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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 53214 times)

Offline googwallet

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #220 on: July 01, 2014, 04:50:18 PM »
From Barclays https://www.banking.barclaysus.com/online-savings.html
Quote
Rates may change at any time without prior notice, before or after the account is opened.
I though a CD had a locked APY?

Offline Dan

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #221 on: July 02, 2014, 12:15:21 PM »
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/
Looking into the penalties on a 5 year.
Seems like bankoncit is 12 months, everbank is 15 months, and myoptimizerplus is 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 sruly

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #222 on: July 02, 2014, 12:20:28 PM »
Looking into the penalties on a 5 year.
Seems like bankoncit is 12 months, everbank is 15 months, and myoptimizerplus is 6 months.
Keep in mind that full penalties are charged no matter how long the account is open.

i.e. If penalty is 15 months and you cancel after 14 months you will come out with less money then you put in.

Offline sruly

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #223 on: May 12, 2015, 09:03:33 AM »
Is Barclays at 2.25 for 5 years the best out there (Ally is at %2.0)?

Also Barclays says they can change the rate at any time ?
Can you cancel without penalty if they change the rate ?

With Ally you lock in the rate.

Any better options out there ?
« Last Edit: May 12, 2015, 09:13:53 AM by sruly »

Offline Welder

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #224 on: July 21, 2015, 03:16:15 PM »
Anyone know what the current best CD options are?
"We need more welders and less philosophers" — Marco Rubio

Offline emak

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #225 on: July 31, 2015, 09:40:50 AM »
Just did some homework on CDs. Best we liked was Valley National, there's a promo for a 2 year CD. Also good is Flushing Savings, Barclays, Apple Bank. The big banks (Chase, Citi, BofA etc.) don't come close.

Offline SPLP

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #226 on: July 31, 2015, 11:37:07 AM »
i see 0.75 for 2 year cd-- is this the "special rate"?

Offline Yeki89

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #227 on: July 31, 2015, 11:40:16 AM »
You can get 1% for a year in local.

Offline 12HRS

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #228 on: July 31, 2015, 11:40:34 AM »
i see 0.75 for 2 year cd-- is this the "special rate"?

um. you can get better in a savings account

Offline SPLP

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #229 on: July 31, 2015, 11:48:53 AM »
checked further 2 year  cd  1.60

Offline Shauly101

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #230 on: July 31, 2015, 12:06:40 PM »
u can try LMCU.org max Checking account

Offline David Smith

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Re: How I'm getting almost triple the 1 year CD % rate for 1 year!
« Reply #231 on: July 31, 2015, 12:10:14 PM »
u can try LMCU.org max Checking account
3% APY. List of requirements, but not a big deal to fulfill. Hard credit pull.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ