CD Rates

[SD Realtor]

CD Rates Anyone?

My 5 month liquid CD at World Savings matures on 8/20. I am looking for a better rate. I saw an ad today in the Union for a 7 month CD for 5.5% APY at San Diego National Bank…

I will be looking for the best rates and doing some shopping over the next few days…

Anyone have any great rates available?

[an]

sdccu 5 month CD is 5.5% as well. You can also go here: http://www.fatwallet.com/t/52/320690/ to see a collection of different CD rates from different banks. They’re submitted by users.

[Anonymous]

The best rate right now is offered by the USE credit union. They are currently running a promotion for a 7 month CD for 7% APY. You can find out this information at their website:
http://www.usecu.com/

[SD Realtor]

Whoa that rate is smoking compared to what I have seen out there… I will check it out!

[Peace]

we spotted this CD too but it appears that it has a minimum and maximum deposit of $2500 – silly teaser ad

[SD Realtor]

Good call Peace… I checked it out… Need a higher maximum… darn…

If it sounds to good to be true it is…

[Peace]

We also have a World Savings CD maturing soon. Got a little nervous when someone posted that World Savings had a very low rating (was it Poway Seller?) and have been looking at ads for climbing interest rates: saw 12 month / 5.60% at Temecula Valley Bank and 6 month / 5.40% there too.
Question: just how important is the rating when the money is FDIC insured?
Also what is the maximum insured deposit for a married couple at a single bank? We’re getting different info from different “customer service reps” and don’t know what to believe.

[powayseller]

The FDIC website gives you the definitive info on insurance. It is $100K per person per account, so you can end up with $500K per institution between various types of accounts, for a married couple.

privatebanker posted that getting money back from FDIC is a hassle, because you have to wait a while. I don’t know if it’s 6 months, 1year, or less.

World Savings had the best rates last spring, so I went there also. I wondered why they were so desperate for the deposits. Their high rate, to me, was a warning sign. But I thought it would be another year at least before they were hit with foreclosures, so I planned to use them only until this fall.

Please spend the $15 for a Weiss ratings report before you give your life savings to a bank. And pretty please post your ratings here to share with us. They don’t rate credit unions. I am less confident in other ratings agencies, because they are less diligent. For example one rated everbank A,but Weiss rated them E-. Weiss is very diligent, and that’s what I want for someone evaluating my bank.

In September, after my World Savings CD expires, I am going to put my money into short term Treasury bills – no state income tax, and more safe than banks.

hs posted before that USAA has high rates. You don’t have to be military and they even beat World Savings. I don’t have a Weiss rating on it.

[lendingbubblecontinues]

Navy Federal Credit Union is offering 6.25% APY for 18 months for deposits of $15,000 and higher.

[desmond]

The best rate right now is offered by the USE credit union. They are currently running a promotion for a 7 month CD for 7% APY

I think the maximum deposit on this offer is only $2500.00

[JES]

Couple questions guys:

-Navy Fed has this great rate mentioned above, but it is an 18-month ‘share certificate’ and I think you are locked in there for 18 months. How does this differ from a CD and would you rec. this as an investment? The rate seems to be the best around.

-I noticed that only local banks have been mentioned. What about GMAC bank, ING Direct or Countrywide? Some of these are online and in the past I have found that their rates are better than local banks. Many times the best rates seem to be with the online branch of the larger institution – like GMAC and Countrywide. Any advice here?

Thanks!

[an]

I put my money in GMAC savings account making 5% and it’s completely liquid. To me, it doesn’t make sense to lock in for long term when a liquid account can give you w/in .5% of the CD.

[JES]

Unless you think rates will go down again, in which case it might be wise to lock in a ladder of CDs. Some 6 mo, 1 yr, 18 mo etc. But I’m not sure that rates will be going down…

[VCJIM]

Asianautica, on $500,000 that 1/2% = $2500 / year. As it compounds, that makes a big difference.

[sdappraiser]

If you would have purchased a 12 month CD 1 year ago vs. floating in a variable rate account (compounding w/ money market fund), you would have lost yield.

http://www.bankrate.com/brm/graphs/graph_trend.asp?tf=360&ct=Line&prods=50&gs=400,220&st=CA&c3d=False&web=brm&cc=1&prodtype=D

If you are convinced rates will continue to rise or remain stable, why would you lock your rate? – Especially with an inverted yield curve.

[Author]

Posts