Deposit Diary Daily #148
An up-close look at Newtek Bank 6-month CD (5.25% APY)
For a limited time, Newtek Bank is offering a 6-month CD earning 5.25% APY. A 6-month CD can be opened with a $2.5k deposit and is capped at $250k.
U.S. citizens and resident aliens, 18 years or older, who have a valid Social Security number or Tax ID number are eligible to open a 6-month CD. Newtek Bank is an internet bank, so the 6-month CD can only be opened online.
6-Month Limited-Time CD Details
The following is from a Live Chat with a Newtek Bank CSR.
Funding – ACH or wire (both fee-free). When opening an account, you can fund up to $1 million (external transfer). If you opt to fund later, the transfer will be subject to Newtek Bank’s normal $25k limit. Note: Newtek allows only one linked external bank account, but CSR did mention accounts with balances of at least $100k could have multiple linked accounts.
Ownership – Must be opened as an individual account, but a joint account holder can be added after opening by messaging Newtek Bank through the account portal.
Interest – Compounded daily/credited monthly but cannot be withdrawn without penalty.
Early Withdrawal Penalty – Only an early closure is possible, with a penalty of 90 days of interest. The principal will be decreased if the CD is closed within 90 days of account opening.
Maturing Funds – ACH transfer or wire (both fee-free).
Grace Period – 7 calendar days before automatic renewal.
Beneficiaries – Unlimited and percentages can be assigned; Social Security numbers are required.
Credit Check – ChexSystem.
NuVision Federal Credit Union
I was also going to write about the NuVision FCU nationally available 8-month CD (5.50% APY) until I discovered it is capped at $5k. If you are interested, use this link to access the Certificate Specials landing page.
8-month term
APY: 5.50%
Deposit Limits: Minimum of $1,000 with a Maximum $5,000 limit.
1 Account per Member
Availability: Offered online, over the phone, or in person for retail. IRA and business certificates must be opened at a branch.
Duration: Available October 1 through November 30, 2024.
Maturity: At maturity, both these promotional certificates will enter a seven (7) day grace period which unless otherwise instructed by the member, will automatically be rolled over into a new pre-set term. The 8-month will renew into a regular 6-month certificate at the current rate APY for that term at that time.
NuVision FCU offers membership to all U.S. citizens and resident aliens through membership in the American Consumer Council.