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DansDeals Forum => Credit Cards => Topic started by: SoCal Dude on January 26, 2012, 12:52:17 AM

Title: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: SoCal Dude on January 26, 2012, 12:52:17 AM
My main financial institution is a credit union so your mileage will vary.
Currently, the CD (Certificate of Deposit) rate is: 6 months= .35%, 1 year= .60%, 2 years= .90%, 3 years= 1.2-% & 5 years = 2.1%.
Many folks think that when they put $ in a CD it's "locked up with severe penalties for early withdrawl."
Not necessarily.

I found out that my credit union takes away 6 months of interest for early withdrawal.
I found out if I put $ in a 5 year CD at 2.1% & take it all out at 1 year I'll still get 2.1% for 6 months which is just over 1% annually.
So, I'm getting more than the 2 year CD rate of .90% for having the $ in the account for 1 year!

Your circumstances will vary depending on the early withdrawl rules of your financial institution.
For me 5 years is a long time to lock up the $ but 1 year is just right.  Why settle for .35% for 1 year when I can get almost triple!
Best to all of you & check the rules at your bank/credit union, etc. :)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 26, 2012, 12:56:25 AM
Better deal, Ally only has a 60 day interest penalty.
The 5 year CD there earns 1.79% APY, but if you first open a 3 month CD and wait for it to mature and renew the CD (you can change it from 3 month to any other length in the process) you get a .25% loyalty bonus, bringing the APY to 2.04%
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Connieg on January 26, 2012, 10:19:27 AM
Better deal, Ally only has a 60 day interest penalty.
The 5 year CD there earns 1.79% APY, but if you first open a 3 month CD and wait for it to mature and renew the CD (you can change it from 3 month to any other length in the process) you get a .25% loyalty bonus, bringing the APY to 2.04%

Link?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: mordylich on January 26, 2012, 02:32:19 PM
Link?
where does it say anything about the .25% loyalty bonus?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 26, 2012, 02:34:39 PM
where does it say anything about the .25% loyalty bonus?
It's unpublished.  If you chat with them they will tell you about it.
I just converted a 3 month into a 5 year myself with the bonus.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: mordylich on January 26, 2012, 02:40:51 PM
It's unpublished.  If you chat with them they will tell you about it.
I just converted a 3 month into a 5 year myself with the bonus.
  fyi, as per the chat operator:  Currently the loyalty reward is only being offered for renewing CDs that mature on or before 03/31/2012.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 26, 2012, 02:46:04 PM
  fyi, as per the chat operator:  Currently the loyalty reward is only being offered for renewing CDs that mature on or before 03/31/2012.
They always say that.  They have extended it towards the end of each quarter since they opened.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: mordylich on January 26, 2012, 02:50:52 PM
They always say that.  They have extended it towards the end of each quarter since they opened.
  Good to know.  it also seems that when you renew at the end of the term, you can add in additional funds...so, think it would work to put in a low amount now for 3 months (due to the low interest) and then add in a significant amount more later for the higher rate on all of it?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 26, 2012, 02:52:51 PM
  Good to know.  it also seems that when you renew at the end of the term, you can add in additional funds...so, think it would work to put in a low amount now for 3 months (due to the low interest) and then add in a significant amount more later for the higher rate on all of it?
That's exactly what I did.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: mordylich on January 26, 2012, 02:54:52 PM
That's exactly what I did.
  And to think I thought the same thing as the Great Dan :)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: mordylich on January 26, 2012, 02:55:56 PM
That's exactly what I did.
  so $100 now and $50k in 3 months will get me the .25% extra on the whole thing?  that's crazy.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 26, 2012, 02:57:54 PM
  so $100 now and $50k in 3 months will get me the .25% extra on the whole thing?  that's crazy.
Correct.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: BAHayman on January 26, 2012, 03:01:01 PM
Ally only has a 60 day interest penalty.
The 60 day penalty is on the amount withdrawn, right?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: mordylich on January 26, 2012, 03:04:01 PM
Correct.
  do they give the loyalty bonus more than once?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AsherO on January 26, 2012, 05:28:31 PM
It's unpublished.  If you chat with them they will tell you about it.
I just converted a 3 month into a 5 year myself with the bonus.

I can't believe you'd do that (even with the meager penalty which means you can withdraw as soon as you find something more worthwhile), at these rates you aren't even beating the conservative inflation estimates (e.g. CPI) which IMHO are rigged (apparently Ron Paul agrees, not that I care).
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: mordylich on January 26, 2012, 05:37:25 PM
I can't believe you'd do that (even with the meager penalty which means you can withdraw as soon as you find something more worthwhile), at these rates you aren't even beating the conservative inflation estimates (e.g. CPI) which IMHO are rigged (apparently Ron Paul agrees, not that I care).
  well, given that the fed predicts about 2% over the next 18 months, I think Dan will come out a tenth of one percentage point ahead...
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 26, 2012, 05:41:19 PM
I can't believe you'd do that (even with the meager penalty which means you can withdraw as soon as you find something more worthwhile), at these rates you aren't even beating the conservative inflation estimates (e.g. CPI) which IMHO are rigged (apparently Ron Paul agrees, not that I care).
Better place to safely park money?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AsherO on January 26, 2012, 06:05:00 PM
Better place to safely park money?

I honestly don't have one, but I figured you'd find one. BankDirect no longer worth it (or are you maxxed out?)? I don't mean to pry, just trying to clarify.

There are often better (teaser) rates and if you don't mind switching banks all the time you can probably do 3%+ if you're prudent, though I'm not sure it's worth the hassle.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: SoCal Dude on January 26, 2012, 10:16:57 PM
Wow, what did I start?  Dan, I wasn't sure where to originally post this.  Is "Deals/Deal Request" the best category for it or should there be another category for financial or non-traveling deals.  Good stuff from you.  60 day early withdrawal penalty.  That's nice, short & sweet! Cheers! 8)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AsherO on January 29, 2012, 03:14:23 PM
FYI, Cap1 Bank offers (http://www.capitalone.com/checking-accounts/high-yield-checking/?linkid=WWW_1009_SAVG_A0B2085C205CD2239E200CF23A4G1F8BH7EF8I589C_HOME_C4_01_G_CKHYC) 1% (up to $100k , rate locked in for a year) on their no fee checking account.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: bubkiz on January 29, 2012, 11:38:24 PM
Better deal, Ally only has a 60 day interest penalty.
The 5 year CD there earns 1.79% APY, but if you first open a 3 month CD and wait for it to mature and renew the CD (you can change it from 3 month to any other length in the process) you get a .25% loyalty bonus, bringing the APY to 2.04%
Do they do a hard pull?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 29, 2012, 11:44:17 PM
Do they do a hard pull?
Not IME on a CD.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: bubkiz on January 29, 2012, 11:47:15 PM
Not IME on a CD.
Thanx! Just signed, finally will be able to take the money out from under the mattress  :)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AsherO on January 30, 2012, 09:15:18 AM
Not IME

+1

Compared to other banks, Ally is a breeze to deal with (IME), I'm confident that if you ask their CSRs they will confirm that they don't pull credit for savings/CD accounts.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on February 08, 2012, 02:53:56 PM
My Ally CD just rolled over from 3 months to 5 years.
I was able to ACH funds in during the 10 day window.
My new APY is 2.05% after the loyalty bonus.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Brookleneze on February 09, 2012, 12:44:19 AM
Thanx! Just signed, finally will be able to take the money out from under the mattress  :)
For real?
What about this (http://forums.dansdeals.com/index.php?topic=13264.msg173155#msg173155)?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smartypantz on February 09, 2012, 11:16:37 AM
Just FYI at Trustco Bank, they give .85% for savings account, no minimum, no monthly fee, can take out whenever u want! one of the safest ways to earn gauranteed interest with no penalties/risk of loss/etc.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AsherO on February 09, 2012, 11:20:22 AM
Just FYI at Trustco Bank, they give .85% for savings account, no minimum, no monthly fee, can take out whenever u want! one of the safest ways to earn gauranteed interest with no penalties/risk of loss/etc.

Ally's No Penalty CD (http://www.ally.com/bank/no-penalty-cd/) pays .91%, which is better.

There's a downside vs. TrustCo, where at TrustCo you could keep depositing.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smartypantz on February 09, 2012, 11:26:45 AM
Ally's No Penalty CD (http://www.ally.com/bank/no-penalty-cd/) pays .91%, which is better.

There's a downside vs. TrustCo, where at TrustCo you could keep depositing.

and the interst is compounded daily at ally! that is excellent !
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AsherO on February 09, 2012, 11:35:08 AM
and the interst is compounded daily at ally! that is excellent !

But if I withdraw early, do they post all the interest accrued until that date, or do they post the (daily compounded) interest at set intervals (e.g. weekly/monthly/quarterly)?

Also, since it's APY then if you keep your money in for the perm of the CD (11 months) then it doesn't really matter how it's compounded.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on February 09, 2012, 12:22:01 PM
Why not just do a 5 year at Ally and take the small 2 month penalty when you need the cash?
Title: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: MLM on February 09, 2012, 01:44:41 PM
Did anyone try getting the.25 bonus upfront?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on February 09, 2012, 02:02:54 PM
Did anyone try getting the.25 bonus upfront?
Of course but they won't do it.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Jay the PRESIDENT on March 19, 2012, 03:57:33 PM
what exactly is the .25 bonus
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on November 04, 2012, 02:12:19 AM
Does anyone know if the .25 renewal bonus still exists?

Also, now that their 5-year CD rate fell to 1.64%, is this still the best offer even with the .25 renewal bonus?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: meshugener on November 04, 2012, 02:30:17 AM
+1
Looking for the best parking lot for around 60k.
My local bank offers 2% APY for an annuity fund, locked for 5 years, but I can withdraw 10% of the principal each year with no penalties.
Good?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on November 04, 2012, 08:17:18 AM
Ally .25 is alive and well and their CD termination is still just 60 days interest.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on November 04, 2012, 09:17:21 AM
Ally .25 is alive and well and their CD termination is still just 60 days interest.

Just to be sure: It's the "High Yield CD" i'm applying for? (they have many different types...)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Yeki89 on November 04, 2012, 09:29:41 AM
Is it only on a #3 month, or any product you pick (say 6 month) , the next time u can get the bonus.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on November 04, 2012, 09:38:56 AM
Is it only on a #3 month, or any product you pick (say 6 month) , the next time u can get the bonus.
Why would you want to wait more than 3 months for the higher yield?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on November 04, 2012, 09:48:19 AM
Why would you want to wait more than 3 months for the higher yield?
+1, but it works on any product.
And there's no problem adding any amount of funds when the 3 months expires or changing it to any new length at that point.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: shmu on November 04, 2012, 09:58:29 AM
Just to be sure: It's the "High Yield CD" i'm applying for? (they have many different types...)

I have the same question.
can someone please give link?

thanks
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on November 04, 2012, 11:41:52 AM
Why not just do a 5 year at Ally and take the small 2 month penalty when you need the cash?

How would I go about figuring out the resulting apy (after 60 day penalty is assessed) if I were to pull the funds lets say 6 months, 1 year, 1.5 years, and 2 years from opening date? Assume current 1.64 apy +.25 bonus. Anybody know? They compound the interest daily so Im thinking its a bit more complicated than simple mathematics.

Also is the penalty assessed on the funds you pull or the whole balance?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on November 04, 2012, 11:49:06 AM
Why do you need to know the exact number?
Just figure that if you have $50K at 2% APY that you're earning $1,000 interest per year or about $83.33 interest per month, so early withdrawal would mean a $166.67 penalty in that case.

ETA:
After 1 year that would mean a resulting APY of 1.67% (833.33/50,000).
After 2 years  that would mean a resulting APY of 1.82% (1,832.33/50,000/2).
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on November 04, 2012, 11:50:48 AM
Why do you need to know the exact number?
Just figure that if you have $50K at 2% APY that you're earning $1,000 interest per year or about $83.33 interest per month, so early withdrawal would mean a $166.67 penalty in that case.

I generally like to know exact numbers. Just my nature. Doesn't matter that much I guess.

More importantly what is the penalty assessed on? Whats removed or the whole balance?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on November 04, 2012, 11:52:38 AM
I generally like to know exact numbers. Just my nature. Doesn't matter that much I guess.

More importantly what is the penalty assessed on? Whats removed or the whole balance?
I've added the APY equations to my post.  The difference caused my monthly compounding may effect it slightly, but not enough to make a huge difference.

I'd assume any withdrawal will cause the full penalty but I don't know that for sure.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on November 04, 2012, 11:56:44 AM
I've added the APY equations to my post.  The difference caused my monthly compounding may effect it slightly, but not enough to make a huge difference.

I'd assume any withdrawal will cause the full penalty but I don't know that for sure.

Thanks, where can I find the post? I searched the main site, couldn't find it. Can you post a linky?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on November 04, 2012, 12:00:52 PM
http://forums.dansdeals.com/index.php?topic=13492.msg331179#msg331179
:D
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on November 04, 2012, 12:18:16 PM
http://forums.dansdeals.com/index.php?topic=13492.msg331179#msg331179
:D

classic spaz moment. Thanks

Decided to call Ally again: If you want to withdraw early then that terminates the CD entirely and the penalty is assessed on the full balance. Once you sign up and the funds are placed they can give you exact numbers using their software so you'll know precisely what closing early will cost you. Hope this helps.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Barryg on January 02, 2013, 10:58:51 PM
I'm assuming this is pretty obvious, but it's worth mentioning, that since most CD's Ally's are working without fees and with percentages, it would be worth it to split money up. For example, $5000 at 2% with no fees for 5 years could also be invested as two $2500  accounts for 5 years, the advantage being, if needed to get the two month penalty, but you don't need all the money, you'll have half your money not penalized.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: churnbabychurn on January 02, 2013, 11:15:37 PM
How would I go about figuring out the resulting apy (after 60 day penalty is assessed) if I were to pull the funds lets say 6 months, 1 year, 1.5 years, and 2 years from opening date? Assume current 1.64 apy +.25 bonus. Anybody know? They compound the interest daily so Im thinking its a bit more complicated than simple mathematics.

Also is the penalty assessed on the funds you pull or the whole balance?
The formula used to calculate compound interest is:

M = P( 1 + i )n
M is the final amount including the principal.
P is the principal amount.
i is the rate of interest per year.
n is the number of years invested.
Applying the Formula
Let's say that I have $1000.00 to invest for 3 years at rate of 5% compound interest.
M = 1000 (1 + 0.05)3 = $1157.62.
You can see that my $1000.00 is worth $1157.62.
Same for days.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: myb821 on January 02, 2013, 11:24:24 PM
The formula used to calculate compound interest is:

M = P( 1 + i )n
M is the final amount including the principal.
P is the principal amount.
i is the rate of interest per year.
n is the number of years invested.
Applying the Formula
Let's say that I have $1000.00 to invest for 3 years at rate of 5% compound interest.
M = 1000 (1 + 0.05)3 = $1157.62.
You can see that my $1000.00 is worth $1157.62.
Same for days.
except that ur forumla is wrong the formula should read M= P(1+i)^n
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: churnbabychurn on January 02, 2013, 11:43:13 PM
To be honest it was a cutn^paste job
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: bubbles on January 03, 2013, 12:03:07 AM
except that ur forumla is wrong the formula should read M= P(1+i)^n

don't mess with the actuary  :D
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: myb821 on January 03, 2013, 12:08:06 AM
don't mess with the wannabee actuary  :D
FTFY
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on January 03, 2013, 01:03:18 AM
I'm assuming this is pretty obvious, but it's worth mentioning, that since most CD's Ally's are working without fees and with percentages, it would be worth it to split money up. For example, $5000 at 2% with no fees for 5 years could also be invested as two $2500  accounts for 5 years, the advantage being, if needed to get the two month penalty, but you don't need all the money, you'll have half your money not penalized.

To do that you'd need to open 2 3 month cds so you can get the loyalty bonus on both. But a good idea nonetheless.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Galitzyaner on January 03, 2013, 05:32:56 AM
I'm assuming this is pretty obvious, but it's worth mentioning, that since most CD's Ally's are working without fees and with percentages, it would be worth it to split money up. For example, $5000 at 2% with no fees for 5 years could also be invested as two $2500  accounts for 5 years, the advantage being, if needed to get the two month penalty, but you don't need all the money, you'll have half your money not penalized.
Oh my, if only I knew this a half a year ago :(   oh well.., thanks for the wise counsel!
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: yehuda S on January 03, 2013, 12:11:39 PM
Is the 5 yr 1.79% CD still available? I can only find a 4 yr 1.35% on their site.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 03, 2013, 12:14:07 PM
5 years is 1.61 APY or 1.86 APY with the 3 months renewal trick.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Barryg on January 03, 2013, 12:23:00 PM
To do that you'd need to open 2 3 month cds so you can get the loyalty bonus on both. But a good idea nonetheless.
True true

Oh my, if only I knew this a half a year ago :(   oh well.., thanks for the wise counsel!

And if I only knew about Dan's deals, Amazon and Vanilla a year and a half ago... (Better late...)

Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AJK on January 03, 2013, 12:27:18 PM
Wow, what horrendous rates :(
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: myb821 on January 03, 2013, 12:27:59 PM
Wow, what horrendous rates :(
u have anythign better?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AJK on January 03, 2013, 12:29:15 PM
u have anythign better?

For a CD? No, but I don't invest in CDs...

Perhaps a high-yield checking account if you don't want risk, but I don't invest there either.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 03, 2013, 12:30:53 PM
For a CD? No, but I don't invest in CDs...

Perhaps a high-yield checking account if you don't want risk, but I don't invest there either.
The fee for breaking an Ally CD is fairly minimal.  You should wind up wayyy ahead than a checking account even with breaking it.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AJK on January 03, 2013, 12:32:16 PM
The fee for breaking an Ally CD is fairly minimal.  You should wind up wayyy ahead than a checking account even with breaking it.

Last I checked (and I admit it's been awhile), I could get 5%.

Granted it's probably lower now, but lower than 2%? I dunno...

ETA: http://www.depositaccounts.com/checking/reward-checking-accounts.html
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 03, 2013, 12:34:00 PM
Ah you mean those that require 10x transactions/month and are only valid for $10K, etc.
Never really got involved in those.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AJK on January 03, 2013, 12:35:25 PM
Ah you mean those that require 10x transactions/month and are only valid for $10K, etc.
Never really got involved in those.

Yep... and for those in this game, 10 swipes aren't that big of a deal.

And some accounts allow 25K+... so between you and a spouse, that's ~2.5% for 50K+ for 20 swipes.

Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 03, 2013, 12:38:00 PM
Yep... and for those in this game, 10 swipes aren't that big of a deal.

And some accounts allow 25K+... so between you and a spouse, that's ~2.5% for 50K+ for 20 swipes.
Link?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AJK on January 03, 2013, 12:53:12 PM
Link?

I am simply remembering my my old days...

I'd have to search now. Just like you can :P
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: churnbabychurn on January 03, 2013, 01:56:39 PM
does paying 10 *one dollar towards sprint bill online work? It did for the Chase debit card thing back in the day...
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AJK on January 03, 2013, 02:01:50 PM
does paying 10 *one dollar towards sprint bill online work? It did for the Chase debit card thing back in the day...

What are you referring to?

In the future, to avoid ambiguity, use the "Quote" button.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: yehuda S on January 03, 2013, 02:08:15 PM
Why not just invest in a 3-4% municipal bond  ???
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 03, 2013, 02:09:51 PM
Why not just invest in a 3-4% municipal bond  ???
Because that's not guaranteed by the FDIC?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: churnbabychurn on January 03, 2013, 02:24:32 PM

Was referring to 10 swipes being "no big deal". One could pay $10 to a phone bill online in $1 increments. is all.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AJK on January 03, 2013, 02:26:46 PM
Correct. NBD.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Barryg on January 03, 2013, 03:19:11 PM
I've seen ppl that had those accounts and tracked them. Since the interest wasn't guaranteed it may have started at 5%, but is currently at around 2% or maybe even less. If you have $50,000 there you should probably follow it and not just drive yourself crazy with 10 transactions a month... (Provident NJ was the one I was told about multiple times and it's at 1.51% currently and still not guaranteed)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Galitzyaner on January 03, 2013, 08:44:30 PM
And if I only knew about Dan's deals, Amazon and Vanilla a year and a half ago... (Better late...)
How is it better late?  Too late, I'm locked in.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Barryg on January 05, 2013, 08:51:49 PM
Meant better late than never... But now that you mentioned it, I guess it wasn't meant to be for me, personally, earlier on, (needing to qualify for mortgage with not much notice)
Title: Re: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Galitzyaner on January 05, 2013, 09:16:33 PM
But now that you mentioned it, I guess it wasn't meant to be for me, personally, earlier on, (needing to qualify for mortgage with not much notice)
No comprende
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Barryg on January 05, 2013, 10:13:36 PM
Playing the 3bm game is ymmv, so by one thing going wrong, it could create multiple hard pulls. When applying for a mortgage you'd prob want to prepare by not doing any hard pulls in the 6 months before, especially if very close to the 740 range in credit scores... It worked out well, for me that mortgage is done, and (I think score may have went up) now can maximize pulls, and "spend" money easier...
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: edgeman on January 10, 2013, 09:56:01 AM
how do i signup for the 3 month cd? i dont see it on ally's website

edit found it
Title: Re: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Galitzyaner on January 14, 2013, 09:08:40 AM
how do i signup for the 3 month cd? i dont see it on ally's website

edit found it
How do I find Google?

Edit: Just found it
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Jay the PRESIDENT on January 16, 2013, 11:24:44 AM
Whats currently the best CD rate?

does Ally still bump the rate?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: yuneeq on January 16, 2013, 11:53:21 AM
I'm with CapitalOne, getting 1% on up to 100k in a checking account. I'm happy with that, as I'm not locked into any cd's for any amount of time.

Alternatively, I would suggest that some of you buy TIPS, or Treasury Inflation-Protected Securities. The interest rate goes up and down with the CPI, so you're money will worth just as much in a couple years. Try the TIP ETF if interested.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: puddles on January 16, 2013, 12:01:19 PM
American Express offers 90 BPS for a savings account FDIC insured. There are no fees, no minimum, no costs to transfer money between accounts and most importantly; there is no lockup.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: meshugener on January 16, 2013, 01:44:23 PM
I'm with CapitalOne, getting 1% on up to 100k in a checking account. I'm happy with that, as I'm not locked into any cd's for any amount of time.


+1
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 16, 2013, 01:46:51 PM
I'm with CapitalOne, getting 1% on up to 100k in a checking account. I'm happy with that, as I'm not locked into any cd's for any amount of time.
And I'm getting over 2% with Ally and even with the penalty for breaking the CD will still be way ahead of you.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: meshugener on January 16, 2013, 02:08:01 PM
And I'm getting over 2% with Ally and even with the penalty for breaking the CD will still be way ahead of you.
Sometimes I prefer the simple checking account.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 16, 2013, 02:39:39 PM
Sometimes I prefer the simple checking account.
A checking account is great. But it's a shame to keep more than you need in there.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Yeki89 on January 16, 2013, 02:41:59 PM
I spoke with Alley last week. They said this .25% bonus offer is going to expire 3/31/2013 but it will probably be reinstatted as it has for the last few years
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Barryg on January 16, 2013, 04:22:33 PM
Sometimes I prefer the simple checking account.
I also met someone that wants a simple credit card, just simple, no points miles or perks... Oh wait, I didn't.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: churnbabychurn on January 16, 2013, 07:45:23 PM
amex savings account is very simple, .09% apr
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Barryg on January 16, 2013, 08:50:07 PM
amex savings account is very simple, .09% .90% apr
FTFY
Don't know what the zero is for...
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: churnbabychurn on January 16, 2013, 11:10:27 PM
right
Title: Re: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: yuneeq on January 17, 2013, 01:31:55 AM
A checking account is great. But it's a shame to keep more than you need in there.
Whatever I don't need in there is use for investments.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: yuneeq on January 28, 2013, 11:03:08 AM
Started the wiki.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 28, 2013, 12:18:58 PM
Started the wiki.
Currently 1.59+.25=1.84
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: yuneeq on January 28, 2013, 12:36:20 PM
Currently 1.59+.25=1.84

Corrected the wiki. Can someone check my math?  ::)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: yos9694 on January 28, 2013, 12:55:06 PM
Your math is fine, though your answers are off by a basis point (immaterial).
1 year = 1.5357 = 1.54%
2 year = 1.6905 = 1.69%
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 28, 2013, 12:55:33 PM
1 year at 1.53 looks good to me.
I changed the 2 year to 1.69 though.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 28, 2013, 12:57:06 PM
Your math is fine, though your answers are off by a basis point (immaterial).
1 year = 1.5357 = 1.54%
2 year = 1.6905 = 1.69%
766.67/50,000=1.5333
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: yos9694 on January 28, 2013, 01:00:31 PM
Penalty = 152.17 (1.0184 ^ (30/360) -1)
Interest = $920 - $152.17 = $767.83

767.83 / 50000 = 1.5357%
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: yuneeq on January 28, 2013, 01:02:09 PM
766.67/50,000=1.5333
Penalty = 152.17 (1.0184 ^ (30/360) -1)
Interest = $920 - $152.17 = $767.83

767.83 / 50000 = 1.5357%

Which number is correct- 767.83 or 767.67?
Bring on the Wiki war!  :D
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on January 28, 2013, 01:04:09 PM
Eh, my math was just down and dirty based on 2 months.
The easy way, 920/6=$153.33.
So I'll concede to your more advanced application.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: yos9694 on January 28, 2013, 01:05:08 PM
Which number is correct- 767.83 or 767.67?
Bring on the Wiki war!  :D

No way. I was just trying to be helpful. And if Dan had posted before me I would have kept quiet to begin with (after all, off by a basis point once - eh, but twice - shame on George Bush).

Dan, I think quick and dirty does the trick just fine.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on January 28, 2013, 05:51:36 PM
@yuneeq

I took a peak at the wiki and noticed the allied union thing with the higher interest rate. How do you qualify for that?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: yuneeq on January 28, 2013, 05:53:14 PM
@yuneeq

I took a peak at the wiki and noticed the allied union thing with the higher interest rate. How do you qualify for that?

I honestly have no clue. Check their website.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AsherO on January 28, 2013, 05:56:23 PM
I took a peak at the wiki and noticed the allied union thing with the higher interest rate. How do you qualify for that?

It's a standard CD, you don't really have to "qualify".
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: TAVI on March 04, 2013, 07:09:02 PM
I want to open their 5yr CDs. I know that i first have to do the 3month CD and then get the bonus. but my question is, do i have to open a checking account with them first and then open the 3 month CD? or can i just open the 3month CD without the checking account?

TIA
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on March 04, 2013, 07:09:30 PM
I want to open their 5yr CDs. I know that i first have to do the 3month CD and then get the bonus. but my question is, do i have to open a checking account with them first and then open the 3 month CD? or can i just open the 3month CD without the checking account?

TIA

no checking account necc.

I speak from experience
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: TAVI on March 05, 2013, 08:58:43 AM
ty
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: edgeman on March 05, 2013, 09:59:31 AM
cute:

Welcome to Ally's Live Chat. Thanks for joining us! A Customer Care Associate will be with you in a moment. You are number 1 in the queue. Thank you for waiting.
You are now chatting with 'Courtney'
Courtney: Hello Elisha.
Courtney: Thank you for chatting with me today. How can I help you?
elisha: do you do a hard pull on my credit report when opening a 3 month cd?
Courtney: Ally Bank will generally pull your credit in order to verify your new account application. Like most banks, we look at your credit information to verify your identity, protect you from fraud, and comply with federal regulation. Ally Bank will only pull your credit in compliance with the Fair Credit Reporting Act.
elisha: but is it a hard or soft pull?
Courtney: For a CD it would only be considered an inquiry.
elisha: a soft or hard inquiry?
Courtney: I'm sorry it would only be considered a soft inquiry to assist in verifying your identity.
elisha: thank you
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on March 05, 2013, 10:03:07 AM
I want to open their 5yr CDs. I know that i first have to do the 3month CD and then get the bonus.

I spoke with Alley last week. They said this .25% bonus offer is going to expire 3/31/2013 but it will probably be reinstatted as it has for the last few years

If the expiration date refers to the CD's renewal date, you're out of luck...
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: TAVI on March 05, 2013, 12:12:23 PM
yes i know, but i'm hoping that the comments Dan and others have made regarding Ally extending these promotions is correct...
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on March 05, 2013, 12:13:32 PM
They've had them like that since they opened.
Of course they're always free to end it.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on March 06, 2013, 06:54:22 AM
yes i know, but i'm hoping that the comments Dan and others have made regarding Ally extending these promotions is correct...
Good luck!
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: joesol on March 06, 2013, 08:15:56 AM
Confirmed .25% added. I received an email that my CD is coming due and I can roll over into any CD product with an added bonus of .25%.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Menucha on March 06, 2013, 08:17:52 AM
offered for new cd, regardless of amount on first CD?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on March 08, 2013, 07:58:57 AM
Confirmed .25% added. I received an email that my CD is coming due and I can roll over into any CD product with an added bonus of .25%.
Is your renewal date before the 31st? If yes, it proves nothing. We still don't know if the offer was extended.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on March 08, 2013, 08:02:11 AM
offered for new cd,
Not for a new CD. For renewing an old one.

regardless of amount on first CD?
If offer still stands, yes. You can add funds and change the duration upon renewal.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: smee123 on March 08, 2013, 10:59:56 AM
Is your renewal date before the 31st? If yes, it proves nothing. We still don't know if the offer was extended.

Wondering the same thing
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Menucha on March 08, 2013, 01:38:31 PM
2 yr rate if all stays same is 1.6%

you join ally credit union, I personally never heard of them and need to check their rating.

How would it compare to no 3 months CD and then early withd penalty, with straight savings with well known amex, no penalty, no wait around, in and out as you wish, for about .9%

How would you compare the 2?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on March 09, 2013, 08:44:21 PM
2 yr rate if all stays same is 1.6%

you join ally credit union, I personally never heard of them and need to check their rating.

How would it compare to no 3 months CD and then early withd penalty, with straight savings with well known amex, no penalty, no wait around, in and out as you wish, for about .9%

How would you compare the 2?
Huh? Please be a bit more clear.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on March 15, 2013, 05:13:05 PM
Got an email today from barclay's

1.85 APY on a 5 year CD
https://www.banking.barclaysus.com/online-cds.html?refid=BBDQSNLTO110313

Pro:
No need to wait 3 months to get the .25 loyalty
Ally rate is now 1.79 APY with the loyalty bonus

Con:
Ally charges a 60 day penalty for breaking the CD, while Barclays charges a 90 day penalty
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on March 15, 2013, 05:30:13 PM
2.02% here, but a nasty 180 day interest penalty:
https://www.nrbchicago.com/#/rates
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: CountValentine on March 15, 2013, 06:11:09 PM
2.02% here, but a nasty 180 day interest penalty:
https://www.nrbchicago.com/#/rates
Can you fund with a CC?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: smee123 on March 16, 2013, 11:32:39 PM
Can you fund with a CC?
???
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: wayfe on March 17, 2013, 01:23:04 AM
Mango Prepaid has a 6% APY savings account (up to $5000, after that the APY gets lowered to a minute amount), free with direct deposit. Account costs $5 per month but it gets refunded if you load more than $500 per month.

https://www.mangomoney.com/what-is-mango

But their customer service is terrible so I closed my account.

But if you have patience...
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Galitzyaner on March 19, 2013, 10:00:30 PM
Can you fund with a CC?
ALOL
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: smee123 on April 04, 2013, 09:43:53 AM
Anybody Know if the .25% bonus was renewed?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: joesol on April 04, 2013, 10:07:02 AM
Anybody Know if the .25% bonus was renewed?

Just got it two weeks ago.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: smee123 on April 04, 2013, 10:11:36 AM
I spoke with Alley last week. They said this .25% bonus offer is going to expire 3/31/2013 but it will probably be reinstatted as it has for the last few years
Anyone know if it got reinstated?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on April 04, 2013, 10:13:34 AM
Just got it two weeks ago.
The report/rumor was that it's ending 3/31/2013, so the question still stands.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on April 04, 2013, 10:14:39 AM
Anyone know if it got reinstated?
Calling won't hurt... ;)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: smee123 on April 04, 2013, 10:17:46 AM
Calling won't hurt... ;)
Just did  ;)
And YES it has been extended.
Dan is always right  :)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on April 04, 2013, 10:41:49 AM
Just did  ;)
And YES it has been extended.
Dan is always right  :)
Nice!
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: sruly on April 04, 2013, 12:45:28 PM
Did it drop to 1.54% ?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on April 04, 2013, 12:52:08 PM
Did it drop to 1.54% ?
A while back.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: sruly on April 04, 2013, 02:57:11 PM
I signed up for 3 cd's
after 3 month when i want to renew and switch to the 5yr CD i will get whatever the going rate is then ?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on April 04, 2013, 02:57:37 PM
Correct
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: sruly on April 04, 2013, 03:03:26 PM
Correct
thanks
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Lev on April 30, 2013, 10:29:54 AM
"Dear Lev,
You recently received a CD maturity notice that provided important information about at least one of your CDs. If you renew your CD at maturity into any CD term, we'll automatically add a loyalty reward of 0.25% to your new rate."
Title: Best savings account?
Post by: YG on May 19, 2013, 01:05:42 PM
Is there a thread around here about the best savings accounts around these days?
Looking to put away 5K in a way that will minimize devaluation due to inflation, be minimal maintenance, and allow it to be accessible as I don't know when I'll need it. 
Title: Re: Best savings account?
Post by: mow on May 19, 2013, 01:07:32 PM
Ally bank
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: YG on May 19, 2013, 01:24:48 PM
Thanks to whoever moved this here. And thanks @ mow for the response.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Jay the PRESIDENT on May 21, 2013, 03:57:56 PM
Whats the current best interest rate on a CD?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on July 16, 2013, 03:21:33 PM
Ally .25 still alive and well.
Just did another 3 month/5 year CD.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Tax on July 16, 2013, 04:17:27 PM
Is there a thread around here about the best savings accounts around these days?
Looking to put away 5K in a way that will minimize devaluation due to inflation, be minimal maintenance, and allow it to be accessible as I don't know when I'll need it. 
Look at I bonds.
http://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds.htm (http://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds.htm)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: ari2955 on July 17, 2013, 01:23:18 AM
Ally .25 still alive and well.
Just did another 3 month/5 year CD.
Can I add more $ at the end of the 3 months and get the .25 on the entire amount?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Lotofsimcha on July 17, 2013, 02:17:50 AM
Can I add more $ at the end of the 3 months and get the .25 on the entire amount?

http://forums.dansdeals.com/index.php?topic=13492.msg176952.msg#176952
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Barryg on July 17, 2013, 11:21:16 AM
Look at I bonds.
http://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds.htm (http://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds.htm)

I did a brief search using your link and didn't find any clues to how much interest an I bond will pay. Do you know a recent rate (ex. what rate of return, last year or two)? Thanks...
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Tax on July 18, 2013, 04:38:14 AM
I bonds pay a fixed rate (depending on when you buy them) plus the inflation rate. Lets say the base rate is 1% and inflation is 3% you will get 4%, however, if there is no inflation or almost no inflation you donít get too much interest. The good thing about it is that your money is protected against inflation and is guaranteed by the U. S. government and there is no state and city tax. In some cases no federal tax either.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: ayman on July 18, 2013, 12:27:00 PM
just thinking out loud here  :D why would anyone open a short term cd w/ ally when the reg savings account offers a higher yield w/o a penalty.
W/o the bonus .25% for loyalty renewal, I understand how that would be beneficial. Start with a minimal amount and then add more later as has been repeated a few times here. But to stam lock the money for a few months and earn less than reg savings???
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Tax on July 18, 2013, 03:32:42 PM
Municipal bonds pay even more. The only minus that they have is that they are not guaranteed by the Federal government only by the state or municipality where you buy them and they have higher minimum investments. They may even be triple tax free Federal, State, and city.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: steeeveknowsbest on July 31, 2013, 03:17:26 PM
Anyone know if there is  any way to fund an online CD with cash without it going through my checking account?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: meshugener on July 31, 2013, 05:15:11 PM
Most allow you to mail in a check.
Have someone else write you the check or use money orders.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: steeeveknowsbest on July 31, 2013, 05:16:41 PM
Most allow you to mail in a check.
Have someone else right you the check or use money orders.
a money order is exchangeable with a check?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: meshugener on July 31, 2013, 05:21:45 PM
You use the cash to purchase a money order.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: steeeveknowsbest on July 31, 2013, 05:25:31 PM
You use the cash to purchase a money order.
i know what a money order is and how to get one

but my question was, when a bank says they will accept a check but they don't specify money orders as well (for instance Ally) can i assume that they mean money order as well?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: meshugener on July 31, 2013, 05:31:59 PM
I don't know the answer for that.

*putpac?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Lotofsimcha on August 13, 2013, 08:37:34 AM
Anyone know if there is  any way to fund an online CD with cash without it going through my checking account?

Burn the cash onto the CD ;)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: ayman on August 13, 2013, 09:22:34 AM
@lotsofsimcha, isn't it 156 shabbos meals??  ;)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: ari2955 on October 20, 2013, 08:23:31 PM
finishing now the 3 months, but would like to wait another few months before putting a larger amount.
can I do another 3 months and when that expires do the 5yr cd, and get the .25 for the whole?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: ayman on October 20, 2013, 09:11:52 PM
Should be able to. You'll get the .25% now for the next 3 mo.
Title: Ally CD Early Withdrawal Penalty
Post by: EJB on October 26, 2013, 10:49:38 PM
Not sure if this has been posted before, but Ally used to be a great CD option because of their relationship bonus (+.25 pp) and low early withdrawal fees (60 days' interest). Starting 12/07, the EWF for a 5-year CD will go up to 150 days' interest!

Damn, my 3-month CD I was keeping until they raised their rates expires mid December! Could I get a relationship bonus if I withdraw the funds and reinvest them in a new CD?

Edit: Mine actually expires late November. Sweet!
Title: Re: Ally CD Early Withdrawal Penalty
Post by: yuneeq on October 26, 2013, 10:54:59 PM
There's another thread that discusses it.

"How I'm getting triple the regular interest rate" or something like that
Title: Re: Ally CD Early Withdrawal Penalty
Post by: yuneeq on October 26, 2013, 10:55:15 PM
There's another thread that discusses it.

"How I'm getting triple the regular interest rate" or something like that
Title: Re: Ally CD Early Withdrawal Penalty
Post by: AnonymousUser on October 26, 2013, 11:15:05 PM
There's another thread that discusses it.

"How I'm getting triple the regular interest rate" or something like that
http://forums.dansdeals.com/index.php?topic=13492.0
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: ari2955 on October 26, 2013, 11:31:41 PM
Starting 12/07 the early withdrawal fee for a 5-year CD will go up to 150 days' interest (was 60 days).
Do you think if I cancel my 3 month CD before that date, they would give me to .25 bonus towards a new CD?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on October 26, 2013, 11:57:29 PM
Starting 12/07 the early withdrawal fee for a 5-year CD will go up to 150 days' interest (was 60 days).
Do you think if I cancel my 3 month CD before that date, they would give me to .25 bonus towards a new CD?

Probably not although Im not sure....
Is that new policy for new cds, or also on existing cds?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: AnonymousUser on October 26, 2013, 11:58:50 PM
Probably not although Im not sure....
Is that new policy for new cds, or also on existing cds?
Only if new or renewed after 12/7.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on October 27, 2013, 12:04:51 AM
Time to switch to Barlclays cds. Their policy is 90 days. Also just checked and 5 year cd is 2%. No need for the whole ally loyalty thing. Besides ally is only offering 1.60% (+.25% for loyalty)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on October 27, 2013, 12:12:00 AM
Time to switch to Barlclays cds. Their policy is 90 days. Also just checked and 5 year cd is 2%. No need for the whole ally loyalty thing. Besides ally is only offering 1.60% (+.25% for loyalty)
Only for CDs less than 24 months. For more than that, it's 180 days.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on October 27, 2013, 12:18:18 AM
Only for CDs less than 24 months. For more than that, it's 180 days.

wow, dont remember them telling me that when I called. So the party is over unless you're willing to lock it away for a longer period of time.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on October 27, 2013, 12:26:03 AM
Starting 12/07 the early withdrawal fee for a 5-year CD will go up to 150 days' interest (was 60 days).
Do you think if I cancel my 3 month CD before that date, they would give me to .25 bonus towards a new CD?
Wow. That stinks.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shmulyg on October 27, 2013, 12:49:51 AM
wow, dont remember them telling me that when I called. So the party is over unless you're willing to lock it away for a longer period of time.
https://www.banking.barclaysus.com/faq.html#earlyTerminationPenalties
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: EJB on October 27, 2013, 01:05:00 AM
So I guess it's 1.85% from Ally in early December for me. 180 days is too much since I'll probably be buying a house in the next year or so.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: ayman on October 27, 2013, 02:00:14 AM
It should be Besha'a Tova
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Galitzyaner on October 28, 2013, 01:12:13 AM
Wow. That stinks.
+1 :( 
unless you're willing to lock it away for a longer period of time.
What are you referring to?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: ayman on October 28, 2013, 01:16:11 AM
If you lock it for the full 5 yr and don't care to withdraw early?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Galitzyaner on October 28, 2013, 01:23:36 AM
If you lock it for the full 5 yr and don't care to withdraw early?
Oh! :-[ :D
I was thinking something like there was a longer term with a lower penalty...
Luckily I'm locked in.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Galitzyaner on November 08, 2013, 01:24:54 AM
(http://img.tapatalk.com/d/13/11/08/egu5uby2.jpg)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: ayman on November 08, 2013, 01:35:55 AM
Got the same notice today...
Title: Ally Bank?
Post by: droren on March 10, 2014, 12:50:32 AM
they have great interest rate on checking/saving accounts. Seems like the reviews are very positive. Any good and bad things?

Thanks
Title: Re: Ally Bank?
Post by: mow on March 10, 2014, 12:53:04 AM
I use them very happy let u deposit up to 10k on the app so no need to mail out check unless larger
Title: Re: Ally Bank?
Post by: Sport on March 10, 2014, 12:55:12 AM
Use them too, very good except it takes a decent amount if time to transfer money from an Ally account to another Account.
Title: Re: Ally Bank?
Post by: etech0 on March 10, 2014, 12:56:39 AM
do you need a smartphone?
Title: Re: Ally Bank?
Post by: Sport on March 10, 2014, 12:58:07 AM
For what?
Title: Re: Ally Bank?
Post by: etech0 on March 10, 2014, 12:59:29 AM
to deposit checks
Title: Re: Ally Bank?
Post by: Sport on March 10, 2014, 01:00:20 AM
Oh, I just transfer from my chase account.
Title: Re: Ally Bank?
Post by: etech0 on March 10, 2014, 01:00:40 AM
so what's the point? Just the better interest rate?
Title: Re: Ally Bank?
Post by: Sport on March 10, 2014, 01:07:03 AM
Yes, with chase the interest rate is practically nothing . It's also a way to put away money with out having instant access to it.
Title: Re: Ally Bank?
Post by: etech0 on March 10, 2014, 01:22:33 AM
Got it.
Does it have bill pay? Might be a good way to funnel money from VR to CC companies...
Title: Re: Ally Bank?
Post by: popcorn1508 on March 10, 2014, 01:38:11 AM
Here is an entire thread about ally bank http://forums.dansdeals.com/index.php?topic=13492.0
Title: Re: Ally Bank?
Post by: droren on March 10, 2014, 01:39:41 AM
Here is an entire thread about ally bank http://forums.dansdeals.com/index.php?topic=13492.0

Thank you everyone!! 8)
Title: Re: Ally Bank?
Post by: HP58 on March 10, 2014, 01:49:24 AM
Merge with thread mentioned in previous post?
Title: Re: Ally Bank?
Post by: ShlockDoc on March 10, 2014, 08:12:35 AM
I get 1.5% on my checking account with refunded ATM fees every month.   For those in NJ:


http://www.providentnj.com/site/PersonalServices/Checking/ProvidentSmartChecking/Content.aspx
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: droren on March 11, 2014, 01:33:07 AM
Can you trust this bank to put your house down-payment during house hunting?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: ari2955 on March 11, 2014, 02:13:55 AM
Can you trust this bank to put your house down-payment during house hunting?
Trust? it's FDIC insured.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: 12HRS on March 11, 2014, 10:53:03 AM
Just keep your deposits under $250k per person if you want it to be insured. ;)

Lots of stories during the financial crisis of people who thought their money was safe only to find out that the limit was $250k per person and they easily could have put additional money in another bank to maintain the protection
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: droren on March 12, 2014, 07:25:43 PM
Just keep your deposits under $250k per person if you want it to be insured. ;)

Lots of stories during the financial crisis of people who thought their money was safe only to find out that the limit was $250k per person and they easily could have put additional money in another bank to maintain the protection

This is what I thought. Thanks again!
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Barryg on March 13, 2014, 11:30:52 PM
Just keep your deposits under $250k per person if you want it to be insured. ;)

Lots of stories during the financial crisis of people who thought their money was safe only to find out that the limit was $250k per person and they easily could have put additional money in another bank to maintain the protection
Will def keep this in mind. Only $250,000 per person per bank. Now, if I had say over $500,000 (unless kids count - then well over $1 mil) why exactly would I keep it in a bank ???
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: 12HRS on March 14, 2014, 12:56:36 AM
Will def keep this in mind. Only $250,000 per person per bank. Now, if I had say over $500,000 (unless kids count - then well over $1 mil) why exactly would I keep it in a bank ???

IDK beats me but some people like to stash their money in stupid places.

In theory if you had millions of dollars and you wanted to a portion of money in CDs then you would want to vary the banks. Although from what I understand different types of accounts within one bank may be FDIC insured. When either of us gets to that point report back...
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: bubkiz on May 13, 2014, 05:07:51 PM
Look like the bonus is down to .15%:
http://www.ally.com/learn/loyalty-rewards/ (http://www.ally.com/learn/loyalty-rewards/)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on May 13, 2014, 05:09:53 PM
Look like the bonus is down to .15%:
http://www.ally.com/learn/loyalty-rewards/ (http://www.ally.com/learn/loyalty-rewards/)
Plus their rates aren't as good as elsewhere.
Plus they massively increased the CD breakage penalty.

Nothing to see here, move on.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: bubkiz on May 13, 2014, 05:11:55 PM
Did the penalty go up for existing CDs?

So where is the next safe place to park $$$?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Emkay on May 13, 2014, 05:18:06 PM
Plus their rates aren't as good as elsewhere.
Plus they massively increased the CD breakage penalty.

Nothing to see here, move on.
who has better?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on May 13, 2014, 05:26:49 PM
Did the penalty go up for existing CDs?
No.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on May 13, 2014, 05:29:54 PM
who has better?
https://www.virtualbank.com/Banking/eCDs.html
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on May 13, 2014, 05:54:22 PM
https://www.virtualbank.com/Banking/eCDs.html

what is their penalty for early withdrawal? dont see it on their website, tried to call and theyre closed already.

I know barclays has a 2.25 apy for 5 years with 6 month penalty so wondering if this is less.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on May 13, 2014, 06:53:23 PM
6 months
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Galitzyaner on May 13, 2014, 07:20:52 PM
Is this part of the Gov takeover?! ::)
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Kvending on May 13, 2014, 07:59:15 PM
who has better?

I have some investments that pay 12% or 1% a month over 2 years & 10 months. pm for details.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: mawmaw on May 13, 2014, 08:52:20 PM
as its known in the biz world if someone offer you 10% or more you should be very careful
 
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Kvending on May 13, 2014, 09:36:58 PM
as its known in the biz world if someone offer you 10% or more you should be very careful

This is a 1% on your money per month but it's really less then that because you get back principle & interest EVERY month, so as the principle is getting paid off the interest amount keeps getting less even though the 1% is staying the same.
Do you understand?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Emkay on July 01, 2014, 04:12:50 AM
https://www.virtualbank.com/Banking/eCDs.html
I see that this gives like 1.9% for 5 years. Is there anything that would give more?  Locking it up for a while is fine and minimum deposits are also.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: mawmaw on July 01, 2014, 02:53:53 PM
I see that this gives like 1.9% for 5 years. Is there anything that would give more?  Locking it up for a while is fine and minimum deposits are also.
what is the t&c/penalty  for early termination
couldn't see the t&c without applying 
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Smokey Joe Robinson on July 01, 2014, 02:59:42 PM
Barclays 5 year is 2.25% with 180 days penalty same as virtual bank
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on July 01, 2014, 03:00:58 PM
I see that this gives like 1.9% for 5 years. Is there anything that would give more?  Locking it up for a while is fine and minimum deposits are also.
Was 2.3 when I posted.

These still are:
https://www.bankoncit.com/products-jumbo-cd.htm
https://www.everbank.com/banking/cd
https://www.myoptimizerplus.com/banking/products/cd/
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Emkay on July 01, 2014, 04:15:43 PM
Was 2.3 when I posted.

These still are:
https://www.bankoncit.com/products-jumbo-cd.htm
https://www.everbank.com/banking/cd
https://www.myoptimizerplus.com/banking/products/cd/
ya I know, I kept pushing it off then I lost out. I'm gonna do one of these soon
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: googwallet on July 01, 2014, 04:50:18 PM
From Barclays https://www.banking.barclaysus.com/online-savings.html (https://www.banking.barclaysus.com/online-savings.html)
Quote
Rates may change at any time without prior notice, before or after the account is opened.
I though a CD had a locked APY?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Dan on July 02, 2014, 12:15:21 PM
Was 2.3 when I posted.

These still are:
https://www.bankoncit.com/products-jumbo-cd.htm
https://www.everbank.com/banking/cd
https://www.myoptimizerplus.com/banking/products/cd/
Looking into the penalties on a 5 year.
Seems like bankoncit is 12 months, everbank is 15 months, and myoptimizerplus is 6 months.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: sruly on July 02, 2014, 12:20:28 PM
Looking into the penalties on a 5 year.
Seems like bankoncit is 12 months, everbank is 15 months, and myoptimizerplus is 6 months.
Keep in mind that full penalties are charged no matter how long the account is open.

i.e. If penalty is 15 months and you cancel after 14 months you will come out with less money then you put in.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: sruly on May 12, 2015, 09:03:33 AM
Is Barclays at 2.25 for 5 years the best out there (Ally is at %2.0)?

Also Barclays says they can change the rate at any time ?
Can you cancel without penalty if they change the rate ?

With Ally you lock in the rate.

Any better options out there ?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Welder on July 21, 2015, 03:16:15 PM
Anyone know what the current best CD options are?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: emak on July 31, 2015, 09:40:50 AM
Just did some homework on CDs. Best we liked was Valley National, there's a promo for a 2 year CD. Also good is Flushing Savings, Barclays, Apple Bank. The big banks (Chase, Citi, BofA etc.) don't come close.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: SPLP on July 31, 2015, 11:37:07 AM
i see 0.75 for 2 year cd-- is this the "special rate"?
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Yeki89 on July 31, 2015, 11:40:16 AM
You can get 1% for a year in local.
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: 12HRS on July 31, 2015, 11:40:34 AM
i see 0.75 for 2 year cd-- is this the "special rate"?

um. you can get better in a savings account
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: SPLP on July 31, 2015, 11:48:53 AM
checked further 2 year  cd  1.60
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: Shauly101 on July 31, 2015, 12:06:40 PM
u can try LMCU.org max Checking account
Title: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
Post by: David Smith on July 31, 2015, 12:10:14 PM
u can try LMCU.org max Checking account
3% APY. List of requirements, but not a big deal to fulfill. Hard credit pull.