Investment

» jamesj24 - Best MM rate

I know this is the CD rate forum, but wanted to share that I have found Countrywide Bank has the best money market rate, currently yielding 5.25% annually for balances over $50K. One advantage they offer is that deposits made at their branch are sent overnight to their home office, and are credited the next day. This can be important for large deposits, to start earning interest right away. This is where I put the proceeds of the I-bonds I cashed out this month.

For some reason, the T-bill auction yields recently dropped by about a quarter percent, making a 5.25% money market yield virtually equivalent to a 4.8% T-bill yield after considering income taxes. However, the 6-month T-bill still yields 4.93%.

http://www.treasurydirect.gov/RI/OFBills

-- posted by jamesj24

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» jamesj24 - FNBO Direct 6% Savings Account

In response to FNBO Direct 6% Savings Account posted by Kirk:

I just did a quick search of FNBO and found out that it doesn't allow ACH transfers. It can cost a lot of foregone interest on a large balance of money, waiting for the bank to send you a check, or othwerwise, having to pay its wire fee. Not having ever heard of FNBO, I'm leery about tranferring a large balance to them.

I avoid doing business with institutions with second-rate service. It reminds me of Sterling Bank. Long ago, I had switched a large balance to it because of its advertising a high rate on its checking account. Not reading the small print, I lost about $50 when my balance dropped below the minimum and it began charging me a monthly maintenance fee that wiped out my account. For this very reason, I have chosen to never have an account with the bank again. Similarly, a bank that does not offer ACH transfers has second rate service and I will avoid doing business with it.

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Andrew Says:
May 1st, 2007 at 2:31 pm
I sent an e-mail to their customer service. They do NOT allow ACH withdrawls:
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Dear Andrew:
Thank you for your recent inquiry concerning an FNBO Direct account. Unfortunately, we do not permit ACH withdrawals from an FNBO Direct account.
If you need further assistance, please contact us at 1-877-370-3707 or send us an e-mail.
Sincerely,
Gina Juergens
Online Banking Representative
http://www.mymoneyblog.com/archives/2007...
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A contrasting opinion:

Hunter Says:
May 2nd, 2007 at 11:19 am
Ok, I actually just called FNBO Direct and asked about ACH transfers, and the representative confirmed that they accept transfers in both directions, even when originated at another institution, withdrawals as well as deposits.

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It appears that FNBO will accept ACH transfers but you can't initiate any from them. Countrywide has the same policy, but ACH transfers are fully functional between my Treasury Direct account and Countrywide (which is ironically called "Treasury Bank").

-- posted by jamesj24

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» pbradford6 - FNBO Direct 6% Savings Account

In response to FNBO Direct 6% Savings Account posted by Kirk:

In the past I bought high yielding CDs all over the country and have experienced some problems at maturity time. Years ago I had naively instructed them to mail me a check. Don't do that! I have had checks damaged/torn and lost which increases the time you have no access to your money. I then had them deposited directly into my brokerage account only to be hit with transfer fees of $20 - $30 dollars.

There is also one other problem that was my fault. You have to know when each CD matures; without instruction the institution will roll over the CD to a like maturity without your knowledge /permission. Then when you realize that the money has been reinvested you are subject to a "premature distribution penalty" when you ask for its return.

-- posted by pbradford6

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» Derelict - Best CD Rates for April 2007

In response to Best CD Rates for April 2007 posted by Kirk:

It is easy to get the best CD rate. Go to Bankrate.com

You may want to double check that the bank is fdic insured. That is it.

-- posted by Derelict

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» runner26 - Best CD Rates for April 2007

In response to Best CD Rates for April 2007 posted by Derelict:

It is easy to get the best CD rate. Go to Bankrate.com
.
I usually get better rates than the top rates posted at bankrate.
.
For example, recently I have been getting a 5.7% APY for an 8-month CD at Golden 1 Credit Union in California. Even better than that rate, when the 8-months is up, if rates have dropped, it will allow me to renew another 8 at the 5.7 rate. It works out to a 16 month CD with the option to take the money out at 8 without any penalty.

-- posted by runner26

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» Derelict - Best CD Rates for April 2007

In response to Best CD Rates for April 2007 posted by runner26:

It is true that someone may be able to get a higher rate through a credit union cd than an fdic insured cd. Bob talked about a credit union cd a few months back. But, as a general rule, bankrate.com is a good place to visit for the competitive rates for cd's.

-- posted by Derelict

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» PEIC - Best CD Rates for April 2007

In response to Best CD Rates for April 2007 posted by Derelict:
.

Bob Barker retires from the Price is Right this month. I've never heard him talk about CDs.
.
http://www.cbs.com/daytime/price/about/b...

-- posted by PEIC

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» runner26 - My recent additions

Golden 1 Credit Union http://www.golden1.com/
(This Credit Union is federally insured by the National Credit Union Administration.)
.
60-Month Regular or IRA Certificate 6%
12-Month Regular or IRA Certificate 5.80%
also
9-Month Regular or IRA Certificate 5.50%

-- posted by runner26

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» runner26 - Poof

In response to My recent additions posted by runner26:

goes the 6% 5yr and 5.80% 1yr. Glad I saw it coming with the drop in treasuries the last couple of days and loaded up what I could yesterday.
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Todays new rates at Golden 1.
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Golden 1 Credit Union http://www.golden1.com/
(This Credit Union is federally insured by the National Credit Union Administration.)
.
45-Month Regular or IRA Certificate 5.60%
9-Month Regular or IRA Certificate 5.50%

-- posted by runner26

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» JustMeAt101 - CD Ranking Sites

NY Times Money Rates (Typical?)
Term - Rate - APY
3 month CD - 4.05% - 4.13%
6 month CD - 4.31% - 4.39%
1 yr CD - 4.38% - 4.47%
3 yr CD - 4.25% - 4.33

Site that ranks CDs by term: Highest CD Rates
3 months 5.45% Flagstar Bank
6 months 5.05% Countrywide
1 yr 5.21% Apple Bank
3 yrs 5.00% Capital One Bank

-- posted by JustMeAt101

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