1) Sign up for Ally Bank at
www.ally.com2) 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