CD suggestions

[Zoostation1]

Looking for another option to replace Penfed for a certificate that recently matured as their rates are pretty weak right now. Itwould be nice to work with an institution I already to business with I'm not completely opposed to another institutionas long as there's no hard pulls.  I've looked at C1 and Amex since I already do business with them (maybe I wouldn't have to unfreeze anything for these two if they're soft pulls?).  I've also taken a  look at Marcus (GS) as well.  I'd prefer not to add anymore to NFCU right now so not really looking at them..  Any suggestions on anyone else I should consider or who to avoid (ie bad service or difficult to move in and out of)?

[AndySoCal]

@Zoostation1  Depending on what term you are looking for I would suggest Hughes Federal Credit Union.   The ACH limits is 10k a day and 20K a month if you start the ACH transfer from Hughes FCU. I have 2 CD's with them maybe a third soon. A second credit union is Lafayette Federal Credit Union two things about them the early withdrawal penalty is higher than most places but their rates are better as well. They used to make an exception on closed accounts and their ACH limits. The ACH limit did not apply on a closed account. Their ACh limits are small. Not sure if they still do this or not. It is hard to find a bank or credit union with large enough limits at times.  I have three CD's with them.

[ptatohed]

What rate and duration are you looking for?

[Kforce]

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@ptatohed wrote:

What rate and duration are you looking for?

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This will help with suggestions, depending on your needs.

[Zoostation1]

@ptatohed  @Kforce For this one looking at a 1yr term give or take a couple months.  I don't have to have the absolute highest rate (especially if it's an institution that's harder to work with or move money in and out), but would aim for 4% or better.  

[ptatohed]

If this helps, I have used popular direct, and Sallie Mae.

pop dir is 3.90% for a 1-yr but I just noticed the $10k min, so never mind

Sallie is 4.10% for a 1-yr

I've never opened an account with an institution just for a CD.  It might be easier to just buy a CD from a bank you already have an account with.  Unless of course the rates are just too low.  

Put the maturity date on your calendar.  You only have a 10 day window to liquidate (or chose another CD product) otherwise it renews for the same term at the then current rate.  I missed my window on a $100k 4.5% CD with Sallie and it renewed at 3.2% and now I have to weep for 18 months because the penalties to cash out early are too severe.  

[Vinjints]

I know you prefer not to use Navy but they have rates that are competitive with what @ptatohed just referenced, depending on term and amount, but what really caught my eye was the ten day maturity window he mentioned. I believe Navy will give you around three weeks to decide, or even set your instructions in advance. And they sent me an email at the half way mark as a reminder. 

[1lifeisworthit]

I open CDs every month.

I had been using BMO Alto, but their rates aren't very good now. No minimum to open.

So I'm using Cap One for my CDs. No minimum to open.

The only thing I'm displeased with, is they don't give you an option for adding money at renewal time. Since I want to add money that's a pain in the arse for me. Cap One is the only place I've seen to not give me that option.

Liberty Federal Credit Union has good rates for some terms right now, too. $1,000 minimum.

[Patient957]

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@Zoostation1 wrote:

Looking for another option to replace Penfed for a certificate that recently matured as their rates are pretty weak right now. Itwould be nice to work with an institution I already to business with I'm not completely opposed to another institutionas long as there's no hard pulls.  I've looked at C1 and Amex since I already do business with them (maybe I wouldn't have to unfreeze anything for these two if they're soft pulls?).  I've also taken a  look at Marcus (GS) as well.  I'd prefer not to add anymore to NFCU right now so not really looking at them..  Any suggestions on anyone else I should consider or who to avoid (ie bad service or difficult to move in and out of)?

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Check out Raisin.  They offer access to many different banks, so you can compare rates and buy CDs right in the app.

If you join through Rakuten, you can get a $50 bonus, or 5000 MR points.

[Realist]

Your credit unions are typically going to offer a better CD rates than banking institutions.   I'd suggest to look there first, but I like to keep multiple options open, local or otherwise.

One of the better ones I've found, is a flex account that I cycle. Typically this is about a fourteen (14) month CD, but offers great flexibility.  The rate is on par, although it may not be the absolute highest.

1.  Allows for daily deposits to add to it, onsite and online.  Upwards of 10k per day I believe.

2. If in the event of calamity, allows you to withdrawl up to 25% without penalty.

3. If interest rates increase, allows you to bump up to the better rate once per life of the CD.

Check around with your local credit unions.  These are going to offer the best value.