Archives for April 2026

Brokerage Fraud, Two-Factor Authentication, & Security “Guarantees”

Posted on April 15, 2026 // 3 Comments

Fraud attempts seem to be coming at us 24/7, and this story of a couple losing $180,000 from their brokerage account was very sad. However, what really caught my eye is that not only could they not track down the funds (where was it withdrawn to? shouldn’t they only let you withdraw to a linked bank account?), Tastytrade only agreed to reimburse half of the $180,000 stolen from their account. Their reasoning was that the customer did not sign up for two-factor authentication (2FA), even though it was available.

In an email exchange, Tastytrade confirmed that the “intrusion” took place, but said it wasn’t the company’s fault, because the couple failed to sign up for an optional two-factor authentication protection.

“We rolled out this additional security feature to mitigate the risk of this occurring to our customers,” the email from a fraud manager read.

“I know that this was an option, but it was never made mandatory,” Erez said.

I hadn’t heard of this as an excuse before, but it is definitely something worth nothing. While I feel like 2FA with text codes are sort of the minimum level of security most people should maintain, I also feel that a broker needs to provide clear notice if it absolves them of liability. Either that or simply require it.

I found another example of a $37,000 Tastytrade hack, this time from a customer who claims they did enable 2FA. This time Tastytrade denied all liability.

We see that your username and password was obtained by the nefarious party outside of the control of our Firm. Because of this, we will unfortunately be unable to extend any relief or concessions.

Many of the major brokerages offer security guarantees (although I could not find one for Tastytrade!), for example the Fidelity Customer Protection Guarantee and Vanguard security promise. I looked and Fidelity and Vanguard do not explicitly require you to use 2FA, but I’m also not sure if 2FA is already required of everyone. I would note that none of these “guarantees” or “promises” will apply (as far as I’ve seen across the major brokerages) if you got tricked into giving out your password:

Fidelity will reimburse you for losses from unauthorized activity in your Covered Accounts occurring through no fault of your own.

What are examples of when I won’t be covered?
If you grant access or authority to, or share your Fidelity account access credentials or information with, any persons or entities, their activity will be considered authorized by you and not covered by the Customer Protection Guarantee.

The problem is, how do they know how the hackers got the password? What if it was obtained from an inside job from a brokerage employee, or an undiscovered hack?

Photo by Dan Nelson on Unsplash

Filed Under: Investing //

Savings I Bonds May 2026 Rate Prediction: 0.9-1% Fixed Rate, 3.34% Inflation Rate

Posted on April 12, 2026 // 3 Comments

Savings I Bonds are a unique, low-risk investment backed by the US Treasury that pay out a variable interest rate linked to inflation. With a holding period from 12 months to 30 years, you could own them as an alternative to bank certificates of deposit (they are liquid after 12 months) or bonds in your portfolio.

New inflation numbers were announced at BLS.gov, which allows us to make an early prediction of the May 2026 savings bond rates just before the official announcement on the 1st. This also allows the opportunity to know exactly what an April 2026 savings bond purchase will yield over the next 12 months, instead of just 6 months. You can then compare this against a November 2025 purchase.

New inflation rate prediction. September 2025 CPI-U was 324.800. May 2026 CPI-U was 330.213, for a semi-annual inflation rate of 1.67%. Using the official composite rate formula:

Composite rate formula: [Fixed rate + (2 x semiannual inflation rate) + (fixed rate x semiannual inflation rate)]

This results in the variable component of interest rate for the next 6 month cycle being ~3.34 to 3.39%, depending on the fixed rate.

Tips on purchase and redemption. You can’t redeem until after 12 months of ownership, and any redemptions within 5 years incur an interest penalty of the last 3 months of interest. A simple “trick” with I-Bonds is that if you buy at the end of the month, you’ll still get all the interest for the entire month – same as if you bought it in the beginning of the month. It’s best to give yourself a few business days of buffer time. If you miss the cutoff, your effective purchase date will be bumped into the next month. (You should always sell at the very beginning of the month.)

Buying in April 2026. If you buy before the end of April, the fixed rate portion of I-Bonds will be 0.90%. You will be guaranteed a total interest rate of 0.90 + 3.13 = 4.03% for the next 6 months. For the 6 months after that, the total rate will be 0.90 + 3.36 = 4.26%.

Buying in May 2026. If you buy in May 2026, you will get ~3.36% plus a newly-set fixed rate for the first 6 months. The new fixed rate is officially unknown, but is loosely linked to the real yield of short-term TIPS with some reductions. In the previous 10 days, 5-year TIPS real rates have ranged from 1.34% to 1.42%. If I had to guess, I’d put a new fixed rate somewhere between 0.9 to 1.0%, for a total rate of about 4.26%. Every six months after your purchase, your rate will adjust to your fixed rate (set at purchase) plus a variable rate based on inflation.

If you have an existing I-Bond, the rates reset every 6 months depending on your specific purchase month. Everyone will eventually get this variable rate. Your bond rate = your specific fixed rate (based on purchase month, look it up here) + variable rate (total bond rate has a minimum floor of 0%).

Buy now or wait? Between those two options, if you are a long-term holder, you may consider waiting until May or even October to see if the fixed rate goes up a little. You may also think higher inflation is coming, and you’ll get that next inflation rate sooner if you buy in May. See below for why I am buying TIPS instead.

Unique features and benefits! There are definitely reasons to own Series I Savings Bonds, including inflation protection, tax deferral, exemption from state income taxes, and potential tax benefits if used toward qualified educational expenses.

Unique drawbacks! You can only buy new savings bonds through TreasuryDirect.gov, which is limited in its customer service resources and features. There is also no option for paper tax forms nor statements (or even online monthly statements), so your heirs may never know they exist! If they do find it, it may take them several months and a lot of effort to close out all the estate paperwork. If you forget your password, it may take weeks or longer to unlock your account.

If you become a victim to theft or fraudulent activity, they will not replace any lost or stolen savings bonds. They explicitly accept no liability:

§ 363.17 Who is liable if someone else accesses my TreasuryDirect ® account using my password?

You are solely responsible for the confidentiality and use of your account number, password, and any other form(s) of authentication we may require. We will treat any transactions conducted using your password as having been authorized by you. We are not liable for any loss, liability, cost, or expense that you may incur as a result of transactions made using your password.

The juice may not be worth the squeeze when you can own individual Treasury bonds or TIPS within any full-service brokerage account. It’s sad that they’ve basically let this investment decay away due to neglect.

I also used to believe that the government would not tamper or attempt to politically influence these BLS CPI statistics that are at the core of many important functions, including Social Security inflation adjustments, TIPS, and these Savings Bonds. Now I’m not so sure. I found this guest article from TIPSWatch to offer some perspective: A historical look at political influence over the BLS.

Personally, I sold all my savings bonds in 2024 and do not plan to buy any more. I’m older now and I feel the small potential benefit just doesn’t outweigh the small possibility that I could lose the entire amount due to estate-handling mistakes or online hack. I’d rather own TIPS and US Treasuries directly in a full-service brokerage account. As a long-term holder, I can lock in a 2 to 2.7% real yield with a longer term TIPS bond.

Annual purchase limits. The annual purchase limit is now $10,000 in online I-bonds per Social Security Number. For a couple, that’s $20,000 per year. You can only buy online at TreasuryDirect.gov, after making sure you’re okay with their poor service. (No more tax refund savings bonds.) Technically, the purchase limits are per Social Security Number or Employer Identification Number. For those looking for another way to expand their purchasing power, that means you can also buy for a child, grandchild, LLC, or a trust.

Bottom line. Savings I bonds are a unique, low-risk investment that are linked to inflation and only available to individual investors. You can now only purchase them online at TreasuryDirect.gov. They have both unique benefit and drawbacks. For more background, see the rest of my posts on savings bonds.

[Image: US Savings Bond advertisement – source]

Filed Under: Banking, Investing, Retirement, Savings Bonds //

Reader Questions: Cash and Bond Holdings Details

Posted on April 9, 2026 // 6 Comments

I’ve gotten a few reader questions about my personal cash and bond holdings, so I thought I’d combine them here. You may be surprised that I don’t chase the top rates that much myself anymore, although I still do attractive deposit bonuses (most recently CIT Bank and Marcus). I’ve found that I can get pretty darn close to the top rates without being spread across as many bank accounts as in the past. My specific situation is that I have state income taxes of ~10%, so the fact that US Treasury obligations are exempt from state income tax makes a significant difference to me.

Big picture, I am roughly 70% stocks and 30% bonds and I let it float between 65%/35% or 75%/25% without worrying about. I mostly rebalance with both new cash inflows and internal flows of interest/dividends.

30% in bonds is broken down into 20% US “Regular” Treasury Bonds and/or FDIC-insured deposits and 10% US Treasury Inflation-Protected Bonds. For the US Treasury bonds, I hold mostly Vanguard Short-Term Treasury ETF (VGSH). The current 30-day SEC yield is 3.83%. Again, this converts to a tax-equivalent yield of ~4.25 APY due to the state-tax exemption for my situation.

VGSH is essentially a basket of US Treasury bonds held at a rock-bottom expense ratio of 0.03% with an average effective maturity and average duration of about 2 years. I converted to the ETF because the equivalent mutual fund has an expense ratio of 0.06%. If you think about it, a ladder of 1-year, 2-year, 3-year, 4-year, and 5-year bank certificates of deposit (CDs) with an added rung of “0-year” cash has an average duration of 2 to 2.5 years depending on how close they are to maturity. I used to spend a lot of time creating a 5-year CD ladder with top rates spread across multiple different credit unions, but right now I doubt you’ll beat a weighted average rate of 4.25% (again due to my 10% state tax rate).

What about more interest rate risk? The Vanguard Intermediate-Term Treasury ETF (VGIT) has an average duration of 5 years. The current 30-day SEC yield is 4.02% (roughly 0.20% higher). The steepness of the yield curve changes, but for the most part it is pretty flat right now, such that I haven’t felt that the slight increase in yield is worth the added interest rate risk. If interest rates go up, then that little bit of extra yield can be offset completely. Overall it’s a minor difference, VGIT would be fine really, but I do make sure to avoid long-term bonds. I used to own both short-term and intermediate-term funds, but now it’s just short-term for simplicity and lower stress. I choose to take my risk in the stock portion of the portfolio.

What about more credit risk? I can compare with Vanguard Total US Bond ETF (BND), which contains corporate bonds and mortgage-backed securities and such, with a current 30-day SEC yield of 4.34%. While BND also holds some Treasuries, it doesn’t meet the 50% threshold requirements for California, Connecticut, and New York, so residents don’t get any tax break in those states. That makes the difference only about 0.10%. For me, the extra risk doesn’t seem worth the extra yield.

Municipal bonds are also not competitive right now if you compare them directly (AAA-rated short-term munis to short-term Treasuries). I have held Vanguard muni bond funds in the past when their tax-equivalent yield was a full 1% higher than the same term US Treasury.

(* I know that there is discussion about the credit quality of the United States, which is fine and fair, but I still think they are the relative safest and don’t feel the need to diversify into corporate bonds or debt from other countries. The Treasury literally creates the money. Inflation is more of a concern to me.)

Speaking of inflation, my 10% in TIPS is mostly held in individual TIPS bonds because I can buy them in my Fidelity Solo 401k account and I can pick them up when the real yield is high and lock in that real yield for the entire term of the bond. That’s a very unique feature. I also hold TIPS ETFs like SCHP when I am looking to buy but the real yield is not good enough to lock in for a longer term. I got rid of my precious savings bonds because I don’t want my spouse to deal with TreasuryDirect if something happens to me.

Cash. As part of my bond allocation, I include at least a year’s worth of expenses in “cash”. Let’s say my rough withdrawal rate is 3%, so I keep about 3% of my portfolio in cash. This is mostly held in a combination of the following three accounts and whatever deposit bonuses I am currently pursuing.

  • Vanguard Treasury Money Market Fund (VUSXX) has a currently APY equivalent of ~3.68%, which converts to a tax-equivalent yield of ~4.08% APY due to the state-tax exemption. Vanguard is a traditional brokerage and doesn’t provide things like Bill Pay or checking account features, but it is also where most of my stock dividends and bond interest payments land every quarter. Too bad they don’t offer VUSXX as a default sweep option, even though their default is pretty good.
  • Fidelity® Treasury Only Money Market Fund (FDLXX) has a currently APY equivalent of ~3.3%, which converts to a tax-equivalent yield of ~3.67% APY due to the state-tax exemption. This is not as good as Vanguard or the very top online savings accounts, but I like that it usually stays relatively competitive without having to move any funds. I also use Fidelity for its brokerage/IRA/Solo 401k already. Direct deposit (and some dividends) goes in, and Bill Payments go out. Fidelity “pushes” these payments out. I don’t use Fidelity for anything else requiring their routing numbers, checkwriting, or debit card (anything “pulled” from Fidelity). Many of their banking services are farmed out through UMB Bank and if there is any kind of issue (like debit card fraud or ACH fraud), then dealing with them can be a pain as they can blame each other for the problem. Also see: Fidelity Treasury Only Money Market (FDLXX) as Fidelity Core Position Workaround.
  • Ally Savings, SoFi Savings, and CIT Bank. I’ve used each of these for a while and I like that they are reliable especially when dealing with lots of smaller transactions (ACH pulls, check deposits, Venmo, etc) and interbank ACH transfers. They have competitive interest rates, if not the highest every month. They each also have invested in their own user interface for interbank transfers. Honestly, I’d stick with just Ally if I could as I like their system the best, but they’ve been lagging in the interest rate department recently.
Filed Under: Banking, Investing // Tagged:

MMB Portfolio Dividend & Interest Income – 2026 1st Quarter Update

Posted on April 8, 2026 // Leave a Comment

Here’s my 2026 1st Quarter income update as a companion post to my 2026 1st Quarter asset allocation & performance update. Even though I don’t focus on high-dividend stocks or covered-call strategies, I still track the income from my portfolio as an alternative metric to price performance. The total income goes up much more gradually and consistently than the number shown on brokerage statements, which helps encourage consistent investing. Here’s a quote from Jack Bogle (source):

The true investor will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies. – Jack Bogle

Stock dividends are a portion of profits that businesses have decided to distribute directly to shareholders, as opposed to reinvesting into their business, paying back debt, or buying back shares. They have explicitly decided that they don’t need this money to improve their business, and that it would be better to distribute it to shareholders. The dividends may suffer some short-term drops, but over the long run they have grown faster than inflation.

Here is the historical growth of the S&P 500 total dividend, which tracks roughly the largest 500 stocks in the US, updated as of 2026 Q1 (via Yardeni Research):

Tracking the income from my portfolio. Three of the primary “trees” that produce “fruit” in my portfolio are Vanguard Total US Stock ETF (VTI), Vanguard Total International Stock ETF (VXUS), and Vanguard Real Estate Index ETF (VNQ).

In the US, the dividend culture is somewhat conservative in that shareholders expect dividends to be stable and only go up. Thus the starting yield is lower, but grows more steadily with smaller cuts during hard times. Companies do buybacks as well, often because they are easier to discontinue. Here is an updated chart of the trailing 12-month (ttm) dividend per share over the last 15 years paid by the Vanguard Total US Stock ETF (VTI) via WallStNumbers.com.

European corporate culture tends to encourage paying out a higher (sometimes even fixed) percentage of earnings as dividends, but that also means the dividends move up and down with earnings. The starting yield is currently higher but may not grow as reliably. Here is an updated chart of the trailing 12-month (ttm) dividend per share over the last 15 years paid by the Vanguard Total International Stock ETF (VXUS).

In the case of Real Estate Investment Trusts (REITs), they are legally required to distribute at least 90 percent of their taxable income to shareholders as dividends. Historically, about half of the total return from REITs is from this dividend income. Here is an updated chart of the trailing 12-month (ttm) dividend per share over the last 15 years paid by the Vanguard Real Estate Index ETF (VNQ).

The dividend yield (dividends divided by price) also serve as a rough valuation metric. When stock prices drop, this percentage metric usually goes up – which makes me feel better in a bear market. When stock prices go up, this percentage metric usually goes down, which keeps me from getting too euphoric during a bull market.

Finally, the last income component of my portfolio comes from interest from bonds and cash. Vanguard Short-Term Treasury ETF (VGSH) and Schwab US TIPS ETF (SCHP) are example holdings, with the actual amount varying with the prevailing interest rates, the real rates on TIPS, and the current rate of inflation.

Dividend and interest income yield. To estimate the income from my portfolio, I use the weighted “TTM” or “12-Month Yield” from Morningstar (checked 4/8/26), which is the sum of the trailing 12 months of interest and dividend payments divided by the last month’s ending share price (NAV) plus any capital gains distributed (usually zero for index funds) over the same period. My TTM portfolio yield is now roughly 2.61%.

In dividend investing circles, there is a metric called yield on cost, which is calculated by dividing the current dividend by the original purchase price. In other words, while my portfolio yield today is may be lower than say a target withdrawal rate of 3%, that is because the current market price is also a lot higher. Due to increasing dividends on average over time, my yield-on-cost based on my portfolio value from 10 years ago is over 5%.

What about the 4% rule? For big-picture purposes, I support the simple 4% or 3% rule of thumb, which equates to a target of accumulating roughly 25 to 33 times your annual expenses. I would lean towards a 3% withdrawal rate if you want to retire young (closer to age 50) and a 4% withdrawal rate if retiring at a more traditional age (closer to 65). It’s just a quick and dirty target to get you started, not a number sent down from the heavens!

During the accumulation stage, your time is better spent focusing on earning potential via better career moves, improving your skillset, networking, and/or looking for asymmetrical (unlimited upside, limited downside) entrepreneurial opportunities where you have an ownership interest.

Our dividends and interest income are not automatically reinvested. They are simply another “paycheck”. As with our other variable paychecks, we can choose to either spend it or invest it again to compound things more quickly. You could use this money to cut back working hours, pursue a different career path, start a new business, take a sabbatical, perform charity or volunteer work, and so on. You don’t have to wait until you hit a magic number. Our life path has been very different because of this philosophy. FIRE is Life!

Filed Under: Goals, Investing, Retirement //

Spruce Money Fintech App: $100 Referral Bonus w/ Direct Deposit (H&R Block)

Posted on April 7, 2026 // 1 Comment

Spruce is a new fintech app from H&R Block with banking services provided by Pathward NA, member FDIC. They are currently offering a $100 referral bonus if you activate their debit card and complete a qualifying direct deposit of at least $200 within your first 45 days of opening an account. Offer expires 4/15/26. Spruce promises “budgeting tools, automatic saving options, and financial insights that help you be good with money.” Other features:

  • No minimum balance. No minimum opening deposit.
  • No credit check on application.
  • 3.50% APY savings account
  • Debit card with “roundup” feature.
  • Fee-free ATM withdrawals within the 55,000+ Allpoint ATM network.
  • Early Paycheck: Get paid up to two days early with direct deposit.
  • Mobile check deposit.
  • Early Tax Refund: Get your federal tax refund up to 5 days early.

The application for this one was pretty easy, I didn’t have to do any selfies or ID pictures. Confirmed no credit check. Debit card is in the mail. Should be simple for those that have payroll websites/apps where you can split and/or switch your direct deposits easily. Thanks if you use my link.

After the Synapse/Yotta/Juno collapse, I no longer recommend maintaining significant balances in a fintech, even if the interest rate is very competitive. However, I still take advantage of some short-term bonuses from crypto and fintechs (that’s where the VC money goes into “aggressive customer acquisition” 🤑).

Filed Under: Banking, Deals & Offers //

Best Interest Rates Survey: Bank Accounts, Treasury Bills, Money Markets, ETFs – April 2026

Posted on April 6, 2026 // Leave a Comment

Here’s my monthly survey of the best interest rates on cash as of April 2026, roughly sorted from shortest to longest maturities. Banks and brokerages love taking advantage of idle cash, and you can often earn more interest while keeping the same level of safety by moving to another FDIC-insured bank or NCUA-insured credit union. Check out my Ultimate Rate-Chaser Calculator to see how much extra interest you could earn from switching. Rates listed are available to everyone nationwide. Rates checked as of 4/6/26.

TL;DR: Savings account interest rates were mostly stable. You can still get 4.6% APY if you accept certain hoops/restrictions, but most are under 4% now. Short-term T-Bill rates ~3.7%. Top 5-year CD rates are ~4.10% APY, while the 5-year Treasury rate is ~4.0%.

High-yield savings accounts*
Since the huge megabanks still pay essentially zero interest, everyone should at least have a separate, no-fee online savings account to piggy-back onto your existing checking account. The interest rates on savings accounts can drop at any time, so I list the top rates as well as competitive rates from banks with a history of competitive rates and solid user experience. Some banks will bait you with a temporary top rate and then lower the rates in the hopes that you are too lazy to leave.

  • The top saving rate at the moment: Pibank at 4.60% APY (no min), but they have some weird restrictions; like you can only use wire/Plaid to deposit and wire transfers to withdraw funds?! CineFi (no min) dropped a bit to 4.25% APY, a division of First Entertainment Credit Union. OnPath FCU also dropped to 4.25% APY with $25,000 minimum balance. CIT Platinum Savings held at 3.75% APY with $5,000+ balance, with a new 4.10% APY Boost promotion that was recently extended to 5/31. There are many banks in between.
  • SoFi Bank is at 3.30% APY (new customers can get up to 4.00% APY for 6 months + increased $425 bonus with qualifying direct deposit. You must maintain a direct deposit of any amount (even $1) each month for the higher ongoing APY. SoFi has historically competitive rates and full banking features.
  • Here is a limited survey of high-yield savings accounts. They aren’t the top rates, but a group that have historically kept it relatively competitive such that I like to track their history. This month they start at 3.20% APY on up.

Short-term guaranteed rates (1 year and under)
A common question is what to do with a big pile of cash that you’re waiting to deploy shortly (plan to buy a house soon, just sold your house, just sold your business, legal settlement, inheritance). My usual advice is to keep things simple and take your time. If not a savings account, then put it in a flexible short-term CD under the FDIC limits until you have a plan.

  • No Penalty CDs offer a fixed interest rate that can never go down, but you can still take out your money (once) without any fees if you want to use it elsewhere. Marcus has a 13-month No Penalty CD at 3.95% APY ($500 minimum deposit). Farmer’s Insurance FCU has a 9-month No Penalty CD at 4.00% APY ($1,000 minimum deposit). USALLIANCE Financial CU has a 11-month No Penalty CD at 3.90% APY ($500 minimum deposit). CIT Bank has a 11-month No Penalty CD at 3.75% APY ($1,000 minimum deposit).
  • E-Trade Bank has a 12-month CD at 4.10% APY (no minimum deposit). Early withdrawal penalty is 90 days of interest.
  • Farmer’s Insurance FCU has a 12-month CD at 4.00% APY with new money required. $1,000 minimum to open. Early withdrawal penalty is 90 days of interest.

Money market mutual funds
Many brokerage firms that pay out very little interest on their default cash sweep funds (and keep the difference for themselves). Note: Money market mutual funds are highly-regulated, but ultimately not FDIC-insured, so I would still stick with highly reputable firms.

  • Vanguard Federal Money Market Fund (VMFXX) is the default sweep option for Vanguard brokerage accounts, which has a 7-day SEC yield of 3.58% (changes daily, but also works out to a compound yield of 3.64%, which is better for comparing against APY). Odds are this is much higher than your own broker’s default cash sweep interest rate.
  • Vanguard Treasury Money Market Fund (VUSXX) is an alternative money market fund which you must manually purchase, but the interest will be mostly (100% for 2025 tax year) exempt from state and local income taxes because it comes from qualifying US government obligations. Current 7-day SEC yield of 3.63% (compound yield of 3.69%).

Treasury Bills and Ultra-short Treasury ETFs
Another option is to buy individual Treasury bills which come in a variety of maturities from 4-weeks to 52-weeks and are fully backed by the US government. You can also invest in ETFs that hold a rotating basket of short-term Treasury Bills for you, while charging a small management fee for doing so. T-bill interest is exempt from state and local income taxes, which can make a significant difference in your effective yield.

  • You can build your own T-Bill ladder at TreasuryDirect.gov or via a brokerage account with a bond desk like Vanguard and Fidelity. Here are the current Treasury Bill rates. As of 3/6/26, a new 4-week T-Bill had the equivalent of 3.69% annualized interest and a 52-week T-Bill had the equivalent of 3.70% annualized interest.
  • The iShares 0-3 Month Treasury Bond ETF (SGOV) has a 3.55% 30-day SEC yield (0.09% expense ratio) and effective duration of 0.10 years. The Vanguard 0-3 Month Treasury Bill ETF (VBIL) has a 3.57% 30-day SEC yield (0.06% expense ratio) and effective duration of 0.10 years.

US Savings Bonds
Series I Savings Bonds offer rates that are linked to inflation and backed by the US government. You must hold them for at least a year. If you redeem them within 5 years there is a penalty of the last 3 months of interest. The annual purchase limit for electronic I bonds is $10,000 per Social Security Number, available online at TreasuryDirect.gov.

  • “I Bonds” bought between November 2025 and April 2026 will earn a 4.03% rate for the first six months. The rate of the subsequent 6-month period will be based on inflation again. More on Savings Bonds here.
  • In mid-April 2026, the CPI will be announced and you will have a short period where you will have a very close estimate of the rate for the next 12 months. I will post another update at that time.

Rewards checking accounts
These unique checking accounts pay above-average interest rates, but with unique risks. You have to jump through certain hoops which usually involve 10+ debit card purchases each cycle, a certain number of ACH/direct deposits, and/or a certain number of logins per month. If you make a mistake (or they judge that you did) you risk earning zero interest for that month. Some folks don’t mind the extra work and attention required, while others would rather not bother. Rates can also drop suddenly, leaving a “bait-and-switch” feeling.

  • La Capitol Federal Credit Union pays 6.50% APY on up to $10,000 if you make 15 debit card purchases of at least $5 each per statement cycle. Anyone can join this credit union via partner organization, Louisiana Association for Personal Financial Achievement ($20).
  • OnPath Federal Credit Union (my review) pays 6.00% APY on up to $10,000 if you make 15 debit card purchases, opt into online statements, and login to online or mobile banking once per statement cycle. Anyone can join this credit union via $5 membership fee to join partner organization. You can also get a $150 Visa Reward card when you open a new account and make qualifying transactions.
  • Genisys Credit Union pays 6.75% APY on up to $7,500 if you make 10 debit card purchases of $5+ each per statement cycle, and opt into online statements. Anyone can join this credit union via $5 membership fee to join partner organization.
  • Oklahoma Central Credit Union pays 6.00% APY on up to $10,000 if you make 15 debit card purchases (non-ATM) per statement cycle. Anyone can join this credit union if they are “affiliated with another credit union”.
  • First Southern Bank pays 5.50% APY on up to $25,000 if you make at least 15 debit card purchases, 1 ACH credit or payment transaction, and enroll in online statements.
  • Credit Union of New Jersey pays 6.00% APY on up to $25,000 if you make 12 debit card purchases, opt into online statements, and make at least 1 direct deposit, online bill payment, or automatic payment (ACH) per statement cycle. Anyone can join this credit union via $5 membership fee to join partner organization.
  • Andrews Federal Credit Union pays 5.25% APY (decreased) on up to $25,000 if you make 15 debit card purchases, opt into online statements, and make at least 1 direct deposit or ACH transaction per statement cycle. Anyone can join this credit union via partner organization.
  • Capitol Credit Union pays 6.00% APY on up to $15,000 if you make 12 debit card purchases, opt into online statements, and make at least 1 direct deposit or ACH transaction per statement cycle. Anyone can join this credit union via partner organization ($5 to Wild Basin Wilderness).
  • Find a locally-restricted rewards checking account at DepositAccounts.

Certificates of deposit (greater than 1 year)
CDs offer higher rates, but come with an early withdrawal penalty. By finding a bank CD with a reasonable early withdrawal penalty, you can enjoy higher rates but maintain access in a true emergency. Alternatively, consider building a CD ladder of different maturity lengths (ex. 1/2/3/4/5-years) such that you have access to part of the ladder each year, but your blended interest rate is higher than a savings account. When one CD matures, use that money to buy another 5-year CD to keep the ladder going. Some CDs also offer “add-ons” where you can deposit more funds if rates drop.

  • United Fidelity Bank has a 5-year certificate at 4.15% APY ($1,000 minimum), 4-year at 4.10% APY, 3-year at 4.10% APY, 2-year at 4.10% APY, and 1.5-year at 4.05% APY. Early withdrawal penalties are not disclosed clearly online.
  • Advancial Federal Credit Union has has a 5-year certificates at 4.14%/4.24%/4.34% APY APY based on either a $1,000/$25,000/$50,000 opening balance. Early withdrawal penalty for the 5-year is 365 days of interest. Anyone nationwide should be able to join via membership with partner organization US Dog Agility Association, but I would call to verify first.
  • Mountain America Credit Union (MACU) has a 5-year certificate at 4.00% APY ($500 minimum), 4-year at 4.00% APY, 3-year at 4.05% APY, 2-year at 4.20% APY, and 1-year at 3.80% APY. Early withdrawal penalty for the 4-year and 5-year is 365 days of interest. Anyone can join this credit union via partner organization American Consumer Council (use promo code “consumer” when joining).
  • You can buy certificates of deposit via the bond desks of Vanguard and Fidelity. You may need an account to see the rates. These “brokered CDs” offer FDIC insurance and easy laddering, but they don’t come with predictable early withdrawal penalties. Right now, I see a 5-year non-callable brokered CD at 4.05% APY (callable: no, call protection: yes). Be warned that both Vanguard and Fidelity will list higher rates from callable CDs, which importantly means they can (and will!) call back your CD if rates drop significantly later.

Longer-term Instruments
I’d use these with caution due to increased interest rate risk (tbh, I don’t use them at all), but I still track them to see the rest of the current yield curve.

  • Willing to lock up your money for 10 years? You can buy long-term certificates of deposit via the bond desks of Vanguard and Fidelity. These “brokered CDs” offer FDIC insurance, but they don’t come with predictable early withdrawal penalties. You might find something that pays more than your other brokerage cash and Treasury options. Right now, I see a 10-year CDs at 4.20% APY (non-callable) vs. 4.33% for a 10-year Treasury. Watch out for higher rates from callable CDs where they can call your CD back if interest rates drop.

All rates were checked as of 4/6/26.

* I no longer recommend fintech companies due to the possibility of significant loss due to poor recordkeeping and the lack of government protection in such scenarios. The point of cash is absolute safety of principal.

Photo by Giorgio Trovato on Unsplash

Filed Under: Banking, Deals & Offers, Investing // Tagged:

CIT Bank Platinum Savings APY Boost Promo: 6-Months at 4.10% APY (New and Existing Customers)

Posted on April 6, 2026 // 17 Comments

(Update: The end date for this offer has been extended to 5/31/26.)

CIT Bank has a new limited-time Platinum Savings APY Boost Promotion, offering a boosted interest rate of 4.10% APY for 6 months on their Platinum Saving account that is 0.35% APY above the standard APY (currently 3.75% APY) for balances of $5,000 and above. Thankfully, this offer is available to both new and existing customers that activate the promotion.

New customers will need to sign up for a new CIT Bank Platinum Savings account using the promo code CITBoost to qualify. There is a $100 minimum balance required to open, and you will need a $5,000 minimum balance to get the higher interest rate on this tiered account. There are no monthly service fees.

Existing customers with a Platinum Savings account opened prior to the promotion must enroll via the enrollment web page using promo code CITBoost. You will not get the 6-month boost automatically. Note that the terms also add the following:

Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:

– They are earning an APY over the standard rate.
– They participated in a cash bonus promotion in the past 6 months.

Still, I am appreciative that existing customers are again eligible for this promotion, as most other banks will only allow new customers to participate.

Note that if the base rate on the Platinum Savings account changes, during the promo you will maintain a 0.35% APY interest rate boost above the standard interest rate.

1APY disclosure for Platinum Savings:

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of day account balance. *APYs — Annual Percentage Yields are accurate as of February 17, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

2 Discloser on multipliers:

Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of February 17, 2026.

* Platinum Savings APY Boost Promotion Terms and Conditions

This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.

Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion.

The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.

The Promotion begins on February 13, 2026, and ends May 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.

The promotion can end at any time without notice.

For complete list of account details and fees, see the CIT Bank Personal Account disclosures.

Filed Under: Banking, Deals & Offers //

Chase Bank $900 Checking + Savings Bonus w/ Coupon Code (Updated 2026)

Posted on April 6, 2026 // 28 Comments

Back again, new expiration date 7/15/2026. Here’s another megabank bonus to pick up if you haven’t already. Chase Bank has a Total Checking + Savings account promotion offering up to $900 total for new customers that open both a checking and savings account with them along with additional specific requirements. This offer comes around regularly, but right now the bonus amount is higher than the standard amount. I recommend the e-mail option where you get an e-mail along with a unique 16-character coupon code. Otherwise, make sure you click on the correct online link on the $900 page to apply the proper code to your application. Current shown expiration is 7/16/2026, but it may end earlier.

Be sure to read all the requirements, including what is required to avoid the monthly fees for each account. Notably, you need direct deposit to the checking and you’ll need a $15,000 deposit for 90 days in the savings. You enter your e-mail address, and you will get a unique code for your online application. Some of the language suggests you should reside near a physical Chase branch, but the link lets you apply online and it should work from anywhere (you will know via instant approval). If you already have a Chase credit card, the application can be pre-filled.

Chase Total Checking $300 bonus details. Checking offer is not available to existing Chase checking customers, those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance. You must:

  1. Open a new Chase Total Checking account, which is subject to approval;
  2. Have your direct deposit made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government.
  3. After you have completed all the above checking requirements, [Chase will] deposit the bonus in your new account within 15 days.

Avoid monthly service fees on Total Checking when you do at least one of the following each statement period. Otherwise a $12 Monthly Service Fee will apply.

  • Have monthly direct deposits totaling $500 or more made to this account; OR
  • Keep a minimum daily balance of $1,500 or more in your checking account; OR,
  • Keep an average daily balance of $5,000 or more in any combination of qualifying Chase checking, savings and other balances.

Chase Savings $200 bonus details. You must:

  1. Open a new Chase Savings account, which is subject to approval.
  2. Deposit a total of $15,000 or more in new money into the new savings account within 30 days of coupon enrollment;
  3. Maintain at least a $15,000 balance for 90 days from the date of coupon enrollment. The new money cannot be funds held by Chase or its affiliates.
  4. After you have completed all the above savings requirements, we’ll deposit the bonus in your new account within 15 days.
  5. 0.01% effective APY in the zip codes I checked.

Avoid monthly service fees on Chase Savings when you do at least one of the following each statement period. Otherwise a $5 Monthly Service Fee will apply.

  • Keep a minimum daily balance of $300 or more in your savings account; OR,
  • Have at least one repeating automatic transfer from your Chase checking account of $25 or more. One-time transfers do not qualify; OR,
  • Chase College CheckingSM account linked to this account for Overdraft Protection, OR,
  • Account owner who is an individual younger than 18, OR
  • Have a linked Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking account.

To receive the $400 extra bonus: You must open the checking and savings account at the same time and complete all requirements above for BOTH the checking bonus and savings bonus. After you have completed all requirements, [Chase] will deposit the remaining bonus due in your new account within 15 days.

I have read no reports of a “hard” credit check, and did not experience one myself on a previous offer years ago. Note that that to receive any of the above bonuses, the enrolled account must not be closed or restricted at the time of payout.

This is the highest bonus I’ve seen for this Chase combo. Earning $900 on $15,000 in 90 days is the equivalent of a 24% annualized return. The bonuses are considered interest and will be reported on IRS Form 1099-INT.

Bottom line. This is one of those bonuses that if you haven’t picked it up yet, it’s a pretty solid one. It’s a convenient megabank account with a large branch footprint, but also one that notably pays nearly zero interest. With a total opening deposit of $15,000 in new money, you can open both accounts and avoid both monthly fees. You’ll also need to change your direct deposit (any amount). Earning $900 on $15,000 in 90 days is the equivalent of a 24% annualized return.

Filed Under: Banking, Deals & Offers //

3 Reasons Why Vanguard Investors Made $5 Trillion Over Last 10 Years

Posted on April 2, 2026 // Leave a Comment

A new Morningstar article points out that between December 2016 and December 2025, Vanguard investors contributed about $2 trillion in net investment flows, while also gaining $5 trillion in market appreciation (income and gains). They listed two major reasons for this result.

  • Stock returns averaged 12.6% a year annualized. On an asset-weighted basis, Vanguard’s equity funds returned 12.6% per year over the decade ending 12/31/2025.
  • Vanguard investors mostly bought and held during this time, allowing them to capture the vast majority of the overall gains, more so than other fund families. Morningstar tracks something called the “timing gap”, which measures how the timing and size of investor trading affects their actual return vs. the overall fund returns. Vanguard investors don’t time the market very much.

I would also add a reminder about a third reason:

  • Vanguard continues to not only offer low costs but encourage them across their platform, allowing investors to keep more of the market’s return. There are many new products out there (sometimes called “Boomer Candy” but really just “candy” for everyone) that dangle appealing features: Aggressive covered-call ETFs for high-income, buffer ETFs for downside protection, leveraged ETFs for boosted returns. These all have a common feature: much higher fees and lower expected long-term returns! Vanguard offers none of these products. That’s not an accident!

Here are historical average expense ratios, as of December 31, 2025 (source: Vanguard):

Vanguard isn’t perfect, but they are “staying the course” with enough of their core values that I am still keeping the majority of my assets with them.

Side note: In the M* article was a disclosure that back in February 2026, Morningstar bought the Center for Research in Security Prices (CRSP) from the University of Chicago. CRSP created many super low-cost indexes so that Vanguard could offer index funds at rock-bottom prices, not having to pay higher fee to track similar things like the S&P 500 index. CRSP indexes are why the Vanguard Total US Stock fund and similar are so cheap. Morningstar is a for-profit company, so that is a possible concern.

Filed Under: Investing //

MMB Portfolio Asset Allocation & Performance – 2026 1st Quarter Update

Posted on April 1, 2026 // 1 Comment

Here is my 2026 1st Quarter portfolio update that includes all our combined 401k/403b/IRAs and taxable brokerage accounts but excludes our house and small side portfolio of self-directed investments. Following the concept of skin in the game, the following is not a recommendation, but a sharing of our real-world, imperfect DIY portfolio.

“Never ask anyone for their opinion, forecast, or recommendation. Just ask them what they have in their portfolio.” – Nassim Taleb

How I Track My Portfolio
Here’s how I track my portfolio across multiple brokers and account types:

  • The Empower Personal Dashboard real-time portfolio tracking tools (free) automatically logs into my multiple accounts, adds up my various balances, tracks my performance, and figures out my overall asset allocation across the entire portfolio. Formerly known as Personal Capital.
  • Once a quarter, I also update my manual Google Spreadsheet (free to copy, instructions) because it helps me calculate how much I need in each asset class to rebalance back towards my target asset allocation. I also create a new sheet each quarter, so I have a personal archive of my portfolio dating back many years.

2026 1st Quarter Asset Allocation and YTD Performance
Here are updated performance and asset allocation charts, per the “Holdings” and “Allocation” tabs of my Empower Personal Dashboard.

The major components of my portfolio are broad index ETFs. I do mix it up a bit around the edges, but not very much. Here is a model version of my target asset allocation with sample ETF holdings for each asset class.

  • 35% US Total Market (VTI)
  • 5% US Small-Cap Value (AVUV)
  • 20% International Total Market (VXUS)
  • 5% International Small-Cap Value (AVDV)
  • 5% US Real Estate (REIT) (VNQ)
  • 20% US “Regular” Treasury Bonds and/or FDIC-insured deposits (VGSH)
  • 10% US Treasury Inflation-Protected Bonds (SCHP)

Big picture, it is 70% businesses and 30% very safe short-term bonds/cash:

By paying minimal costs including management fees, transaction spreads, and tax drag, I am trying to essentially guarantee myself above-average net performance over time.

I do not spend a lot of time backtesting various model portfolios. You’ll usually find that whatever model portfolio is popular at the moment just happens to hold the asset class that has been the hottest recently.

The portfolio that you can hold onto through the tough times is the best one for you. I’ve been pretty much holding this same portfolio for 20 years. Check out these ancient posts from 2004 and 2005. Every asset class will eventually have a low period, and you must have strong faith during these periods to earn those historically high returns. You have to keep owning and buying more stocks through the stock market crashes. You have to maintain and even buy more rental properties during a housing crunch, etc. A good sign is that if prices drop, you should feel the urge to buy more of that asset instead of less. I don’t have strong faith in the long-term results of commodities, gold, or bitcoin – so I don’t own them.

Performance details. Here’s an updated YTD Growth of $10,000 chart courtesy of Testfolio for some of the major index ETFs (total US stock, total international stock, total US bond) that shows the difference in performance in the broad indexes:

Nearly everything went up in 2025. So far in 2026, if you had a good dose of international stock diversification, you were pretty much flat. I read that the S&P 500 went down about 5%, and the Magnificent 7 went down about 13% in the first quarter. I’ll share about more about the income aspect in a separate post.

Filed Under: Goals, Investing, Retirement //