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1) Sign up for Ally Bank at www.ally.com
2) Open up a 3 month CD
3) Wait for it to mature.
4) Renew the CD to 5 years at 1.59% APY, and receive a .25% loyalty bonus, for a total of 1.84% APY.

It's worth it to pay the penalty to withdraw money from a CD prematurely.
Ally has a small, 60 day interest penalty, so that means if you cancel after:
1 year you get a resulting APY of 1.54%
2 years you get a resulting APY of 1.69%

Edit: If you purchase or renew your CD after 12/07/2013, the penalty is going up:
3 years         90 days of interest
4 years         120 days of interest
5 years or longer   150 days of interest
« Last edited by incendia on March 10, 2014, 09:49:22 AM »

Author Topic: How I'm getting almost triple the 1 year CD % rate for 1 year!  (Read 32984 times)

Offline smee123

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #120 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

Offline Menucha

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #121 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?

Offline Shmulyg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #122 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.

Offline Smokey Joe Robinson

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #123 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
My Programs Are Listed So That I Don't Forget Them :)

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #124 on: March 15, 2013, 05:30:13 PM »
2.02% here, but a nasty 180 day interest penalty:
https://www.nrbchicago.com/#/rates
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline CountValentine

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #125 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?
If you want to vote Democrat, you are being very disloyal to Jewish people and very disloyal to Israel, Mr. Trump said.

Offline smee123

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Offline wayfe

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #127 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...
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Offline Galitzyaner

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Offline smee123

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #129 on: April 04, 2013, 09:43:53 AM »
Anybody Know if the .25% bonus was renewed?

Offline joesol

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #130 on: April 04, 2013, 10:07:02 AM »
Anybody Know if the .25% bonus was renewed?

Just got it two weeks ago.

Offline smee123

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #131 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?

Offline Shmulyg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #132 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.

Offline Shmulyg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #133 on: April 04, 2013, 10:14:39 AM »
Anyone know if it got reinstated?
Calling won't hurt... ;)

Offline smee123

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #134 on: April 04, 2013, 10:17:46 AM »
Calling won't hurt... ;)
Just did  ;)
And YES it has been extended.
Dan is always right  :)
« Last Edit: April 04, 2013, 10:39:51 AM by smee123 »