Ally raises savings APY to 1.15%

[mn54]

dollar savings direct is at 1.5% on their savings account.

 

[MBSC]

Just closed the 1.5% no penalty CD and transferred those funds to a new 1.6% no penalty CD.

Ally Bank 11-month no penalty CD is now 1.75%. Under the 10 day rate guarantee, any CD funded 12/10 or later will automatically receive the higher rate.

Their 12 month CD is 2.00%. It has an EWP.

 

[EQMAN]

Ally Bank 11-month no penalty CD is now 1.75%. Under the 10 day rate guarantee, any CD funded 12/10 or later will automatically receive the higher rate.

Their 12 month CD is 2.00%. It has an EWP.

How long does it take for Ally to update the rate within the 10 day period?

 

[JohnnyBGoode]

Ally Bank 11-month no penalty CD is now 1.75%. Under the 10 day rate guarantee, any CD funded 12/10 or later will automatically receive the higher rate.

Their 12 month CD is 2.00%. It has an EWP.

That part makes sense. For the last 6 months or so I think the 11 month “no penalty” CD was the same rate as the 12 month more standard lock-in CD, which never made sense to me. Hard for me to think of any bonds or bond funds I would want to invest in right now with an easy 1.75% (or better 2%) right there.

 

[MBSC]

How long does it take for Ally to update the rate within the 10 day period?

I believe (not certain) they wait the full 10 days in case there is another rate hike. But it is supposed to be retroactive once applied.

 

[Montecfo]

That part makes sense. For the last 6 months or so I think the 11 month “no penalty” CD was the same rate as the 12 month more standard lock-in CD, which never made sense to me. Hard for me to think of any bonds or bond funds I would want to invest in right now with an easy 1.75% (or better 2%) right there.

Here are 2 st bond funds I use, which have made it unattractive (to this point) to use CDs:

MWCRX Metropolitan West Unconstrained
RPHIX River Park High Yield

 

[retired1]

Ally Bank 11-month no penalty CD is now 1.75%. Under the 10 day rate guarantee, any CD funded 12/10 or later will automatically receive the higher rate.

Their 12 month CD is 2.00%. It has an EWP.

I opened mine 2 weeks ago for 1.5%... so this is a wonderful news. Thank you !! I'll login to verify mine has automatically moved to 1.75%.

 

[Sunset]

Ally Bank 11-month no penalty CD is now 1.75%. Under the 10 day rate guarantee, any CD funded 12/10 or later will automatically receive the higher rate.

Their 12 month CD is 2.00%. It has an EWP.

Wow.... I just upgraded from their 1.5% no penalty CD to 1.6% and it was just a couple of days ago (thanks to this thread).

 

[Sunset]

I just rolled our Ally Bank 1.5 no penalty CD to their 1.6 offer. The rep initially told me a credit check would be necessary. I told him he should check with his supervisor as I was pretty sure it did not apply to existing clients (already known to the institution). He did so and confirmed no credit check was required.

Depending on the experience of the rep you get, you may have to push back to avoid the credit check "hoop"

You can do it all online, with mouse clicks.
I will admit it is hard to find, there is a 3 menu choice on the left when looking at the CD itself.
I just did the mouse clicks and it was instantly credited to my account.
Then I bought a new one, which was easy since it prefilled in my data, and I was done.

 

[Another Reader]

Yep. Took less than five minutes to add and fund the CD.

 

[travelover]

It is not clear to me how the no penalty 11 month CD works. I sold my house 11 months ago and have the cash in a 1 year CD at PenFed. I need to park the cash somewhere after the one year is up while I look for a house. If I used the 11 month no penalty CD, would I have no earnings if I pulled out the cash at say, 4 months?

 

[JohnnyBGoode]

It is not clear to me how the no penalty 11 month CD works. I sold my house 11 months ago and have the cash in a 1 year CD at PenFed. I need to park the cash somewhere after the one year is up while I look for a house. If I used the 11 month no penalty CD, would I have no earnings if I pulled out the cash at say, 4 months?

You get 4 months of earnings. The only caveat is you have to keep the money in the account for 6 days. Kind of a no-brainer way to store that excess cash.

 

[Sunset]

It is not clear to me how the no penalty 11 month CD works. I sold my house 11 months ago and have the cash in a 1 year CD at PenFed. I need to park the cash somewhere after the one year is up while I look for a house. If I used the 11 month no penalty CD, would I have no earnings if I pulled out the cash at say, 4 months?

Besides the initial 6 day rule, once past that, they credit your amount each day.

So if you keep the CD for 74 days, you get 74 days of interest.

You can see the interest being tracked each day you look at your CD. It's very open, clear, and straight forward.

 

[audreyh1]

I just missed the 1.6 increase when a couple of 11 month no penalty CDs renewed. I think by 2 or 3 days. They had given me a 0.5% loyalty bonus, so I got 1.55% on renewal. But now 1.75% so quickly! I’ll have to see how much I need in cash after rebalancing.

 

[Sunset]

At Ally, I changed my CD's to pay out to my bank account, rather than auto renew.
Again it was some easy mouse clicks.

I was simply looking at the CD and realized I could change it, so nice.

 

[Henry Lili]

Sold my 1.5 CDs today and bought the 1.75s. All online. No fuss. Btw, wait time for a rep was 30 minutes according to the website.

 

[JohnnyBGoode]

I went ahead and shifted the remaining $$$ I had in the on-line savings account at Ally to purchase the 12 month CD at 2% yesterday. I have the remaining in the 11 mo No Penalty CD's there so I can get some out if needed.

 

[GalaxyBoy]

Ally has a promotion on a 12 month CD at 2% until January 2.

 

[SheitlQueen]

Ally has a promotion on a 12 month CD at 2% until January 2.

So I opened an account with Ally today for this promotion, but the money won't be transferred to the account until Jan 3, the day after the promotion ends. Tried to call Ally to get answer to my question, but got tired of being on hold.
Does anyone know if the CD is in effect even though not funded and won't be until Jan 3? Or does it not start until there is money in the account, which will be the day after the promotion ends? Tried to cancel the money transfer when I found out it would be received a day late, but unable to do it online and long hold time on the phone. I hate to go into a CD not knowing what the rate is.

 

[Sunset]

So I opened an account with Ally today for this promotion, but the money won't be transferred to the account until Jan 3, the day after the promotion ends. Tried to call Ally to get answer to my question, but got tired of being on hold.
Does anyone know if the CD is in effect even though not funded and won't be until Jan 3? Or does it not start until there is money in the account, which will be the day after the promotion ends? Tried to cancel the money transfer when I found out it would be received a day late, but unable to do it online and long hold time on the phone. I hate to go into a CD not knowing what the rate is.

Ally lets you buy the cd, and then fund it directly, even by check .
This didn't affect me as I already has the money at Ally, but I would figure what you buy is what you get.
Like how you buy stocks at a brokerage, and then within 2 days bring them the money.

After I bought a CD the first time, they sent me this email, note when they refer to the Ally account, it's the CD as each CD is has it's own "account" number.

"We're excited you chose Ally Bank.

What happens next:
You'll receive a Welcome Kit in the mail soon including information about your new account.

There are many ways to make your first deposit. Choose the option that works best for you:

• Online: Once you log in to ally.com, select Transfers. You can choose to transfer money from one of your accounts at another institution or from an existing Ally account.

• Using Ally eCheck DepositSM:
  • On your mobile device: Take a picture of your check using the Ally Mobile Banking app.
  • Using your computer: Scan and submit the image of your check through Ally Online Banking.

• By phone: Call us at 877-247-ALLY (2559) and we'll walk you through it. We're here 24/7.

• By mail: Make sure the check is endorsed and made payable to you. You should also write "For Deposit only" along with your account number on the back.
  
  Mail to:
  Ally Bank
  PO Box 13625
  Philadelphia, PA 19101-3625

When you open a CD with us, you get the Ally Ten Day Best Rate Guarantee. When you fund your CD within 10 days of your open date, you'll get the best rate we offer for your term and balance tier if our rate goes up within that time. The Ally Ten Day Best Rate Guarantee will also automatically apply at renewal."

 

[Golden sunsets]

So I opened an account with Ally today for this promotion, but the money won't be transferred to the account until Jan 3, the day after the promotion ends. Tried to call Ally to get answer to my question, but got tired of being on hold.
Does anyone know if the CD is in effect even though not funded and won't be until Jan 3? Or does it not start until there is money in the account, which will be the day after the promotion ends? Tried to cancel the money transfer when I found out it would be received a day late, but unable to do it online and long hold time on the phone. I hate to go into a CD not knowing what the rate is.

I believe Ally guarantees the rate as long as the CD is funded within 10 days.


Sent from my iPad using Early Retirement Forum

 

[JoeWras]

Just want to drop a Big Thanks to everyone participating here. The 2% CD notice was a nice surprise and I went for it this morning. I'm already an account holder there, but can't keep up with their promos.

 

[SheitlQueen]

I believe Ally guarantees the rate as long as the CD is funded within 10 days.

Thank you! That's what I needed to know.

 

[audreyh1]

I just upgraded my existing 11 month no penalty CDs to 1.75%. It was easy.

But then I forgot about the 6 withdrawal limit on the savings account. Oops - I had planned to buy two more, but I can't do transfer more out of my high yield savings account until after Jan 15.

We'll see what rate they and other folks offer after Jan 2nd. I'm not sure I'm willing to jump through the hoops to mail in checks for a couple more while I'm traveling. But I could. Still have a couple of days to think about it.

I really do like the no penalty CDs.

 

[MBSC]

Alliant Credit Union savings account now 1.30%.