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3.30% APY No Penalty 14 month CD (Certificate of Deposit) Sallie Mae Bank

10 50 October 5, 2022 at 08:35 PM in Finance (7)
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Last Edited by zhangzheng October 6, 2022 at 05:55 PM
+27 Deal Score
16,954 Views
Savebetter.com has a No penalty CD @ 3.30% APR. You can break this CD anytime after 30 days. With Fed Reserve increasing rates, CDs in the near future will pay better. So lock in 3.3% for now; if you find a better higher earning CD in the future, break it and lock in. Otherwise, you have a minimum of 3.3% APY for 14 months. There's no minimum and FDIC insured to $250,000

For people that want a higher earning CD they also offer a regular 2 YR CD @ 3.8% through a different bank.


https://www.savebetter.com/cd-acc...y-cd-rates
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3.30% APY No Penalty 14 month CD (Certificate of Deposit) Sallie Mae Bank
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Joined Dec 2007
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boosterjm
10-06-2022 at 09:06 PM.
10-06-2022 at 09:06 PM.
Quote from koge811 :
https://www.bloomberg.com/markets...t-bonds/us
people need to shut up about the CDs they suck

buy CDs only if they can beat 1 -2 yr treasury bills at the bare min

this deal cannot even beat the 3 month yield. = 3.29 3.37%
def not the 6 month yield = 3.87 4.00%
1 yr = 3.98 4.16%
2 yr = 100.06 4.22%
5 yr = 100.32 4.05%
10 yr = 91.14 3.84%
30 yr = 85.66 3.81%

note do not touch 30 yr its worthless
best one is likely 6 month as a balance between time and rate hikes.

very likely rate hike to 4.6 and they will realize they need to raise rates more.
dont bother with anything longer than 3-6 months ignore the cds only this worth buying in bonds or cds is inflation bonds and ignore 99% of cds they pay lower than 3 m treasuries
Can you send a link from where you can buy treasuries (not the i-bond)?
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Joined Dec 2007
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boosterjm
10-06-2022 at 09:10 PM.
10-06-2022 at 09:10 PM.
Quote from RyanR5488 :
Just buy treasuries on vanguard for no fee and at better rates. I have been buying up 3-6 month treasuries with yields between 3.4-3.8%. You can get higher if longer dated. Also treasuries are more tax efficient since they you don't pay state income tax on them.
Can you send a link to Vanguard page from where you can buy treasuries? I searched but did not find correct landing page
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Joined Feb 2022
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atn0716
10-06-2022 at 09:24 PM.
10-06-2022 at 09:24 PM.
For savvy investor out there, would buying sp500 index better for long term hold than this or even treasury fund?
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Hawkins1
10-06-2022 at 09:57 PM.
10-06-2022 at 09:57 PM.
Quote from jbrns7 :
Post something better?
Post something better. Challenge accepted. here is what's available:

Check out this. https://ibb.co/8XvPfxH

All of those are 12 month terms and MUCH higher rate. The rate offered in this "deal" is crazy that it even makes the "Popular deals" page. A standard savings account earns 3.00% right now at the online banks and Feds are expected to raise interest rates by 100 to 125 basis points (1 to 1.25%) in the next 2 months. This means savings interest rates will raise too. Locking in your money at 3.30% would actually be costing money.

Note that same resource above reflects 2 yr CD's at 4.3%
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Last edited by Hawkins1 October 6, 2022 at 10:04 PM.
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pur | Staff
10-06-2022 at 10:40 PM.
10-06-2022 at 10:40 PM.
Quote from atn0716 :
For savvy investor out there, would buying sp500 index better for long term hold than this or even treasury fund?

14 months isn't long term, but if you are looking at investing for 10+ years stocks will probably do better
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Joined Jul 2009
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keung
10-06-2022 at 10:48 PM.
10-06-2022 at 10:48 PM.
Quote from jbrns7 :
Post something better?
Quote from fgitsin :
Please show me a no penalty CD that has a higher APY. Remember, no penalty means you can withdraw any time after 30 days.
Signature FCU Checking 3.5% up to 20K
President Bank 3% checking up to 25K
6 months US T-Bills 3.88% No State tax NO Limit
3 Months US T Bills 3.33% No State Tax NO LIMIT
and go to doctor of credits they have a lot more
https://www.doctorofcredit.com/hi...gs-to-get/

3,3% for 14 months?LMAO
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Last edited by keung October 6, 2022 at 10:56 PM.
Joined Jul 2009
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keung
10-06-2022 at 10:54 PM.
10-06-2022 at 10:54 PM.
Quote from boosterjm :
Can you send a link from where you can buy treasuries (not the i-bond)?
You can buy it from TD same place where you buy iBond

https://tipswatch.com/2022/07/04/...ury-bills/
https://tipswatch.com/2022/09/21/...ctive-now/
I have posted countless tipswatch website on the iBond thread , a lot of good info there
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tomcat008
10-07-2022 at 03:12 AM.
10-07-2022 at 03:12 AM.
Quote from koge811 :
https://www.bloomberg.com/markets...t-bonds/us
people need to shut up about the CDs they suck

buy CDs only if they can beat 1 -2 yr treasury bills at the bare min

this deal cannot even beat the 3 month yield. = 3.29 3.37%
def not the 6 month yield = 3.87 4.00%
1 yr = 3.98 4.16%
2 yr = 100.06 4.22%
5 yr = 100.32 4.05%
10 yr = 91.14 3.84%
30 yr = 85.66 3.81%

note do not touch 30 yr its worthless
best one is likely 6 month as a balance between time and rate hikes.

very likely rate hike to 4.6 and they will realize they need to raise rates more.
dont bother with anything longer than 3-6 months ignore the cds only this worth buying in bonds or cds is inflation bonds and ignore 99% of cds they pay lower than 3 m treasuries
How difficult it is to move savings into it ?
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Joined Jun 2007
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David36
10-07-2022 at 03:46 AM.
10-07-2022 at 03:46 AM.
Quote from coolcoder :
There are multiple savings accounts that are paying out over 3% now. For example, elements financial is paying 3.25% on a FDIC insured savings account.

Setting up a CD just for a 0.05% bump may not be worth it. Even mainstream banks like ETrade are paying 2.75% now. At this point, I would just keep my money in one of these savings accounts and wait for the fed to increase their rates again.
Elements offfers 4% but only up to 20k
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seawolf
10-07-2022 at 04:09 AM.
10-07-2022 at 04:09 AM.
Quote from jbrns7 :
Post something better?
Go to fidelity to access 1 year CDs currently offering 4.1%
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Joined Oct 2005
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jbrns7
10-07-2022 at 04:52 AM.
10-07-2022 at 04:52 AM.
Quote from keung :
Signature FCU Checking 3.5% up to 20K
President Bank 3% checking up to 25K
6 months US T-Bills 3.88% No State tax NO Limit
3 Months US T Bills 3.33% No State Tax NO LIMIT
and go to doctor of credits they have a lot more
https://www.doctorofcredit.com/hi...gs-to-get/

3,3% for 14 months?LMAO

So in other words T Bills are the only actual higher option. The others have balance limits or aren't no penalty.
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Wildy123
10-07-2022 at 05:31 AM.
10-07-2022 at 05:31 AM.
Quote from Hawkins1 :
Post something better. Challenge accepted. here is what's available:

Check out this. https://ibb.co/8XvPfxH

All of those are 12 month terms and MUCH higher rate. The rate offered in this "deal" is crazy that it even makes the "Popular deals" page. A standard savings account earns 3.00% right now at the online banks and Feds are expected to raise interest rates by 100 to 125 basis points (1 to 1.25%) in the next 2 months. This means savings interest rates will raise too. Locking in your money at 3.30% would actually be costing money.

Note that same resource above reflects 2 yr CD's at 4.3%
The difference is you're not locking in. It's no penalty to break it. When a better rate is available, you move the money.
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Wildy123
10-07-2022 at 05:32 AM.
10-07-2022 at 05:32 AM.
Quote from seawolf :
Go to fidelity to access 1 year CDs currently offering 4.1%
Not a no penalty CD.
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Hawkins1
10-07-2022 at 06:04 AM.
10-07-2022 at 06:04 AM.
Quote from fgitsin :
Not a no penalty CD.
Quote from fgitsin :
The difference is you're not locking in. It's no penalty to break it. When a better rate is available, you move the money.
The problem is you are talking about a huge hassle to chase a 3.30% yield for literally a month and a half (until Feds raise rates again). As mentioned, the next 2 interest rate raises should increase savings rates by 0.75% at the online banks based on the Fed wanted to have rates between 4-4.25% by the end of the year. The next two hikes would be the first week of November and middle of December. I'd even argue you'd lose money doing this as you'd earn a higher rate (3.30%) for 1 month, but then could be earning a higher rate in an online savings after the first week of November and you'd likely lose interest earnings while the funds are in limbo transferring between Sallie Mae and whatever bank you ultimately park your cash. Too much hassle to earn a 0.30% yield for 1 month with the risk of earning a less than market yield for some time while transferring funds. Just park funds in a savings account that's been raising rates lockstep with the Fed and be done with it.
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Joined Dec 2007
RawR!
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Hiiimgravy
10-07-2022 at 06:48 AM.
10-07-2022 at 06:48 AM.
Quote from Damian71 :
https://www.treasurydirect.gov/ma...-security/

depending on what you're looking for - non-competitive bid, you can buy directly,
thanks, great info
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