Best CD and Money Market Rates

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[quote author="Mcdonna1980" date=1244006539]paging ipop..



we need an update on the best rates, please</blockquote>


For a while it had been <a href="http://www.ebsbdirect.com/">East Boston Savings Bank</a>. I have $250K there, in a money market, at 2.8% guaranteed through 9/30/09. They have dropped rates twice recently though.



<a href="http://providentnjdirect.com/">Provident New Jersey bank has a good money market rate</a>. Hard to get an account there though... I got denied. Too many accounts opened recently for me.



For short term CDs, I think Hanmi (in branch rates) is the best around right now.
 
[quote author="Irvinian" date=1244015335]2.8% for 12 month cd



2.5 for 9 month w/o early withdrawal fees



2.25 on free checking account



http://www.ally.com/index.html</blockquote>


Hanmi's in-branch rate is supposed to be 2.8% on a six month CD... I love Ally's (formerly GMAC) penalty free CD though. Can't get the money back via ACH for early term though. Except for that, it's practically a money market with a 9-month guarantee.



With regards to Ally, I have been using their online savings for a while now. The online banking interface is great and ACH transfers are lightning quick. Highly recommend them overall as an online bank.
 
When the government openly admits to 2-3% inflation as a goal, and they have incentive to understate that number, a 5% CD is break even at best. Who invests in a guaranteed loss?
 
[quote author="matt138" date=1245333294]When the government openly admits to 2-3% inflation as a goal, and they have incentive to understate that number, a 5% CD is break even at best. Who invests in a guaranteed loss?</blockquote>


If you don't invest in something, wouldn't that guaranteed loss be even greater?
 
[quote author="matt138" date=1245337086]Of course. But really? Either way you are losing!???? There has to be something better (% return) with similar risk.</blockquote>


it'll be tough to find an investment that performs better with 0 risk.
 
Dollar Savings Direct? I started out with them at 4%APY, now they just dropped their rates to 1.7%? What the heck? Any other good CDs or money market rates out there?
 
Just got this in an email for Costco Members:



<a href="http://www.capitalone.com/directbanking/offers/costco/interest-plus-online-savings-account/index.php?itc=CAPITALONE11128SINTMKTGCF&number=D-fkyxq3WKcx6UIe8mAnH&cm_mmc=BCEmail_452-_-FEATURE-_-2-_-CapitolOneBanking">http://www.capitalone.com/directbanking/offers/costco/interest-plus-online-savings-account/index.php?itc=CAPITALONE11128SINTMKTGCF&number=D-fkyxq3WKcx6UIe8mAnH&cm_mmc=BCEmail_452-_-FEATURE-_-2-_-CapitolOneBanking</a>





- 1.75% APY

- No fees

- Costco Member Incentive: $60 for Executive; $20 for Gold Star and Business

- $5,000 minimum deposit

- FDIC insured to at least $250,000 per depositor

- Maintain $15,000 Balance they pay a bonus equal to an additional 10% of your quarterly interest earnings. That makes the effective rate equal to 2.04%.





It seems to be better than the CD's that I have seen unless you want to go 12 months or longer.
 
[quote author="Astute Observer" date=1254667421]Isn't CapitalOne in the watch list? This is why I never bother with them... are they in better shape than before?</blockquote>


Who cares? It is FDIC insured, and they will honor it even after they take it over. IRCC their charge off and delinquency rates decreased in the last quarter. I could be wrong though. I'd just chase the rate that was best and not care if they are sound or not, especially at how slow the FDIC is in taking over banks. Corus should have been taken down a year ago, and I am still waiting for First Fed of CA to be taken down... more than 2 years later.
 
[quote author="graphrix" date=1254672542][quote author="Astute Observer" date=1254667421]Isn't CapitalOne in the watch list? This is why I never bother with them... are they in better shape than before?</blockquote>


Who cares? It is FDIC insured, and they will honor it even after they take it over. IRCC their charge off and delinquency rates decreased in the last quarter. I could be wrong though. I'd just chase the rate that was best and not care if they are sound or not, especially at how slow the FDIC is in taking over banks. Corus should have been taken down a year ago, and I am still waiting for First Fed of CA to be taken down... more than 2 years later.</blockquote>
Ditto with Cal(crap) National, they should have been taken over at the end of last year. Back in May of this year they got served with a Cease & Decease order from the OCC. The FDIC is moving in slow motion.
 
[quote author="25inIrvine" date=1254746222]Didn't both Cal National and First Fed have a deadline for Sept 30th to come up with enough capital? Did they meet it? Whats the next step?</blockquote>
They sure did and from what I've heard the result = NO DICE! They've been on the clock for a while, it's about time the FIDC puts a fork in them.
 
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