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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 32953 times)

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #210 on: May 13, 2014, 06:53:23 PM »
6 months
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 Galitzyaner

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #211 on: May 13, 2014, 07:20:52 PM »
Is this part of the Gov takeover?! ::)

Offline Kvending

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #212 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.

Offline mawmaw

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #213 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
 

Offline Kvending

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #214 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?
« Last Edit: May 13, 2014, 10:21:31 PM by Kvending »

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #215 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.

Offline mawmaw

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #216 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 

Offline Smokey Joe Robinson

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #217 on: July 01, 2014, 02:59:42 PM »
Barclays 5 year is 2.25% with 180 days penalty same as virtual bank
My Programs Are Listed So That I Don't Forget Them :)

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #218 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/
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.

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #219 on: July 01, 2014, 04:15:43 PM »

Offline googwallet

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #220 on: July 01, 2014, 04:50:18 PM »
From Barclays 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?

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #221 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.
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 sruly

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #222 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.

Offline sruly

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #223 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 ?
« Last Edit: May 12, 2015, 09:13:53 AM by sruly »

Offline Welder

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #224 on: July 21, 2015, 03:16:15 PM »
Anyone know what the current best CD options are?
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