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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 32593 times)

Online emak

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #225 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.

Offline SPLP

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #226 on: July 31, 2015, 11:37:07 AM »
i see 0.75 for 2 year cd-- is this the "special rate"?

Offline Yeki89

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #227 on: July 31, 2015, 11:40:16 AM »
You can get 1% for a year in local.

Online 12HRS

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #228 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

Offline SPLP

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #229 on: July 31, 2015, 11:48:53 AM »
checked further 2 year  cd  1.60

Offline Shauly101

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #230 on: July 31, 2015, 12:06:40 PM »
u can try LMCU.org max Checking account

Offline David Smith

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #231 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.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ