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High Yield CD - Marcus by Goldman Sachs 5.5% APY 12 month CD
High Yield Certificate of Deposit at 5.5% APY
This is one of the best rates around. There is an early withdrawal penalty but if you're planning on keeping your money in the CD, this is one of the best rates.
$500 minimum balance
Manage your account online
10 Day CD rate Guarantee
https://www.marcus.com/us/en/savi...-yield-cds
This is one of the best rates around. There is an early withdrawal penalty but if you're planning on keeping your money in the CD, this is one of the best rates.
$500 minimum balance
Manage your account online
10 Day CD rate Guarantee
https://www.marcus.com/us/en/savi...-yield-cds
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If you are considering CD, remember they usually have a penalty for early withdrawal. I consider not as liquid as a savings account. So, if you might need the money before maturity, a savings account may be better. Finally, the interest from a CD or a savings account are taxable by state & local governments. If your state does not have an income tax, then this is not a consideration.
Alternatively, many people in the past have suggested money market funds or t-bills. The Vanguard Treasury Money Market Fund has a 5.29% yield, and most of the dividend/interest is exempt by states. T-bills offer approximately 5.4% return and are full exempt by state governments. Note, these investments are not FDIC insured but are backed by the US Gov't. CDs & savings accounts are insured.
FDLXX is Fidelity's version for treasury only fund (for lower income investors, if you buy 1million or more you can buy same version with reduced investment expense)
FDLXX is Fidelity's version for treasury only fund (for lower income investors, if you buy 1million or more you can buy same version with reduced investment expense)
What's the return on fdlxx and is it state tax free?
FWIW, after the CD matures, they sweep the money into an online savings account, which currently has a 4.5% APY.
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Credit Human (TX credit union) had a 17mo 6% cd recently as well.
If you are considering CD, remember they usually have a penalty for early withdrawal. I consider not as liquid as a savings account. So, if you might need the money before maturity, a savings account may be better. Finally, the interest from a CD or a savings account are taxable by state & local governments. If your state does not have an income tax, then this is not a consideration.
Alternatively, many people in the past have suggested money market funds or t-bills. The Vanguard Treasury Money Market Fund has a 5.29% yield, and most of the dividend/interest is exempt by states. T-bills offer approximately 5.4% return and are full exempt by state governments. Note, these investments are not FDIC insured but are backed by the US Gov't. CDs & savings accounts are insured.
People are desiring to lock money up now for longer, while rates are higher. So this may not be great for your 'emergency fund' of 3-6x months of expenses but for any of that middle ground money that you don't want to invest and you don't need right now...well then locking in higher rates before a drop could be a good thing.
A big drawback you can't access your online account outside the US. They even block VPNs
"If you want to withdraw a portion (or all) of the principal amount, you'll face early withdrawal penalties. For terms less than 12 months the penalty is 90 days' simple interest, terms of 12 months to five years cost 270 days of interest and terms longer than five years penalize 365 days of simple interest earned."
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https://www.raisin.com/en-us/prod...gKDaPD_B