CD rates am I right here?

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Russ Smith

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This is an issue with me as well. I have joint accounts.

My current bank requires both parties to appear on any transactions from joint savings. I don't know how this works on online accounts such as Capital One. Also, I'd like to add a beneficiary POD.

I think you can put both on there but we don't I manage it but that's why I keep it the way I do so that there's no question of anything like that. I honestly don't recall any beneficiaries on any of the CD's that's a good point. I think I probably have one on my primary account and Capital One just uses it for the others but I should verify that to make sure Lucy is the beneficiary.

I think the only access I have to brokered CD's is via etrade.
 

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I think you can put both on there but we don't I manage it but that's why I keep it the way I do so that there's no question of anything like that. I honestly don't recall any beneficiaries on any of the CD's that's a good point. I think I probably have one on my primary account and Capital One just uses it for the others but I should verify that to make sure Lucy is the beneficiary.

I think the only access I have to brokered CD's is via etrade.

I'd be managing the Capital One account, so I may have to contact them on how to do it. Thanks.
 
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Russ Smith

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I'd be managing the Capital One account, so I may have to contact them on how to do it. Thanks.

Turns out it's simple to add the beneficiaries. You click on the account, then on Account Services and Settings, then manage beneficiaries, then add beneficiaries, then it does the 2 factor thing texts you a code and then you add them. It does ask for their social security number so if you prefer to do it by phone for that reason you can.

But i just added Lucy to 3 CD's a Money Market and a Savings account. There's another option to add someone else as a joint account holder if you prefer that
 

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Turns out it's simple to add the beneficiaries. You click on the account, then on Account Services and Settings, then manage beneficiaries, then add beneficiaries, then it does the 2 factor thing texts you a code and then you add them. It does ask for their social security number so if you prefer to do it by phone for that reason you can.

But i just added Lucy to 3 CD's a Money Market and a Savings account. There's another option to add someone else as a joint account holder if you prefer that

I'm glad you were able to do this. I may start with a smaller amount and see how it all works.
 

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Took a look at the best brokered CD rates at work today.

1 month: 2.85%
3 month: 3.20%
6 month: 3.70%
9 month: 3.95%
1 year: 4.10%
2 year: 4.35%
5 year: 4.50%
 

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Took a look at the best brokered CD rates at work today.

1 month: 2.85%
3 month: 3.20%
6 month: 3.70%
9 month: 3.95%
1 year: 4.10%
2 year: 4.35%
5 year: 4.50%
Wow. Better get that 1 or 3 month while one is able....
 

Dback Jon

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Is there a minimum amount for those CD's? Just looked at Wells - still best rate for 7 month is 1.59 Savings .01, which is basically nothing
 

Folster

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Is there a minimum amount for those CD's? Just looked at Wells - still best rate for 7 month is 1.59 Savings .01, which is basically nothing

1K minimum and increments. They are brokered CDs sold by US banks on the open market. They are FDIC insured at maturity. The big difference is that they are priced daily so their market value will fluctuate up until maturity. If you had to sell prematurely you could be selling at a premium or discount depending on current rates.
 

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Is there a minimum amount for those CD's? Just looked at Wells - still best rate for 7 month is 1.59 Savings .01, which is basically nothing
When I was looking at the brokered CDs through Vanguard yesterday they had similar rates to what @Folster posted. I was looking at a 1 month CD for 2.95%. The minimum on the ones they were showing were $1000.
 

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When I was looking at the brokered CDs through Vanguard yesterday they had similar rates to what @Folster posted. I was looking at a 1 month CD for 2.95%. The minimum on the ones they were showing were $1000.

I think most of the banks release their inventory on Monday and sell through during the week. So the earlier the better. We update our inventory twice a day at 8:30 and 10:30 AM ET.
 
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Russ Smith

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1K minimum and increments. They are brokered CDs sold by US banks on the open market. They are FDIC insured at maturity. The big difference is that they are priced daily so their market value will fluctuate up until maturity. If you had to sell prematurely you could be selling at a premium or discount depending on current rates.

I had one in my IRA with Fidelity a few years ago and it definitely outperformed the regular CD's. When I switched to having Fidelity manage my IRA's they sold it.

That's my only experience with the brokered ones but yes they do offer higher rates.
 

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They wouldn't allow it. They said that the most cash that they could accept is 50%. I've never heard of that before.
seriously, I am not rich by any means, but I have had things like this happen to me all the time when I try to give people my money! No-one wants cash anymore. Everyone wants you to finance.
 
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Russ Smith

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Capital One savings rate is now up from 2 to 2.15%.
 
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Capital One savings rate is now up from 2 to 2.15%.

It's now 2.2%.

Also an interesting bit on the I bonds that Folster has mentioned. it turns out there's a strategy to allow you to get more than 10k in one year. You buy 10K for yourself now at 9.62%, your wife, GF etc buys 10K now in their account at 9.62%. Then you buy another 10K in YOUR account but you use the gift option and you gift it to your wife etc, and they buy another 10K and gift it to you. The gift sits in YOUR account but it starts growing interest right away at 9.62% for the 6 months.

Then in 2023, you physically gift the 10K to your wife, and they physically gift their 10K gift to you, I think you can literally transfer them in your Treasury Direct accounts. So now you both have a 2022 bond at 9.62% for 6 months, AND a 2023 bond that's been getting 9.62% since Oct 2022. The gift counts as the 2022 purchase but in theory you can do this for 2023 and even beyond if you want to . There's a ton of videos on youtube explaining it but apparently the US Government has confirmed it's completely legal.
 
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Looks like the new I bond rate will be something around 6.48% which means 10K for one year with the current 9.62 rate would be worth about $10,821 dollars in a year so you make about 8.2% for the year.

Still haven't decided if I'm going to do it. With what I already have tied up in CD's I'm a bit hesitant to tie up another 10K for a year even though it's such a good deal. It's about 600 bucks more in a year than that 10K would make in my current savings at 2.2 %
 
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Keeps going up the 1 year CD rate for Capital One is now up to 4 and with a rate hike expected next wed I would assume in a few weeks it'll be 4.5 or 4.75. I am going to wait until that next jump and then close out my 2.25 12 month CD, take the hit(3 months interest) and put it into a 1 year at the new double or higher than double rate.
 
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Keeps going up the 1 year CD rate for Capital One is now up to 4 and with a rate hike expected next wed I would assume in a few weeks it'll be 4.5 or 4.75. I am going to wait until that next jump and then close out my 2.25 12 month CD, take the hit(3 months interest) and put it into a 1 year at the new double or higher than double rate.

overnight the rate on my savings went from 2.35% to 3. With the coming rate hike that will go up again so I'm not even going to bother with another CD I'm going to close out the 2.25 one in a few weeks, take the 3 months interest penalty and just put that money into my 360 Savings account.

About a year ago I convinced a friend to open a high savings account in her credit union Keypoint. Yesterday I found out that "high interest" account is still only paying her .2% so I convinced her to open one at Capital One. So if rest. So if she goes through with it she will make 15X what she's getting now. So in the first month at Capital One she'll make more interest than in the entire year at Keypoint.
 
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