Ally’s Holiday Rate: 2.00% APR on a 12-Month CD

For those who like good rates but not too crazy about rate chasing or long term commitment this one’s for you. Ally Bank just announced a special rate for the holidays. From today till Jan 2, 2018, you can open a 12-Month CD with a 2.00% APR with no minimum deposit required. This is one of the best rates (if not the highest) on the market right now. There is an early withdrawal penalty though, but at least it’s a short term commitment.  If you already bank with Ally, this would literally take you less than 5 mins to open. For more details, you can visit here.

Renew Your Ally CD for an Additional Interest Rate Boost

ally If you’ve read through my devotion to Ally Bank CDs, you might have seen me mention about Ally Bank’s loyalty reward. I think they’ve finally posted up some official terms online. You can read it here.

Basically, if you renew any of your maturing Ally Bank CD, they’ll offer you an additional 0.25% interest rate boost to whatever is the current interest rate of a new CD.  So for example, if you have a 1 year CD maturing on Dec 1, you can roll the CD into another 1 year CD at 0.98%+0.25%=1.23% interest rate. That’s probably one of the few higher CD interest rates out there already.

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2013 CD Ladder Updates

One of my CDs in my CD ladder initiative just matured, so I figure its a good time to give a update . If you recall from my previous post, my CD ladder is a little bit more complicated given the current interest rates. If anything I think it looks more like a slinky (I might be dating myself here). My approach is simply having 2 CD ladders, a short term one and a long term one at the same time. I wouldn’t want to confine myself to all long term yet, I want to make sure that a cycle is in place and that at least 1 CD is maturing every quarter.

As of right now, I have a total of 7 CDs, 4 of which are 1-year CDs and 3 of them are 4- and 5-year CDs from Ally Bank.  Continue reading

Hello, Ally

Following to my previous post where I discussed why I ended my Chase banking, I want to go over some reasons why I chose Ally Bank.

Before we look at Ally Bank, let’s just summarize what I was looking for.

A bank that has:

  1. ATM withdrawals available near work
  2. Interest checking accounts that will grant more than the 0.01%

Why I Chose Ally Bank?

Without the option of another traditional brick & mortar bank around my workplace, my only option was to switch to the non-traditional online banks. There’s quite a few of those nowadays, ING Direct & Ally (being the more popular ones), even Discover and American Express has hopped onto the online bank wagon, with the latter two offering high yield savings accounts.

Without an debit/ATM card, Discover and American Express were not my options. It comes down to ING Direct and Ally. But Ally beats ING Direct when it comes to no ATM withdrawal fees and competitive interest checking rates.

Free ATM Withdrawals

Ally reimburses you on all domestic ATM transaction fees anywhere in the country at the end of the month. It’s a little inconvenient that they credit it at the end of the monthly cycle Continue reading