Which Banks/CUs Hold The Rates?

CDmanFL | Dec 16, 2023 | 286 posts since 2019

I have a CD maturing on January 3rd and starting to plan ahead. I know that some banks and CUs hold the rate for a period of time before receiving the funds. I believe Synchrony will hold the rate for 15 days and I think NASA does this too (maybe 10 days) if memory serves me correct. And maybe Marcus too. Do you guys know of any other institutions that do this and for how long? Any word on whether Advancial or USSFCU does this? I even think GTE does this for a short period of time if my memory isn’t failing me, or at least they did at some point because I remember they opened a CD for me on a Friday and I went to a shared branch the following Monday to make the deposit but that was years ago. This is a great way to lock in a rate and get peace of mind while you are waiting for funds to settle/transfer.

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Answers

CDmanFL | Dec 24, 2023 | 286 posts since 2019

In case anyone is interested, a friend told me that Barclays holds the CD rates for 14 days, but I haven't verified it yet. I recently used the 15 day rate lock from Synchrony which worked out beautifully as I was able to open their since expired 14 month CD for 5.65% APY and I funded it on day 15 after their rates had fallen during that time. I think Marcus will hold the rate for 10 days. Guys and gals, this is a great feature. You get a free and valuable hedge and there is no penalty if you decide not to open it. For example, if you have a CD maturing in say 10 days, you can lock your rate with one of these banks while you shop around and if rates fall during this time you are protected. If anyone knows of any other banks or CUs that allow this, please share. We need to protect ourselves in this declining rate environment (still hoping these declines are just temporary because inflation in my life remains a headwind, but as always time will tell).

DannyKyle | Dec 17, 2023 | 68 posts since 2022

Like Sams1985 said, for Advancial funds need funds to be cleared to fund into a CD account before the end of this month. This is a dilemma with many short timers who opened short term CDs in a hope to fish for higher rates in future based on media, news, and Internet forums. The thing is rates are dropping fast before short term CD matures.

sams1985 | Dec 16, 2023 | 781 posts since 2022

Advancial does not. Manager I spoke to was adamant you have until midnight of the 30th to fund the cd or you’ll be subject to the new rate.

betaguy | Dec 16, 2023 | 180 posts since 2022

USSFCU needs funds to open a certificate.

txFish1 | Dec 16, 2023 | 476 posts since 2023

None that I have dealt with will lock or hold the rates while waiting for the funds. As sams1985 said Advancial rates are good until midnight on the last day of the month and betaguy is correct about USSFCU not opening a CD until funds are in your share savings account.

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