Best CD, MM Rates & Bank Special Deals Thread 2020 - Please post updates here

[RetiredAt55.5]

I'm in the same situation where my CD rolls over on Monday! But I never got an email! Hmmmm.

Note, the 1% Ally bonus only counts for new money coming into Ally. If you read thru all the details, they will calculate the net inflow to determine the bonus amount.

Doh, I just added over $100K to Ally CD's in the last 10 days, before the bonus announcement. But, I did get the higher rates. Seems like the last rate drop coincided with the bonus offer.

If it's any consolation, the 1% is capped at $250, which works out to $25,000 of new money.

 

[Dtail]

Well, if you are looking at a jumbo CD, these guys have very good rates:
[mod edit: scam site]

9-Month No Penalty 3.2% for $500,000 minimum
12-Month No Penalty 3.04% for $200,000 minimum

15-60 Months $200k-$500k for 3.14%-3.56%

It is through Synovus and they are well known.

These are great rates even if the requirement is large. They have an office 15 minutes from me.
Will keep them in mind for future references.

 

[gcgang]

Ally is offering $250 for deposits until later in March.

I’m giving up on my TBills for a while and transferring there (they just lowered savings rate from 1.60% to 1.50%) anyways, and the extra $250 is nice!

 

[MJ]

I just closed my 5/3 checking account. Balance has to be zero to do it over the phone, but they didn't hassle me or transfer me to a "remediation specialist". Took about 10 minutes. It cost me $3 to transfer the $750 to my current bank, so only earned $247 off of my $500 investment.
.

Anytime, I do a bank bonus promo, the first thing I do is link my Ally account to it so I can use Ally to pull my money out before I close the account. Easy peasy.

 

[GenXguy]

Locked in 3 new CD's at Ally for the 1.90% 2 days ago, but lost out by 1 day getting a 5 yr 2.15% CD.
Timing is everything.

I just renewed 3 one-year Ally CDs for 2.05% (including the bonus). I have one more from there coming up for renewal in May. Now with the lower rate just after my last renewal, I hope there's a deal when the time comes around for the next one. I thought 2.05% was bad enough since they had been 2.7 to 2.75%.

 

[audreyh1]

Too late now, but you could've opened new CD's at Ally this week, but not funded them (as a hedge in case the rates dropped before Monday). It's nice Ally gives you 10 days to fund CD's once opened, and the rate is guaranteed for that period. If you end up not funding them, the unfunded CD accounts just close and disappear in a couple of months. Yes, you would've lost the rollover bonus, but it looks like you would've been slightly ahead given the rate drop.

Well, I could have. I was just hoping the rollover would happen before they made changes and I would get the rollover loyalty bonus as well. It's not that big of a deal. I already have some of the other no penalty CDs and had only recently decided to roll over these maturing ones instead of removing the cash.

I was very, very close.

I'll probably just take their cash bonus deal for compensation. It's worth more than the difference.

 

[audreyh1]

Locked in 3 new CD's at Ally for the 1.90% 2 days ago, but lost out by 1 day getting a 5 yr 2.15% CD.
Timing is everything.

I had locked in several 1.9% no penalty CDs last month. I just recently (after the Fed emergency rate cut) decided to roll over two maturing CDs to more no-penalty CDs and try to catch the loyalty bonus.

 

[RetiredAt55.5]

I'll probably just take their cash bonus deal for compensation. It's worth more than the difference.

You won't be eligible for the 1% bonus deal, since that's only for "new" money coming into Ally.

"We’ll calculate your cash bonus based on new money moved to your account during the funding period, minus any withdrawals you make during that time. Funds deposited after 3/31/20 will not be eligible for the bonus. Your net new deposits must remain in your eligible account continuously through 6/30/20. Keep in mind, transferring funds out of Ally Bank and then back in won’t increase your bonus amount. We’ll round your cash bonus payout amount up to the nearest dollar."

See https://www.ally.com/go/bank/bonus/?CP=EML400001690#faqs for more info.

 

[audreyh1]

You won't be eligible for the 1% bonus deal, since that's only for "new" money coming into Ally.

"We’ll calculate your cash bonus based on new money moved to your account during the funding period, minus any withdrawals you make during that time. Funds deposited after 3/31/20 will not be eligible for the bonus. Your net new deposits must remain in your eligible account continuously through 6/30/20. Keep in mind, transferring funds out of Ally Bank and then back in won’t increase your bonus amount. We’ll round your cash bonus payout amount up to the nearest dollar."

See https://www.ally.com/go/bank/bonus/?CP=EML400001690#faqs for more info.

Yes I will. I just have to bring over another $25K.

 

[Dtail]

You won't be eligible for the 1% bonus deal, since that's only for "new" money coming into Ally.

"We’ll calculate your cash bonus based on new money moved to your account during the funding period, minus any withdrawals you make during that time. Funds deposited after 3/31/20 will not be eligible for the bonus. Your net new deposits must remain in your eligible account continuously through 6/30/20. Keep in mind, transferring funds out of Ally Bank and then back in won’t increase your bonus amount. We’ll round your cash bonus payout amount up to the nearest dollar."

See https://www.ally.com/go/bank/bonus/?CP=EML400001690#faqs for more info.

I have some monies coming in from Simple Bank.
While the above statement is true, if one increases their monies from the outside, but in my case, I take monthly withdrawals for living expenses out of the same account, the rep confirmed that I can use an existing separate Ally account to effectively replace my disbursements out of Ally, so I am whole at 06/30 in my "bonus" account and receive the full bonus, even though my total Ally balances went down by 06/30.

 

[RetiredAt55.5]

I have some monies coming in from Simple Bank.
While the above statement is true, if one increases their monies from the outside, but in my case, I take monthly withdrawals for living expenses out of the same account, the rep confirmed that I can use an existing separate Ally account to effectively replace my disbursements out of Ally, so I am whole at 06/30 in my "bonus" account and receive the full bonus, even though my total Ally balances went down by 06/30.

In my limited experience, ally's reps sometimes give incorrect information.

I'd trust more the written details, than what's verbalized from a phone rep. Though if you discuss via their chat, you can get the chat discussion emailed to yourself, so you could at least argue the point later if it turns out to be inaccurate.

 

[almost there]

0% should be interesting.....going forward...............

 

[njhowie]

We've been there before. MM and savings yields go to 0.01%. Lock in to whatever you can and are willing to sign up for while it's still available.

 

[audreyh1]

We've been there before. MM and savings yields go to 0.01%. Lock in to whatever you can and are willing to sign up for while it's still available.

Yes, fortunately I had done a bunch in Jan, and then sped up one right after the first Fed rate cut plus set up a rollover.

My Ally CDs rollover today. They just dropped their no penalty rate slightly 2 business days ago, so hopefully I get in under the wire. I think chances are good* - knocking on wood.

* They are still showing the 1.75% rate for $25K min on their website.

 

[Dtail]

For my parents, I am calling Synovus today and if the rates still hold, I will cancel their 18 month 200k 2% Ally CD and switch it to the Synovus 3.56% 5 yr CD.

 

[almost there]

Let us know how that works out for you.

 

[MJ]

For my parents, I am calling Synovus today and if the rates still hold, I will cancel their 18 month 200k 2% Ally CD and switch it to the Synovus 3.56% 5 yr CD.

3.56%, really?

 

[harley]

Well, if you are looking at a jumbo CD, these guys have very good rates:
[mod edit: scam site]

9-Month No Penalty 3.2% for $500,000 minimum
12-Month No Penalty 3.04% for $200,000 minimum

15-60 Months $200k-$500k for 3.14%-3.56%

It is through Synovus and they are well known.

Got my application sent in. Tomorrow I should be able to be approved and transfer the money. I'm going with the 12 month No Penalty for $250K. As of today the rate is 3.04%. Thanks for the heads up.

I'm already banking with Synovus, but they said I could do a wire transfer from my account even thought it says new money. This is going to definitely make up for my Ally CD maturing and going from 3% to 1.75%.

 

[njhowie]

got my application sent in. Tomorrow i should be able to be approved and transfer the money. I'm going with the 12 month no penalty for $250k. As of today the rate is 3.04%. Thanks for the heads up.

I'm already banking with synovus, but they said i could do a wire transfer from my account even thought it says new money. This is going to definitely make up for my ally cd maturing and going from 3% to 1.75%.

AWESOME!!!

 

[Dtail]

3.56%, really?

Let us know how that works out for you.

Yep 3.56%. Thanks to njhowie again. Just opened it up today. The only catch is the minimum of 200k deposit.
Looking into whether I could move funds around to do more.

Please note that the rep stated that the 5 year rate for example will change possibly ~30 basis points lower within 2 or so days.

 

[Dtail]

Got my application sent in. Tomorrow I should be able to be approved and transfer the money. I'm going with the 12 month No Penalty for $250K. As of today the rate is 3.04%. Thanks for the heads up.

I'm already banking with Synovus, but they said I could do a wire transfer from my account even thought it says new money. This is going to definitely make up for my Ally CD maturing and going from 3% to 1.75%.

Tremendous. As a side minor point, doesn't the FDIC insurance only cover 250k, so your interest would not be covered? Again a minor point.

 

[njhowie]

Yep 3.56%. Thanks to njhowie again. Just opened it up today. The only catch is the minimum of 200k deposit.
Looking into whether I could move funds around to do more.

Please note that the rep stated that the 5 year rate for example will change possibly ~30 basis points lower within 2 or so days.

Congrats! Great job!

 

[MJ]

yep 3.56%.

WOW !

 

[harley]

Tremendous. As a side minor point, doesn't the FDIC insurance only cover 250k, so your interest would not be covered? Again a minor point.

I set it up as a joint account, which gives us $500K FDIC coverage. We've got a business checking account that has much more than $250K in it, but I can move whatever is left after the CD into our savings account, so I can have $1M in Synovus accounts while still being covered. At least according to what the rep told me today.

 

[Dtail]

Well, if you are looking at a jumbo CD, these guys have very good rates:
[mod edit - removed link, appears it was a scam]

9-Month No Penalty 3.2% for $500,000 minimum
12-Month No Penalty 3.04% for $200,000 minimum

15-60 Months $200k-$500k for 3.14%-3.56%

It is through Synovus and they are well known.

ATTENTION THIS IS A FRAUD DEAL

I just walked into a Synovus Bank coz something the clearing info worried me about this whole deal.
They did not know anything about this deal and looked up my rep Mark Guntle. He does not work for Synovus.
The Apex Clearing firm is a fraud firm.
Harley - will send you a PM.