff going on. Needed the dope slap.

Also on Bank 5: Run away. Run far, far away and then hide. Never again!

But AgFed is a good outfit. I'm a long time member there. No worries or BS. Nice people.

saver42 | Jul 15, 2023 | 32 posts since 2019

Great Long-Term Add-Ons got me thru the last 20 years, but like airline courrier flights, I think the days of stellar Add-On CDs are a thing of the past. Why? Because they favor the consumer over the bank (the consumer can get away with only keeping the minimum if the rate isn't spectacular compared to other places -- but if rates elsewhere drop and the Add-On starts looking better, they can deposit a lot more).

There used to be all sorts of places...
Long-Time DAers will recognize names like Darby (failed), Valor (merged), Inter National Bank TX (no longer around), GTE (no more add-ons), places that catered to the Asian community like Wilshire State Bank, etc...

DAers aside, Americans on the whole aren't great at saving, and the Add-On product is meant for savers. Most banks would rather tout a short-term regular special rate than do an Add-On.

Yes, Navy and MACU and a couple others have them, but their rates aren't great. Of course it's little risk to open up, say, a MACU or Navy 5yr one with a few dollars, and doing so is probably good insurance in case rates somehow drop substantially. But sadly, I think the days of Add-On CD with stellar rates are long gone...

LongTimeDAFan | Jul 18, 2023 | 69 posts since 2022

America First Credit Union has their Dedicated Savings CDs. AmericaFirst.com

"See how quickly your deposits can add up with a dedicated savings account from America First.

Low-risk, high-yield investments
No minimum opening balances
Competitive dividends
Terms from three months to five years
$10 monthly minimum automatic deposit
Contribute up to $10,000 per month*
Federally insured up to $250,000
Automatic renewal options
Regular & IRA options

*Limited to $100,000 total in one or multiple dedicated savings accounts."

Current APYs (as of this post on 7/18/23) are between 4.0% and 5.2%. The $100k max isn't that high, but it's something. :)

John19 | Jul 15, 2023 | 394 posts since 2022

Heritage Bank(MN) Triple Option CD's allow add-on, but the rates are trash.

shortround | Jul 18, 2023 | 3 posts since 2023

I have MACU now. I will be maxing them out next year, so I'm looking for a backup I can open from TX.

choice1 | Jul 15, 2023 | 370 posts since 2023

If one is inclined to include NFCU in initial post why does one need to look further? One can get 4% for 5 or 7 years as compared to little over 4% for a true/traditional add on for much shorter term. The gift horse is there …just need to recognize it…run and grab!

111 | Jul 15, 2023 | 672 posts since 2019

Choice - I partly disagree. My reason - even if a particular economic scenario is not a high probability, if hedging against it (e.g., "rate insurance") is cheap and easy, then why not?

As an example, my most recent AgFed 12, 18 and 24-month add-on CDs pay 4.5% (disclosure - the current rates on these are a bit less; they've come down in the last month). But they only cost me $25 of principal apiece, have no upper balance limit, and I already had an AgFed account anyway, (BTW I also have Navy 3 and 5-year CDs, and Navy add-on CDs.)

There are indeed a few economic scenarios where I might want to move funds to these AgFed 4.5% add-on CDs.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.