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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 33144 times)

Offline AJK

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #60 on: January 03, 2013, 12:27:18 PM »
Wow, what horrendous rates :(
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Offline myb821

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #61 on: January 03, 2013, 12:27:59 PM »
Wow, what horrendous rates :(
u have anythign better?

Offline AJK

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #62 on: January 03, 2013, 12:29:15 PM »
u have anythign better?

For a CD? No, but I don't invest in CDs...

Perhaps a high-yield checking account if you don't want risk, but I don't invest there either.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #63 on: January 03, 2013, 12:30:53 PM »
For a CD? No, but I don't invest in CDs...

Perhaps a high-yield checking account if you don't want risk, but I don't invest there either.
The fee for breaking an Ally CD is fairly minimal.  You should wind up wayyy ahead than a checking account even with breaking 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 AJK

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #64 on: January 03, 2013, 12:32:16 PM »
The fee for breaking an Ally CD is fairly minimal.  You should wind up wayyy ahead than a checking account even with breaking it.

Last I checked (and I admit it's been awhile), I could get 5%.

Granted it's probably lower now, but lower than 2%? I dunno...

ETA: http://www.depositaccounts.com/checking/reward-checking-accounts.html
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Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #65 on: January 03, 2013, 12:34:00 PM »
Ah you mean those that require 10x transactions/month and are only valid for $10K, etc.
Never really got involved in those.
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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #66 on: January 03, 2013, 12:35:25 PM »
Ah you mean those that require 10x transactions/month and are only valid for $10K, etc.
Never really got involved in those.

Yep... and for those in this game, 10 swipes aren't that big of a deal.

And some accounts allow 25K+... so between you and a spouse, that's ~2.5% for 50K+ for 20 swipes.

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Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #67 on: January 03, 2013, 12:38:00 PM »
Yep... and for those in this game, 10 swipes aren't that big of a deal.

And some accounts allow 25K+... so between you and a spouse, that's ~2.5% for 50K+ for 20 swipes.
Link?
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.

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #68 on: January 03, 2013, 12:53:12 PM »
Link?

I am simply remembering my my old days...

I'd have to search now. Just like you can :P
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Offline churnbabychurn

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #69 on: January 03, 2013, 01:56:39 PM »
does paying 10 *one dollar towards sprint bill online work? It did for the Chase debit card thing back in the day...

Offline AJK

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #70 on: January 03, 2013, 02:01:50 PM »
does paying 10 *one dollar towards sprint bill online work? It did for the Chase debit card thing back in the day...

What are you referring to?

In the future, to avoid ambiguity, use the "Quote" button.
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Offline yehuda S

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #71 on: January 03, 2013, 02:08:15 PM »
Why not just invest in a 3-4% municipal bond  ???
Work is what you do between vacations.

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #72 on: January 03, 2013, 02:09:51 PM »
Why not just invest in a 3-4% municipal bond  ???
Because that's not guaranteed by the FDIC?
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Offline churnbabychurn

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #73 on: January 03, 2013, 02:24:32 PM »

Was referring to 10 swipes being "no big deal". One could pay $10 to a phone bill online in $1 increments. is all.

Offline AJK

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #74 on: January 03, 2013, 02:26:46 PM »
Correct. NBD.
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