Topic Wiki

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 41005 times)

Offline edgeman

  • Dansdeals Gold Elite
  • ***
  • Join Date: Sep 2009
  • Posts: 220
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #80 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
« Last Edit: January 10, 2013, 10:09:48 AM by edgeman »

Offline Galitzyaner

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2011
  • Posts: 2802
  • Total likes: 52
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #81 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

Offline Jay the PRESIDENT

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Oct 2008
  • Posts: 822
  • Total likes: 1
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #82 on: January 16, 2013, 11:24:44 AM »
Whats currently the best CD rate?

does Ally still bump the rate?

Offline yuneeq

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2013
  • Posts: 7350
  • Total likes: 1705
  • DansDeals.com Hat Tips 10
  • Gender: Male
    • View Profile
  • Location: NJ
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #83 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.

Offline puddles

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2010
  • Posts: 1074
  • Total likes: 23
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: Five Towns
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #84 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.

Offline meshugener

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Feb 2012
  • Posts: 7079
  • Total likes: 52
  • DansDeals.com Hat Tips 4
  • Gender: Female
    • View Profile
  • Location: DDF
  • Programs: Amex Platinum, Chase Freedom 10X10 Exclusives, Avis Presidents Club, National Executive, Hertz 5 Star, Hilton Gold, Accor Platinum, Hyatt Platinum, Marriott Silver, SPG Gold, Club Carlson Gold
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #85 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
Love me or hate me. I still love you.

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 60028
  • Total likes: 7300
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA Global Services, AA Lifetime Plat, DL Dirt, SPG Plat, Hyatt Diamond, Fairmont Lifetime Plat, Hilton Diamond, Priority Club Plat, Avis Chairman, National EE, Hertz PC
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #86 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.
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 meshugener

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Feb 2012
  • Posts: 7079
  • Total likes: 52
  • DansDeals.com Hat Tips 4
  • Gender: Female
    • View Profile
  • Location: DDF
  • Programs: Amex Platinum, Chase Freedom 10X10 Exclusives, Avis Presidents Club, National Executive, Hertz 5 Star, Hilton Gold, Accor Platinum, Hyatt Platinum, Marriott Silver, SPG Gold, Club Carlson Gold
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #87 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.
Love me or hate me. I still love you.

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 60028
  • Total likes: 7300
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA Global Services, AA Lifetime Plat, DL Dirt, SPG Plat, Hyatt Diamond, Fairmont Lifetime Plat, Hilton Diamond, Priority Club Plat, Avis Chairman, National EE, Hertz PC
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #88 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.
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 Yeki89

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Mar 2011
  • Posts: 3859
  • Total likes: 14
  • DansDeals.com Hat Tips 5
    • View Profile
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #89 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

Offline Barryg

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2012
  • Posts: 1539
  • Total likes: 27
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Ohio
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #90 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.

Offline churnbabychurn

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2012
  • Posts: 7273
  • Total likes: 287
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #91 on: January 16, 2013, 07:45:23 PM »
amex savings account is very simple, .09% apr

Offline Barryg

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2012
  • Posts: 1539
  • Total likes: 27
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Ohio
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #92 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...

Offline churnbabychurn

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2012
  • Posts: 7273
  • Total likes: 287
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #93 on: January 16, 2013, 11:10:27 PM »
right

Offline yuneeq

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2013
  • Posts: 7350
  • Total likes: 1705
  • DansDeals.com Hat Tips 10
  • Gender: Male
    • View Profile
  • Location: NJ
Re: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #94 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.

Offline yuneeq

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2013
  • Posts: 7350
  • Total likes: 1705
  • DansDeals.com Hat Tips 10
  • Gender: Male
    • View Profile
  • Location: NJ
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #95 on: January 28, 2013, 11:03:08 AM »
Started the wiki.

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 60028
  • Total likes: 7300
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA Global Services, AA Lifetime Plat, DL Dirt, SPG Plat, Hyatt Diamond, Fairmont Lifetime Plat, Hilton Diamond, Priority Club Plat, Avis Chairman, National EE, Hertz PC
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #96 on: January 28, 2013, 12:18:58 PM »
Started the wiki.
Currently 1.59+.25=1.84
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 yuneeq

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2013
  • Posts: 7350
  • Total likes: 1705
  • DansDeals.com Hat Tips 10
  • Gender: Male
    • View Profile
  • Location: NJ
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #97 on: January 28, 2013, 12:36:20 PM »
Currently 1.59+.25=1.84

Corrected the wiki. Can someone check my math?  ::)

Offline yos9694

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2012
  • Posts: 1236
  • Total likes: 386
  • DansDeals.com Hat Tips 6
  • Gender: Male
    • View Profile
  • Location: Not Brooklyn
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #98 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%

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 60028
  • Total likes: 7300
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA Global Services, AA Lifetime Plat, DL Dirt, SPG Plat, Hyatt Diamond, Fairmont Lifetime Plat, Hilton Diamond, Priority Club Plat, Avis Chairman, National EE, Hertz PC
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #99 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.
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.