Ally up to 1.50%

Ally upped their 1 year CD to 2.25%.
They remain competitive in the 9 month and 1 year CD space. Not longer dated CD maturities.
 
I signed up for Cit bank (1.75%) and heritage bank checking (3.33%) last night. Thinking we can keep up to 25k in heritage and any overages I to cit. I'm hoping we can come up with a process to make 10 debit purchases per month for heritage rate so we don't have to think too much and still use our cc. rewards for most purchases.
 
Those 10 debit purchases a month are a killer requirement. No way I can reliably swing that and I’m not willing to have such things interfere with my lifestyle.
 
columbus said:
I signed up for Cit bank (1.75%) and heritage bank checking (3.33%) last night. Thinking we can keep up to 25k in heritage and any overages I to cit. I'm hoping we can come up with a process to make 10 debit purchases per month for heritage rate so we don't have to think too much and still use our cc. rewards for most purchases.
Click to expand...
1. Break gasoline purchases into $10 pit stops instead of one large fill up.
2. Use your debit card at Starbucks, fast food, etc.
3. Break your small grocery purchase into 2-3 purchases using the self checkout option.
4. Buying a soda at the gas station? Use the card. (you may have a min. amount the bank demands-ours just raised to $5.
5. See if a charity you supports takes debit cards. Give $10 a month instead of writing a check in Dec.

Most of these ideas I found on Doctor of Credit www.doctorofcredit.com.

You have to focus on using the card-once you get in the habit, it is easier. We have to hit 16 a month, and it is doable when we make a game of it-and have 2 people using the card. If the interest rate is really, really good on the savings, it is worth it. I would never do it just to keep a brick and mortar bank happy, and my monthly fee at zero....
 
I just converted one of my ally 1.75% no penalty CD's into a 2.25% 12 month CD.

It was easy as pie, all online, and since I cashed out the 1.75% CD to my Ally savings account, the money was there immediately to buy the 2.25% CD (which has a 60 day penalty if cashed early).
 
Sunset said:
I just converted one of my ally 1.75% no penalty CD's into a 2.25% 12 month CD.

It was easy as pie, all online, and since I cashed out the 1.75% CD to my Ally savings account, the money was there immediately to buy the 2.25% CD (which has a 60 day penalty if cashed early).
Click to expand...

12 month CD is 2.30% today. Recent rate hikes, still may go higher soon.
 
Chuckanut said:
Just bought a 9 month CD at Schwab for 2.2%.
Click to expand...
Fidelity has the same 9 month rate with 2.35% for 1 year.
They seem to usually be 5-10 basis points ahead of Ally at these maturities and much better if >1yr.
 
I purchased many yesterday and today through Fidelity.

For a brief one hour yesterday, Fidelity was displaying a new issue 3-month for 2.1%. This was quickly gobbled up and was gone. I got a few of them.

All the others I picked up were secondary market ranging from 22 month to 41 month at 2.97% to 3.23% after commission.
 
Last edited:
njhowie said:
I purchased many yesterday and today through Fidelity.

For a brief one hour yesterday, Fidelity was displaying a new issue 3-month for 2.15%. This was quickly gobbled up and was gone. I got a few of them.

All the others I picked up were secondary market ranging from 22 month to 41 month at 2.97% to 3.23% after commission.
Click to expand...

Based on your other posts, you like CD's. It appears that you purchase what you perceive as good value on a frequent basis in this rising environment.
My question is do you have each set of purchases arranged in a CD type ladder, or is it just singular purchases which come together as part of your strategy?
 
Dtail said:
Based on your other posts, you like CD's. It appears that you purchase what you perceive as good value on a frequent basis in this rising environment.
My question is do you have each set of purchases arranged in a CD type ladder, or is it just singular purchases which come together as part of your strategy?
Click to expand...

I like CDs, Treasuries (up to maybe 15 months), and munis.

You are correct on how I buy in general.

I don't have a "formal" ladder, though I do employ a laddering strategy. I don't have any particular maturity or timeframe that I'm targeting, just that I can pick up good yields and ride interest rates higher.

My portfolio maturity curve looks like the right half of a bell curve, with the bulk of maturities up to roughly 3 years, a bit less up to 5, a bit less up to 10, and maybe only 5 percent of the value at 10 years or more.

I have a set of pre-defined queries on Fidelity's website that I run and browse through to find CDs that are mispriced and pick them up when offered. I don't have any in particular that I'm specifically ever looking for, just that the rates are a good amount better than new issue or others offered for similar maturity.
 
Dash man said:
Ally Savings is up to 1.65%
Click to expand...

OK, so they finally caught up with Synchrony and American Express Bank.

I’m expecting another set of increases soon. Fed Funds Rate was just hiked 0.25% to 2%. These high yield savings banks are falling behind!
 
audreyh1 said:
OK, so they finally caught up with Synchrony and American Express Bank.

I’m expecting another set of increases soon. Fed Funds Rate was just hiked 0.25% to 2%. These high yield savings banks are falling behind!
Click to expand...

Synchrony is at 1.75 percent... Ally continues to lag the aggressive rate raisers.
 
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