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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 53203 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 :(
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 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
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 #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.
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 #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.

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 #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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Offline Barryg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #75 on: January 03, 2013, 03:19:11 PM »
I've seen ppl that had those accounts and tracked them. Since the interest wasn't guaranteed it may have started at 5%, but is currently at around 2% or maybe even less. If you have $50,000 there you should probably follow it and not just drive yourself crazy with 10 transactions a month... (Provident NJ was the one I was told about multiple times and it's at 1.51% currently and still not guaranteed)

Offline Galitzyaner

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #76 on: January 03, 2013, 08:44:30 PM »
And if I only knew about Dan's deals, Amazon and Vanilla a year and a half ago... (Better late...)
How is it better late?  Too late, I'm locked in.

Offline Barryg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #77 on: January 05, 2013, 08:51:49 PM »
Meant better late than never... But now that you mentioned it, I guess it wasn't meant to be for me, personally, earlier on, (needing to qualify for mortgage with not much notice)

Offline Galitzyaner

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Re: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #78 on: January 05, 2013, 09:16:33 PM »
But now that you mentioned it, I guess it wasn't meant to be for me, personally, earlier on, (needing to qualify for mortgage with not much notice)
No comprende

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #79 on: January 05, 2013, 10:13:36 PM »
Playing the 3bm game is ymmv, so by one thing going wrong, it could create multiple hard pulls. When applying for a mortgage you'd prob want to prepare by not doing any hard pulls in the 6 months before, especially if very close to the 740 range in credit scores... It worked out well, for me that mortgage is done, and (I think score may have went up) now can maximize pulls, and "spend" money easier...