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** »