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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 41171 times)

Offline bubkiz

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #20 on: January 29, 2012, 11:38:24 PM »
Better deal, Ally only has a 60 day interest penalty.
The 5 year CD there earns 1.79% APY, but if you first open a 3 month CD and wait for it to mature and renew the CD (you can change it from 3 month to any other length in the process) you get a .25% loyalty bonus, bringing the APY to 2.04%
Do they do a hard pull?

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #21 on: January 29, 2012, 11:44:17 PM »
Do they do a hard pull?
Not IME on a 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.

Offline bubkiz

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #22 on: January 29, 2012, 11:47:15 PM »
Not IME on a CD.
Thanx! Just signed, finally will be able to take the money out from under the mattress  :)

Offline AsherO

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #23 on: January 30, 2012, 09:15:18 AM »
Not IME

+1

Compared to other banks, Ally is a breeze to deal with (IME), I'm confident that if you ask their CSRs they will confirm that they don't pull credit for savings/CD accounts.

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #24 on: February 08, 2012, 02:53:56 PM »
My Ally CD just rolled over from 3 months to 5 years.
I was able to ACH funds in during the 10 day window.
My new APY is 2.05% after the loyalty bonus.
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 Brookleneze

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #25 on: February 09, 2012, 12:44:19 AM »
Thanx! Just signed, finally will be able to take the money out from under the mattress  :)
For real?
What about this?

Offline Smartypantz

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #26 on: February 09, 2012, 11:16:37 AM »
Just FYI at Trustco Bank, they give .85% for savings account, no minimum, no monthly fee, can take out whenever u want! one of the safest ways to earn gauranteed interest with no penalties/risk of loss/etc.

Offline AsherO

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #27 on: February 09, 2012, 11:20:22 AM »
Just FYI at Trustco Bank, they give .85% for savings account, no minimum, no monthly fee, can take out whenever u want! one of the safest ways to earn gauranteed interest with no penalties/risk of loss/etc.

Ally's No Penalty CD pays .91%, which is better.

There's a downside vs. TrustCo, where at TrustCo you could keep depositing.

Offline Smartypantz

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #28 on: February 09, 2012, 11:26:45 AM »
Ally's No Penalty CD pays .91%, which is better.

There's a downside vs. TrustCo, where at TrustCo you could keep depositing.

and the interst is compounded daily at ally! that is excellent !

Offline AsherO

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #29 on: February 09, 2012, 11:35:08 AM »
and the interst is compounded daily at ally! that is excellent !

But if I withdraw early, do they post all the interest accrued until that date, or do they post the (daily compounded) interest at set intervals (e.g. weekly/monthly/quarterly)?

Also, since it's APY then if you keep your money in for the perm of the CD (11 months) then it doesn't really matter how it's compounded.

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #30 on: February 09, 2012, 12:22:01 PM »
Why not just do a 5 year at Ally and take the small 2 month penalty when you need the cash?
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 MLM

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How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #31 on: February 09, 2012, 01:44:41 PM »
Did anyone try getting the.25 bonus upfront?

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #32 on: February 09, 2012, 02:02:54 PM »
Did anyone try getting the.25 bonus upfront?
Of course but they won't do it.
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 Jay the PRESIDENT

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #33 on: March 19, 2012, 03:57:33 PM »
what exactly is the .25 bonus

Offline Shmulyg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #34 on: November 04, 2012, 02:12:19 AM »
Does anyone know if the .25 renewal bonus still exists?

Also, now that their 5-year CD rate fell to 1.64%, is this still the best offer even with the .25 renewal bonus?

Offline meshugener

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #35 on: November 04, 2012, 02:30:17 AM »
+1
Looking for the best parking lot for around 60k.
My local bank offers 2% APY for an annuity fund, locked for 5 years, but I can withdraw 10% of the principal each year with no penalties.
Good?
Love me or hate me. I still love you.

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #36 on: November 04, 2012, 08:17:18 AM »
Ally .25 is alive and well and their CD termination is still just 60 days interest.
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 Shmulyg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #37 on: November 04, 2012, 09:17:21 AM »
Ally .25 is alive and well and their CD termination is still just 60 days interest.

Just to be sure: It's the "High Yield CD" i'm applying for? (they have many different types...)

Offline Yeki89

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #38 on: November 04, 2012, 09:29:41 AM »
Is it only on a #3 month, or any product you pick (say 6 month) , the next time u can get the bonus.

Offline Shmulyg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #39 on: November 04, 2012, 09:38:56 AM »
Is it only on a #3 month, or any product you pick (say 6 month) , the next time u can get the bonus.
Why would you want to wait more than 3 months for the higher yield?