High Yield CD - Marcus by Goldman Sachs 5.5% APY 12 month CD
+22Deal Score
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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
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Not really worth tying up your money . Fidelity money market and others are paying around 5 to 5.25% and you can take your money out anytime.
Agreed. Cash is king and so is liquidity. We are living in weird times. I'll take the risk the rate drops on my 5.5% HYSA at Marcus (with referral bonus) and deal with finding somewhere else to put the money when that time comes. Each month it doesn't drop in the next 12 months, I've maintained liquidity while others were tied up in CDs. Also thumbs up for whoever recommended T-bills. This is the next best thing to HYSA due to the tax savings.
I currently use robinhood at 5% since it gives me the quick flexibility to withdrawl or invest in stocks anytime i want. Also any sold stocks go into interest. I know ppl hate rh but its worked fine for me so far.
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.
"T-bills offer approximately 5.4% return " -- which T-bills can offer 5.5% yield with similar maturity term? The recent 1 Yr Tbill yield is about 4.7%. It's considerably less than 5.5% even after counting on state tax exemption. I might miss read and hope to get some clarification. TIA.
The worst bank/institution I have ever worked with. No issues when depositing money but whenever I try to transfer a portion of my money to another account under my name. My account keep getting locked, the I have to call to go through several reps and several verification steps to prove my identity and to prove the other account is mine. After saying it is all good to go, my account still gets locked and have to repeat the process over and over and over and over again.
There could be a bonus that offers a better return, but there is no chance rates will go higher unfortunately, and they will likely be cut soon
Yeah that's the main consideration. If you can tolerate the illiquidity, you'll probably be better off if you lock in now before rates (likely) go down.
The issue is that the Fed mentioned a possible 4x cut in 2024 and money markets, savings, treasury bills, and CDs rates will fall on that news. (in fact many rates have already started to move over last 1 month, look at the 10 year treasury Oct. 2023 vs Jan 2024)
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.
I don't see the rationale for cutting rates, except that it's an election year. Fed and their games...
The worst bank/institution I have ever worked with. No issues when depositing money but whenever I try to transfer a portion of my money to another account under my name. My account keep getting locked, the I have to call to go through several reps and several verification steps to prove my identity and to prove the other account is mine. After saying it is all good to go, my account still gets locked and have to repeat the process over and over and over and over again.
Similar experience, but only when I moved XXX,XXX out to another financial institution. They don't mess around with US Treasury transfers. I now use Fidelity's 5% FDLXX with 100% treasury investments. $ is reported as interest, but you simply put this amount in box 3 of 1099 INT instead of box 1.
Crooked Fed needs to bail out garbage banks like B of A (sitting on huge paper loss). Don't want to disappoint the Street in March without a rate cut. Time to consider qualified dividends.
I don't see the rationale for cutting rates, except that it's an election year. Fed and their games...
There is none. But the Fed = a bunch of crooked bankers. Many big banks are sitting on massive paper losses when they bough long term treasuries before the rate hike.
Underperforming business real estate will continue to drag on bank's earnings.
I sit on my wallet and never vote for the same politician twice. Don't let the crooks in DC use party politics to keep themselves in office.
It's great until you want to take your money out... They will make you work.
So true.
My family had 3 accounts with them and it was a pain in the a$$ trying to get our money out. It had to be transferred out into the same account it came from. No less than 4 lengthy phone calls to close each one.
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Those rates can increase at any time, so the 12-month holding period might not be worth it in some cases.
There could be a bonus that offers a better return, but there is no chance rates will go higher unfortunately, and they will likely be cut soon
What…SD is owned by GS?! Thanks, had no idea!
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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.
Yeah that's the main consideration. If you can tolerate the illiquidity, you'll probably be better off if you lock in now before rates (likely) go down.
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.
I don't see the rationale for cutting rates, except that it's an election year. Fed and their games...
Crooked Fed needs to bail out garbage banks like B of A (sitting on huge paper loss). Don't want to disappoint the Street in March without a rate cut. Time to consider qualified dividends.
Underperforming business real estate will continue to drag on bank's earnings.
I sit on my wallet and never vote for the same politician twice. Don't let the crooks in DC use party politics to keep themselves in office.
Sign up for a Slickdeals account to remove this ad.
My family had 3 accounts with them and it was a pain in the a$$ trying to get our money out. It had to be transferred out into the same account it came from. No less than 4 lengthy phone calls to close each one.