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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 33531 times)

Offline Shmulyg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #135 on: April 04, 2013, 10:41:49 AM »
Just did  ;)
And YES it has been extended.
Dan is always right  :)
Nice!

Offline sruly

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #136 on: April 04, 2013, 12:45:28 PM »
Did it drop to 1.54% ?

Offline Shmulyg

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #137 on: April 04, 2013, 12:52:08 PM »
Did it drop to 1.54% ?
A while back.

Offline sruly

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #138 on: April 04, 2013, 02:57:11 PM »
I signed up for 3 cd's
after 3 month when i want to renew and switch to the 5yr CD i will get whatever the going rate is then ?

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #139 on: April 04, 2013, 02:57:37 PM »
Correct
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 sruly

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Offline Lev

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #141 on: April 30, 2013, 10:29:54 AM »
"Dear Lev,
You recently received a CD maturity notice that provided important information about at least one of your CDs. If you renew your CD at maturity into any CD term, we'll automatically add a loyalty reward of 0.25% to your new rate."

Offline YG

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Best savings account?
« Reply #142 on: May 19, 2013, 01:05:42 PM »
Is there a thread around here about the best savings accounts around these days?
Looking to put away 5K in a way that will minimize devaluation due to inflation, be minimal maintenance, and allow it to be accessible as I don't know when I'll need it. 

Offline mow

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Re: Best savings account?
« Reply #143 on: May 19, 2013, 01:07:32 PM »
Ally bank

Offline YG

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #144 on: May 19, 2013, 01:24:48 PM »
Thanks to whoever moved this here. And thanks @ mow for the response.

Offline Jay the PRESIDENT

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #145 on: May 21, 2013, 03:57:56 PM »
Whats the current best interest rate on a CD?

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #146 on: July 16, 2013, 03:21:33 PM »
Ally .25 still alive and well.
Just did another 3 month/5 year CD.
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 Tax

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #147 on: July 16, 2013, 04:17:27 PM »
Is there a thread around here about the best savings accounts around these days?
Looking to put away 5K in a way that will minimize devaluation due to inflation, be minimal maintenance, and allow it to be accessible as I don't know when I'll need it. 
Look at I bonds.
http://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds.htm

Offline ari2955

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #148 on: July 17, 2013, 01:23:18 AM »
Ally .25 still alive and well.
Just did another 3 month/5 year CD.
Can I add more $ at the end of the 3 months and get the .25 on the entire amount?

Offline Lotofsimcha

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #149 on: July 17, 2013, 02:17:50 AM »
Can I add more $ at the end of the 3 months and get the .25 on the entire amount?

http://forums.dansdeals.com/index.php?topic=13492.msg176952.msg#176952
104 Shabbos meals,24 YomTov meals,+50 other Holiday/big meals. Really you want to know why Im fat ??