Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 12-20-2017, 05:12 PM   #101
Recycles dryer sheets
Earl E Retyre's Avatar
 
Join Date: Jan 2010
Posts: 287
Ally Bank 11 mos no penalty CD is now 1.75%. I opened a 1.5% no penalty CD several months ago. Does anyone know if I can call Ally and have them essentially bump up my rate to 1.75% (e.g., cancel my 1.5% CD and immediately open a 1.75% CD)?
__________________

Earl E Retyre is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-21-2017, 12:32 AM   #102
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 5,753
Quote:
Originally Posted by Earl E Retyre View Post
Ally Bank 11 mos no penalty CD is now 1.75%. I opened a 1.5% no penalty CD several months ago. Does anyone know if I can call Ally and have them essentially bump up my rate to 1.75% (e.g., cancel my 1.5% CD and immediately open a 1.75% CD)?
You can do it yourself online immediately.
Looking at your account.
Click on your CD
in the description of the cd click on: Matures On:
On the left side there is a menu of 3 items, click on Early Withdrawal
Then select how you want to get your money (online transfer).
Select your Ally bank account to put the money in and then do it.
Close the popup window (top right is the close X)

You will see your account with the cd money deposited in it, and the cd says closed.

Then you can buy a new one online at 1.75%
__________________

Sunset is online now   Reply With Quote
Old 12-21-2017, 07:59 AM   #103
Full time employment: Posting here.
 
Join Date: Jan 2017
Posts: 819
Any reason to try to rush some cash into a CD before the new year?

I'm thinking interest rates are only going up, so no hurry, but you guys are making me wonder.
CaptTom is offline   Reply With Quote
Old 12-21-2017, 08:05 AM   #104
Thinks s/he gets paid by the post
 
Join Date: Jan 2013
Posts: 1,658
I'm expecting to ladder as interest rates go up. I put some cash in the Ally one year, 2 percent deal. It's significantly higher than the competition. As others catch up and surpass this rate and increases start for differing terms, I will put more cash to work.
Another Reader is offline   Reply With Quote
Old 12-21-2017, 08:06 AM   #105
Recycles dryer sheets
Cayman's Avatar
 
Join Date: Nov 2015
Posts: 202
Not a rush per se, just listing best end of year rates for those who have a need. Thanks to this thread, I put some dough in Navy Fed's 15 mo. 2.25% deal to help keep those $ in pace with inflation.
Cayman is offline   Reply With Quote
Old 12-21-2017, 09:22 AM   #106
Recycles dryer sheets
Earl E Retyre's Avatar
 
Join Date: Jan 2010
Posts: 287
Quote:
Originally Posted by Sunset View Post
You can do it yourself online immediately.
Looking at your account.
Click on your CD
in the description of the cd click on: Matures On:
On the left side there is a menu of 3 items, click on Early Withdrawal
Then select how you want to get your money (online transfer).
Select your Ally bank account to put the money in and then do it.
Close the popup window (top right is the close X)

You will see your account with the cd money deposited in it, and the cd says closed.

Then you can buy a new one online at 1.75%
Thanks, Sunset. That was too easy. Took me 5 minutes and I was done. It really is amazing that they make it so easy to bump up your own rate with no penalty as rates rise.
Earl E Retyre is online now   Reply With Quote
Old 12-21-2017, 11:37 AM   #107
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 3,741
Quote:
Originally Posted by CaptTom View Post
Any reason to try to rush some cash into a CD before the new year?

I'm thinking interest rates are only going up, so no hurry, but you guys are making me wonder.


I wouldn't rush because there's just not enough money involved to make a huge difference. If you look at the rates on some of these specials, it's ~50 bps above the going rate for similar term. I think it will take quite awhile for rates to catch up to the specials, so why wait if the funds are available you could put half in now and see what happens.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is online now   Reply With Quote
Old 12-21-2017, 12:11 PM   #108
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 5,753
Quote:
Originally Posted by CaptTom View Post
Any reason to try to rush some cash into a CD before the new year?

I'm thinking interest rates are only going up, so no hurry, but you guys are making me wonder.
Putting it into the Ally no penalty 11 month cd at 1.75% is a zero risk choice,

Since it can be cashed without penalty.
Sunset is online now   Reply With Quote
Old 12-21-2017, 02:53 PM   #109
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 19,584
Essentially like a 1.75% savings account except deposits and withdrawals are all or nothing. Right?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...60/35/5 AA
pb4uski is offline   Reply With Quote
Old 12-21-2017, 06:05 PM   #110
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 5,753
Quote:
Originally Posted by pb4uski View Post
Essentially like a 1.75% savings account except deposits and withdrawals are all or nothing. Right?
Yes.
I tossed some money in there I don't expect to spend for 6 months or more. And just keep 10K or so out for immediate spending in the regular savings account.

Dividends keep rolling in to supplement the 10K number so it will last some time.
Sunset is online now   Reply With Quote
Old 12-21-2017, 06:16 PM   #111
Thinks s/he gets paid by the post
Golden sunsets's Avatar
 
Join Date: Jun 2013
Posts: 1,078
Quote:
Originally Posted by Sunset View Post
Putting it into the Ally no penalty 11 month cd at 1.75% is a zero risk choice,

Since it can be cashed without penalty.


Does the prior Ally CD that is being cashed in early compute interest daily so that the early withdrawal does not sacrifice interest earned sinc the prior month end?
__________________
"Luck favors the prepared mind"
Pasteur
Golden sunsets is online now   Reply With Quote
Old 12-21-2017, 06:26 PM   #112
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,794
Quote:
Originally Posted by Golden sunsets View Post
Does the prior Ally CD that is being cashed in early compute interest daily so that the early withdrawal does not sacrifice interest earned sinc the prior month end?
Yes.. Closed multiple Ally 11 mo. CDs (multiple because closing is all or nothing and we wanted to only close what we had to) - they all rolled into new accounts showing the initail funding amount + interest they had earned - up to the day. $100k single CD amount didn't show for a couple days, guess the amount required special eyes and blessing.
calmloki is online now   Reply With Quote
Old 12-21-2017, 11:54 PM   #113
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 5,753
Quote:
Originally Posted by calmloki View Post
Yes.. Closed multiple Ally 11 mo. CDs (multiple because closing is all or nothing and we wanted to only close what we had to) - they all rolled into new accounts showing the initail funding amount + interest they had earned - up to the day.......
+1

I was really impressed with ALLY, how easy it was to do, and they were so transparent with the transaction, and immediate (within seconds) deposit to my ALLY account.
Didn't even have to log out and back in.
Sunset is online now   Reply With Quote
Old 12-25-2017, 07:48 AM   #114
Thinks s/he gets paid by the post
Golden sunsets's Avatar
 
Join Date: Jun 2013
Posts: 1,078
Quote:
Originally Posted by Sunset View Post
+1

I was really impressed with ALLY, how easy it was to do, and they were so transparent with the transaction, and immediate (within seconds) deposit to my ALLY account.
Didn't even have to log out and back in.

+1. I've moved our cash stash around several times over the last several years, essentially chasing rates when there was a .02% or more basis point advantage, so I've experienced a lot of differing sometimes annoying platforms to set up and fund the account at the new institution. Ally has by far been the easiest, fastest and most straight forward platform to navigate. The 1.75% no penalty rate is also the most competitive, that I've seen. I've divided our stash in $25,000 increments and opened several CD's in the event I need "some" of the cash. Thanks to the poster who alerted us to the most recent uptick. The higher rate does expire on 1/2 according to the Ally website.


Sent from my iPad using Early Retirement Forum
__________________
"Luck favors the prepared mind"
Pasteur
Golden sunsets is online now   Reply With Quote
Old 12-31-2017, 03:44 PM   #115
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 19,912
I bumped up our current Ally 11 month no penalty CDs to 1.75%. That was easy.

I ran into the 6 withdrawal limit on my high yield account there though. I would like to buy two more.

I have to see about funding from another high yield savings account where I haven't hit the limit. Shouldn't be that hard I think.

No - did it. I was able to link to another high yield savings account that wasn't near the transfer limit.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 12-31-2017, 04:12 PM   #116
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 19,912
Quote:
Originally Posted by Golden sunsets View Post
+1. I've moved our cash stash around several times over the last several years, essentially chasing rates when there was a .02% or more basis point advantage, so I've experienced a lot of differing sometimes annoying platforms to set up and fund the account at the new institution. Ally has by far been the easiest, fastest and most straight forward platform to navigate. The 1.75% no penalty rate is also the most competitive, that I've seen. I've divided our stash in $25,000 increments and opened several CD's in the event I need "some" of the cash. Thanks to the poster who alerted us to the most recent uptick. The higher rate does expire on 1/2 according to the Ally website.


Sent from my iPad using Early Retirement Forum
Agreed - I was pretty amazed that closing the CDs with early withdrawal, receiving funds in the savings account, and funding a new CD all happened instantaneously on a weekend!!
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 12-31-2017, 04:31 PM   #117
Recycles dryer sheets
Rosie's Avatar
 
Join Date: Jun 2010
Posts: 398
Quote:
Originally Posted by Golden sunsets View Post
Ally has by far been the easiest, fastest and most straight forward platform to navigate. The 1.75% no penalty rate is also the most competitive, that I've seen. I've divided our stash in $25,000 increments and opened several CD's in the event I need "some" of the cash. Thanks to the poster who alerted us to the most recent uptick.

Thanks to the posters on this thread (esp Audrey ) I opened an account with Ally last week and proceeded to fund a 1 yr CD and several 11 month CDs, using the same approach as G Sunsets.

I too am very impressed with Ally's platform. CIT Bank still has a better rate on their high yield savings and I might keep a bit of cash there, but I have now moved most of my cash allocation from CIT Bank to Ally.


Quote:
The higher rate does expire on 1/2 according to the Ally website.

Thanks for the reminder! I just opened another 11 mo CD. Incredibly easy.

Although I kind of dread the avalanche of "Welcome to Ally" mailings I was told I should start receiving real soon.
Rosie is offline   Reply With Quote
Old 12-31-2017, 04:53 PM   #118
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 19,912
It will be interesting to see what rate Ally drops to after Jan 2. And what other offers are available during January.

If the Fed raises rates a few more times next year as expected (at least 3 quarter point raises are expected), short-term CD rates should be quite a bit higher this time next year.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 12-31-2017, 10:38 PM   #119
Thinks s/he gets paid by the post
 
Join Date: Jan 2013
Posts: 1,658
Just got an e-mail from Goldman Sachs/Marcus. Five year CD rate is now 2.5 percent. The on line savings account went to 1.4 percent
Another Reader is offline   Reply With Quote
Old 01-01-2018, 06:32 AM   #120
Thinks s/he gets paid by the post
 
Join Date: Dec 2010
Location: Midwest
Posts: 1,336
Discover bank is now offering 1.30 on savings (no min./fees) and a $150 or $200 bonus for first time customers.
“To get your bonus: Apply for your first Discover Online Savings Account by 2/28/18. Enter Offer Code NW1217 when applying. Deposit a total of at least $15,000 into your account by 3/14/18 to earn a $150 bonus, or deposit a total of at least $25,000 into your account by 3/14/18 to earn a $200 bonus. Maximum bonus eligibility is $200 per account."
http://www.nerdwallet.com/blog/banki...1_4.0#discover

Looks pretty good.
__________________

brucethebroker is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Any Cheap Laptop Deals? grumpy Other topics 10 06-19-2006 03:25 PM
Who drives the END of their dead end street? thefed Other topics 17 06-13-2006 03:01 PM
best travel deals bearkeley Young Dreamers 3 01-21-2006 06:18 PM
"Black Friday" Shopping Deals REWahoo Other topics 7 11-14-2005 01:55 PM
Nice baby formula deals cute fuzzy bunny Other topics 0 03-20-2005 10:30 AM

» Quick Links

 
All times are GMT -6. The time now is 01:34 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.