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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 33909 times)

Offline HP58

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Re: Ally Bank?
« Reply #195 on: March 10, 2014, 01:49:24 AM »
Merge with thread mentioned in previous post?

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Re: Ally Bank?
« Reply #196 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

Offline droren

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #197 on: March 11, 2014, 01:33:07 AM »
Can you trust this bank to put your house down-payment during house hunting?

Offline ari2955

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #198 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.

Offline 12HRS

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #199 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

Offline droren

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #200 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!

Offline Barryg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #201 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 ???

Offline 12HRS

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #202 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...

Offline bubkiz

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #203 on: May 13, 2014, 05:07:51 PM »
Look like the bonus is down to .15%:
http://www.ally.com/learn/loyalty-rewards/

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #204 on: May 13, 2014, 05:09:53 PM »
Look like the bonus is down to .15%:
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.
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 bubkiz

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #205 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 $$$?

Offline Emkay

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #206 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?

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #207 on: May 13, 2014, 05:26:49 PM »
Did the penalty go up for existing CDs?
No.
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 Dan

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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 Smokey Joe Robinson

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #209 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.
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