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 53225 times)

Offline droren

  • Dansdeals Silver Elite
  • **
  • Join Date: Jan 2012
  • Posts: 98
  • Total likes: 1
  • DansDeals.com Hat Tips 1
    • View Profile
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #200 on: March 12, 2014, 07:25:43 PM »
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

This is what I thought. Thanks again!

Offline Barryg

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2012
  • Posts: 1683
  • Total likes: 63
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Ohio
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #201 on: March 13, 2014, 11:30:52 PM »
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
Will def keep this in mind. Only $250,000 per person per bank. Now, if I had say over $500,000 (unless kids count - then well over $1 mil) why exactly would I keep it in a bank ???

Offline 12HRS

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 5108
  • Total likes: 575
  • DansDeals.com Hat Tips 6
    • View Profile
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #202 on: March 14, 2014, 12:56:36 AM »
Will def keep this in mind. Only $250,000 per person per bank. Now, if I had say over $500,000 (unless kids count - then well over $1 mil) why exactly would I keep it in a bank ???

IDK beats me but some people like to stash their money in stupid places.

In theory if you had millions of dollars and you wanted to a portion of money in CDs then you would want to vary the banks. Although from what I understand different types of accounts within one bank may be FDIC insured. When either of us gets to that point report back...

Offline bubkiz

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Dec 2010
  • Posts: 729
  • Total likes: 53
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #203 on: May 13, 2014, 05:07:51 PM »
Look like the bonus is down to .15%:
http://www.ally.com/learn/loyalty-rewards/

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 67599
  • Total likes: 16912
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA GS, AA EXP, DL Dirt, Hyatt Glob, Fairmont Lifetime Plat, DD Diamond, Blocked By @NeriaKraus
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #204 on: May 13, 2014, 05:09:53 PM »
Look like the bonus is down to .15%:
http://www.ally.com/learn/loyalty-rewards/
Plus their rates aren't as good as elsewhere.
Plus they massively increased the CD breakage penalty.

Nothing to see here, move on.
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 bubkiz

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Dec 2010
  • Posts: 729
  • Total likes: 53
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #205 on: May 13, 2014, 05:11:55 PM »
Did the penalty go up for existing CDs?

So where is the next safe place to park $$$?

Offline Emkay

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 14295
  • Total likes: 376
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Where I ought to be
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #206 on: May 13, 2014, 05:18:06 PM »
Plus their rates aren't as good as elsewhere.
Plus they massively increased the CD breakage penalty.

Nothing to see here, move on.
who has better?

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 67599
  • Total likes: 16912
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA GS, AA EXP, DL Dirt, Hyatt Glob, Fairmont Lifetime Plat, DD Diamond, Blocked By @NeriaKraus
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #207 on: May 13, 2014, 05:26:49 PM »
Did the penalty go up for existing CDs?
No.
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 Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 67599
  • Total likes: 16912
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA GS, AA EXP, DL Dirt, Hyatt Glob, Fairmont Lifetime Plat, DD Diamond, Blocked By @NeriaKraus
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 Smokey Joe Robinson

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2011
  • Posts: 3027
  • Total likes: 6
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
  • Programs: SPG Gold, HHonors Gold, Hyatt Plat, Club Carlson Gold Elite, Best Western Diamond Elite, Marriott Rewards Silver, Hertz President's Circle, National Executive Elite, Sixt Platinum, Delta Silver Medallion, United Premier Silver
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #209 on: May 13, 2014, 05:54:22 PM »
https://www.virtualbank.com/Banking/eCDs.html

what is their penalty for early withdrawal? dont see it on their website, tried to call and theyre closed already.

I know barclays has a 2.25 apy for 5 years with 6 month penalty so wondering if this is less.
My Programs Are Listed So That I Don't Forget Them :)

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 67599
  • Total likes: 16912
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA GS, AA EXP, DL Dirt, Hyatt Glob, Fairmont Lifetime Plat, DD Diamond, Blocked By @NeriaKraus
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #210 on: May 13, 2014, 06:53:23 PM »
6 months
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 Galitzyaner

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2011
  • Posts: 2961
  • Total likes: 119
  • DansDeals.com Hat Tips 13
    • View Profile
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #211 on: May 13, 2014, 07:20:52 PM »
Is this part of the Gov takeover?! ::)

Offline Kvending

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Oct 2012
  • Posts: 464
  • Total likes: 4
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #212 on: May 13, 2014, 07:59:15 PM »
who has better?

I have some investments that pay 12% or 1% a month over 2 years & 10 months. pm for details.

Offline mawmaw

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2013
  • Posts: 1252
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #213 on: May 13, 2014, 08:52:20 PM »
as its known in the biz world if someone offer you 10% or more you should be very careful
 

Offline Kvending

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Oct 2012
  • Posts: 464
  • Total likes: 4
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #214 on: May 13, 2014, 09:36:58 PM »
as its known in the biz world if someone offer you 10% or more you should be very careful

This is a 1% on your money per month but it's really less then that because you get back principle & interest EVERY month, so as the principle is getting paid off the interest amount keeps getting less even though the 1% is staying the same.
Do you understand?
« Last Edit: May 13, 2014, 10:21:31 PM by Kvending »

Offline Emkay

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 14295
  • Total likes: 376
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Where I ought to be
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #215 on: July 01, 2014, 04:12:50 AM »
https://www.virtualbank.com/Banking/eCDs.html
I see that this gives like 1.9% for 5 years. Is there anything that would give more?  Locking it up for a while is fine and minimum deposits are also.

Offline mawmaw

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2013
  • Posts: 1252
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #216 on: July 01, 2014, 02:53:53 PM »
I see that this gives like 1.9% for 5 years. Is there anything that would give more?  Locking it up for a while is fine and minimum deposits are also.
what is the t&c/penalty  for early termination
couldn't see the t&c without applying 

Offline Smokey Joe Robinson

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2011
  • Posts: 3027
  • Total likes: 6
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
  • Programs: SPG Gold, HHonors Gold, Hyatt Plat, Club Carlson Gold Elite, Best Western Diamond Elite, Marriott Rewards Silver, Hertz President's Circle, National Executive Elite, Sixt Platinum, Delta Silver Medallion, United Premier Silver
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #217 on: July 01, 2014, 02:59:42 PM »
Barclays 5 year is 2.25% with 180 days penalty same as virtual bank
My Programs Are Listed So That I Don't Forget Them :)

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 67599
  • Total likes: 16912
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA GS, AA EXP, DL Dirt, Hyatt Glob, Fairmont Lifetime Plat, DD Diamond, Blocked By @NeriaKraus
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #218 on: July 01, 2014, 03:00:58 PM »
I see that this gives like 1.9% for 5 years. Is there anything that would give more?  Locking it up for a while is fine and minimum deposits are also.
Was 2.3 when I posted.

These still are:
https://www.bankoncit.com/products-jumbo-cd.htm
https://www.everbank.com/banking/cd
https://www.myoptimizerplus.com/banking/products/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 Emkay

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 14295
  • Total likes: 376
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Where I ought to be
Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #219 on: July 01, 2014, 04:15:43 PM »