As of 3 pm ET 03/06/2025, here are the highest rates, 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, 5-year, 7-year and 10-year:
3-month: 4.35% (Beal Bank USA NV)
6-month: 4.30% (The Bank of New York Mellon NY, Santander Bank NA DE)
9-month: 4.25% (WF sold out)
1-year: 4.25% (WF)
18-month: 4.10% (MSB, MSPB)
2-year: 4.20% (Texas Exchange Bank TX – monthly sold out)
3-year and 5 months: 4.20% (Texas Exchange Bank TX - monthly)
4-year: 4.10% (MSB, MSPB, UBS - monthly)
5-year: 4.10% (MSB, MSPB, UBS - monthly)
7-year: 4.30% (Customers Bank PA sold out)
10-year: 4.20% (Celtic Bank Corp UT – monthly)
Large issuers abbreviations:
AMEX=> American Express National Bank, UT; BofA => Bank of America NA, 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: For those staying liquid, here are the previous ten, including today’s, weekly 4-week T-bill auctions most recently yielding investment rates: 4.303%, 4.308%, 4.318%, 4.323%, 4.323%, 4.323%, 4.339%, 4.313%, 4.318%, 4.339%.
Current Money Market yields as of 03/05/25 at Vanguard are (VMFXX (Settlement fund) 4.26%, VUSXX (Treasury) 4.26%, VMRXX (Cash Reserves Admiral) 4.27%).
As of March 5, 2025, ICI reported to the Federal Reserve that $7.03 trillion of cash is parked in money market funds. This is an increase of $51.15 billion from the prior week.
With the stock market sell off over fears of GDP growth, this week was a flight to safety, and most brokered rates were pulled Monday morning and then brokered rates were decreased on Monday afternoon. Wells Fargo Bank NA SD pulled their 4.25%, 18-month and 2-year offerings, but kept their original offerings of 9-month and 1-year, at 4.25%, offering a quantity of 500,000 1-year, 4.25%, over the course of the week at Charles Schwab brokerage. As of Thursday, 10 am ET, over 260,000 in quantity were already sold, by 12 pm ET, over 290,000 in quantity of them sold, by 1 pm ET over 303,000 in quantity were sold, and by 3 pm ET, 325,000 in quantity were sold at CS brokerage. Shortly after 3 pm ET, Wells Fargo pulled 125k quantity of them and at posting time, only 25k quantity remain of the 1-year at 4.25% are available at CS brokerage. I have never seen this huge of a quantity of a brokered cd offered and sold. Vanguard brokerage, unfortunately pulled all Wells Fargo offerings on Monday morning, only selling 6,000 quantity of the same Wells Fargo 1-year, at 4.25%, before pulling. What a mistake (for their clients) by Vanguard. 1-year Treasuries today are at 4.10%, 2-year at 4.00%.