Topic Wiki

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 33537 times)

Offline Smokey Joe Robinson

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #105 on: January 28, 2013, 05:51:36 PM »
@yuneeq

I took a peak at the wiki and noticed the allied union thing with the higher interest rate. How do you qualify for that?
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Offline yuneeq

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #106 on: January 28, 2013, 05:53:14 PM »
@yuneeq

I took a peak at the wiki and noticed the allied union thing with the higher interest rate. How do you qualify for that?

I honestly have no clue. Check their website.
Live forever or die trying.

Offline AsherO

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #107 on: January 28, 2013, 05:56:23 PM »
I took a peak at the wiki and noticed the allied union thing with the higher interest rate. How do you qualify for that?

It's a standard CD, you don't really have to "qualify".
PGF24BMGS

Offline TAVI

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #108 on: March 04, 2013, 07:09:02 PM »
I want to open their 5yr CDs. I know that i first have to do the 3month CD and then get the bonus. but my question is, do i have to open a checking account with them first and then open the 3 month CD? or can i just open the 3month CD without the checking account?

TIA

Offline Smokey Joe Robinson

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #109 on: March 04, 2013, 07:09:30 PM »
I want to open their 5yr CDs. I know that i first have to do the 3month CD and then get the bonus. but my question is, do i have to open a checking account with them first and then open the 3 month CD? or can i just open the 3month CD without the checking account?

TIA

no checking account necc.

I speak from experience
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Offline TAVI

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #110 on: March 05, 2013, 08:58:43 AM »
ty

Offline edgeman

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #111 on: March 05, 2013, 09:59:31 AM »
cute:

Welcome to Ally's Live Chat. Thanks for joining us! A Customer Care Associate will be with you in a moment. You are number 1 in the queue. Thank you for waiting.
You are now chatting with 'Courtney'
Courtney: Hello Elisha.
Courtney: Thank you for chatting with me today. How can I help you?
elisha: do you do a hard pull on my credit report when opening a 3 month cd?
Courtney: Ally Bank will generally pull your credit in order to verify your new account application. Like most banks, we look at your credit information to verify your identity, protect you from fraud, and comply with federal regulation. Ally Bank will only pull your credit in compliance with the Fair Credit Reporting Act.
elisha: but is it a hard or soft pull?
Courtney: For a CD it would only be considered an inquiry.
elisha: a soft or hard inquiry?
Courtney: I'm sorry it would only be considered a soft inquiry to assist in verifying your identity.
elisha: thank you

Offline Shmulyg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #112 on: March 05, 2013, 10:03:07 AM »
I want to open their 5yr CDs. I know that i first have to do the 3month CD and then get the bonus.

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

If the expiration date refers to the CD's renewal date, you're out of luck...

Offline TAVI

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #113 on: March 05, 2013, 12:12:23 PM »
yes i know, but i'm hoping that the comments Dan and others have made regarding Ally extending these promotions is correct...

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #114 on: March 05, 2013, 12:13:32 PM »
They've had them like that since they opened.
Of course they're always free to end 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 Shmulyg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #115 on: March 06, 2013, 06:54:22 AM »
yes i know, but i'm hoping that the comments Dan and others have made regarding Ally extending these promotions is correct...
Good luck!

Offline joesol

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #116 on: March 06, 2013, 08:15:56 AM »
Confirmed .25% added. I received an email that my CD is coming due and I can roll over into any CD product with an added bonus of .25%.

Offline Menucha

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #117 on: March 06, 2013, 08:17:52 AM »
offered for new cd, regardless of amount on first CD?

Offline Shmulyg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #118 on: March 08, 2013, 07:58:57 AM »
Confirmed .25% added. I received an email that my CD is coming due and I can roll over into any CD product with an added bonus of .25%.
Is your renewal date before the 31st? If yes, it proves nothing. We still don't know if the offer was extended.

Offline Shmulyg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #119 on: March 08, 2013, 08:02:11 AM »
offered for new cd,
Not for a new CD. For renewing an old one.

regardless of amount on first CD?
If offer still stands, yes. You can add funds and change the duration upon renewal.