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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 53229 times)

Offline Galitzyaner

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #180 on: October 28, 2013, 01:23:36 AM »
If you lock it for the full 5 yr and don't care to withdraw early?
Oh! :-[ :D
I was thinking something like there was a longer term with a lower penalty...
Luckily I'm locked in.

Offline Galitzyaner

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #181 on: November 08, 2013, 01:24:54 AM »

Offline ayman

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #182 on: November 08, 2013, 01:35:55 AM »
Got the same notice today...
Buy discounted gift cards from me.
www.simplifyshopping.com

Offline droren

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Ally Bank?
« Reply #183 on: March 10, 2014, 12:50:32 AM »
they have great interest rate on checking/saving accounts. Seems like the reviews are very positive. Any good and bad things?

Thanks

Offline mow

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Re: Ally Bank?
« Reply #184 on: March 10, 2014, 12:53:04 AM »
I use them very happy let u deposit up to 10k on the app so no need to mail out check unless larger

Offline Sport

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Re: Ally Bank?
« Reply #185 on: March 10, 2014, 12:55:12 AM »
Use them too, very good except it takes a decent amount if time to transfer money from an Ally account to another Account.

Online etech0

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Re: Ally Bank?
« Reply #186 on: March 10, 2014, 12:56:39 AM »
do you need a smartphone?
Workflowy. You won't know what you're missing until you try it.

Offline Sport

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Re: Ally Bank?
« Reply #187 on: March 10, 2014, 12:58:07 AM »
For what?

Online etech0

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Re: Ally Bank?
« Reply #188 on: March 10, 2014, 12:59:29 AM »
to deposit checks
Workflowy. You won't know what you're missing until you try it.

Offline Sport

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Re: Ally Bank?
« Reply #189 on: March 10, 2014, 01:00:20 AM »
Oh, I just transfer from my chase account.

Online etech0

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Re: Ally Bank?
« Reply #190 on: March 10, 2014, 01:00:40 AM »
so what's the point? Just the better interest rate?
Workflowy. You won't know what you're missing until you try it.

Offline Sport

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Re: Ally Bank?
« Reply #191 on: March 10, 2014, 01:07:03 AM »
Yes, with chase the interest rate is practically nothing . It's also a way to put away money with out having instant access to it.

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Re: Ally Bank?
« Reply #192 on: March 10, 2014, 01:22:33 AM »
Got it.
Does it have bill pay? Might be a good way to funnel money from VR to CC companies...
Workflowy. You won't know what you're missing until you try it.

Offline popcorn1508

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Re: Ally Bank?
« Reply #193 on: March 10, 2014, 01:38:11 AM »
Here is an entire thread about ally bank http://forums.dansdeals.com/index.php?topic=13492.0

Offline droren

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Re: Ally Bank?
« Reply #194 on: March 10, 2014, 01:39:41 AM »

Offline HP58

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Re: Ally Bank?
« Reply #195 on: March 10, 2014, 01:49:24 AM »
Merge with thread mentioned in previous post?

Offline ShlockDoc

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Re: Ally Bank?
« Reply #196 on: March 10, 2014, 08:12:35 AM »
I get 1.5% on my checking account with refunded ATM fees every month.   For those in NJ:


http://www.providentnj.com/site/PersonalServices/Checking/ProvidentSmartChecking/Content.aspx

Offline droren

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #197 on: March 11, 2014, 01:33:07 AM »
Can you trust this bank to put your house down-payment during house hunting?

Offline ari2955

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #198 on: March 11, 2014, 02:13:55 AM »
Can you trust this bank to put your house down-payment during house hunting?
Trust? it's FDIC insured.

Offline 12HRS

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #199 on: March 11, 2014, 10:53:03 AM »
Just keep your deposits under $250k per person if you want it to be insured. ;)

Lots of stories during the financial crisis of people who thought their money was safe only to find out that the limit was $250k per person and they easily could have put additional money in another bank to maintain the protection