Lock in CD rates now: FOMC rate cut looms
If you've got any cash hanging around, now is a pretty good time to lock it in at current interest rates while you still can.
Old favorite Penfed is offering decent CD rates for longer terms (5 year 5% APY/7 year 5.25% APY), although these rates aren't as competitive as their January offerings from previous years.
I had a little bit of cash available to lock up for a shorter term, so I decided to bite the bullet and join the Patelco Credit Union since it has switched back to NCUA Federal deposit insurance as of January 1st. Patelco is a solid credit union that has been around since 1936. And although the name sounds like it is derived from the Indian surname Patel, it is actually an acronym for the Pacific Telephone and Telegraph Company, whose employees it was initially formed to serve.
I've already opened a 7% APY 1 year CD ($1k max) and a 5.5% APY 9 month CD at Patelco. These CDs can be funded by mailing a check or electronically via ACH, although I would think twice about funding by check (for more details, please see my comment in the post at the Bank Deals blog).