As of 6 pm EST 6/17/2024, here are the highest rates available at either Charles Schwab brokerage and/or Vanguard brokerage for non-callable, new-issue brokered CDs with terms of 3-month, 6-month, 9-month, 1-year, 18-month, 2-year, 3-year, 4-year, and 5-year:
3-month: 5.45% (Flushing Bank NY, Merchants Bank of Indiana IN)
6-month: 5.45% (Origin Bank LA), 5.40% (Citibank NA NY)
9-month: 5.40% (Citibank NA NY)
1-year: 5.35% (Citibank NA NY sold out, Comerica Bank TX, SCHW), 5.30% (Wood & Huston Bank MO- monthly sold out)
18-month: 5.15% (BofA)
2-year: 5.00% (BofA, Medallion Bank UT – monthly)
3-year: 4.85% (State Bank of India NY)
4-year: 4.50% (BNY Mellon NA PA)
5-year: 4.70% (MSPB), 4.50% (Medallion Bank UT – monthly)
Large issuers abbreviations:
BofA => Bank of America, NC; GSB => Goldman Sachs Bank USA, NY;
MSB => Morgan Stanley Bank, UT; MSPB => Morgan Stanley Private Bank, NY;
SCHW => Charles Schwab Bank, TX; UBS => UBS Bank USA, UT; WF=> Wells Fargo Bank, SD.
Notes: All notes are just my opinion. This is another week of big banks paying up for short-term brokered deposits. My focus is on Citibank, the big bank gobbling up the short-term deposits this week, with 5.40% offerings at 6-month, 9-month and 5.35% at 1-year. Citibank was offered at Schwab brokerage, but not Vanguard brokerage. Wells Fargo was absent this week (to give Citi their turn) and UBS Bank USA continues to ghost us. MSPB are leftovers, still available at Vanguard. Morgan Stanley Private Bank must need a lot of cash, to pay off private equity investors (that want out), as they keep issuing and issuing brokered deposits, at higher long-term rates, than anybody else. We may not see new MSB, MSPB rates until late this week, because the markets are closed on Wednesday for Juneteenth.
