No Penalty Cds On Best Cds List?

cumulus
  |     |   1,177 posts since 2010

Ken, How about adding a "No Penalty CDs" section/category to your (already superb, useful and excellent) "Best CD rates" list?




MidAtlantic
  |     |   127 posts since 2012
I'm not sure what list you are referring to, but it is already there in the weekly "Latest Liquid Bank Account Rates". Just keep scrolling down until you come to a No-Penalty CD heading.
alan1
  |     |   697 posts since 2015
cumulus -- A section titled "No-Penalty CDs" can be found in Ken Tumin's weekly "Latest Liquid Bank Account Rates" feature. The most recent article, dated June 15, 2022, is at https://www.depositaccounts.com/blog/bank-accounts-survey/
cumulus
  |     |   1,177 posts since 2010
Thanks MidAtlantic, alan1---that's a WEEKLY update. I was looking at/referring
to the CompareCD rates lists at  https://www.depositaccounts.com/cd/  which
receives DAILY updates, and contains sub lists for  3m, 6m, 1y...6y+ CDs,  but
does NOT offer an option for a 'NP CDs' listing?
Lastrun
  |     |   10 posts since 2019
This would be a great addition, as these NPCDs become more and more available
Choice
  |     |   684 posts since 2020
Not to detract but to complement… we need to (also) see the effective interest rate for CDs at a specific FI for specific price/yield/break points for various CD terms if/when CDs are terminated early. For example, the so-called poster child is a certain CU that has a 30% EWP….that is, the penalty is 30% on the withdrawn amount if that amount went to maturity…think about that…no cap….unconscionable amount!  Then there is the current DA display/disclosure on/for various redemption points for ibonds during first 5 years… is that for the benefit of readers or…?  Go figure.  More disclosure for/on ALL FIs is needed.
blazer9
  |     |   178 posts since 2019
Overwhelming.. How much is enough?
Asking for all the WORK FOR FREE by posters old/new are piling on Ken,
might you break him..retire?
VALUABLE Reporting.
Straw and Camels back scenario ?
Choice
  |     |   684 posts since 2020
If one doesn’t desire to improve the product…. And if any reader doesn’t need info on no penalty CDs, don’t read them. BTW, you read this thread/forum
Ltssharon
  |     |   80 posts since 2020
I love all the reports. They are so helpful, and also motivate me to look closely at options I want to look at. As I age, I am less and less willing to open accounts at new places. But recently I have really been disgusted totally with the early withdrawal penalties at PenFed and Connexus. I won't be sending money to the 30 percent as if held to maturity place. I will take the 365 day penalty on a 5 year cd first.
gssharp777
  |     |   6 posts since 2022
If you're talking about PENFED, that's not accurate. Although the answer on the certificate FAQ would leave the impression it's 30% with no cap, the actual PENFED certificate disclosure says this...

Early Withdrawal Penalties - All requests for early withdrawal must be in writing. In the
event of early withdrawal, one of the following penalties shall apply:

Certificates Having a Term Greater Than Six Months
a. If redeemed within the first year, all dividends will be forfeited.

b. If redeemed thereafter, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, NOT TO EXCEED TOTAL DIVIDENDS EARNED. (my emphasis)

https://www.penfed.org/content/dam/penfed/general/pdf/aml-2018/688.pdf
Choice
  |     |   684 posts since 2020
Deleted by moderator 
deplorable_1
  |     |   476 posts since 2020
Also a add-on CD rate chart on the drop down menu could come in handy. I know it's already on the weekly blog which was a great addition IMO. thanks Ken.


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