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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 33916 times)

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

Offline Barryg

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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...

Offline edgeman

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #80 on: January 10, 2013, 09:56:01 AM »
how do i signup for the 3 month cd? i dont see it on ally's website

edit found it
« Last Edit: January 10, 2013, 10:09:48 AM by edgeman »

Offline Galitzyaner

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Re: Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #81 on: January 14, 2013, 09:08:40 AM »
how do i signup for the 3 month cd? i dont see it on ally's website

edit found it
How do I find Google?

Edit: Just found it

Offline Jay the PRESIDENT

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #82 on: January 16, 2013, 11:24:44 AM »
Whats currently the best CD rate?

does Ally still bump the rate?

Offline yuneeq

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #83 on: January 16, 2013, 11:53:21 AM »
I'm with CapitalOne, getting 1% on up to 100k in a checking account. I'm happy with that, as I'm not locked into any cd's for any amount of time.

Alternatively, I would suggest that some of you buy TIPS, or Treasury Inflation-Protected Securities. The interest rate goes up and down with the CPI, so you're money will worth just as much in a couple years. Try the TIP ETF if interested.
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Offline puddles

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #84 on: January 16, 2013, 12:01:19 PM »
American Express offers 90 BPS for a savings account FDIC insured. There are no fees, no minimum, no costs to transfer money between accounts and most importantly; there is no lockup.

Offline meshugener

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #85 on: January 16, 2013, 01:44:23 PM »
I'm with CapitalOne, getting 1% on up to 100k in a checking account. I'm happy with that, as I'm not locked into any cd's for any amount of time.


+1
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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 #86 on: January 16, 2013, 01:46:51 PM »
I'm with CapitalOne, getting 1% on up to 100k in a checking account. I'm happy with that, as I'm not locked into any cd's for any amount of time.
And I'm getting over 2% with Ally and even with the penalty for breaking the CD will still be way ahead of you.
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 meshugener

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #87 on: January 16, 2013, 02:08:01 PM »
And I'm getting over 2% with Ally and even with the penalty for breaking the CD will still be way ahead of you.
Sometimes I prefer the simple checking account.
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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 #88 on: January 16, 2013, 02:39:39 PM »
Sometimes I prefer the simple checking account.
A checking account is great. But it's a shame to keep more than you need in there.
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 Yeki89

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #89 on: January 16, 2013, 02:41:59 PM »
I spoke with Alley last week. They said this .25% bonus offer is going to expire 3/31/2013 but it will probably be reinstatted as it has for the last few years