Surewhitey
Thinks s/he gets paid by the post
We just opened a 1.65% 15 month CD at Legacy bank here in Dallas...
I just upgraded my existing 11 month no penalty CDs to 1.75%. It was easy.
Yeah - I'm considering opening a checking account at Ally for just this reason.+1
I actually remembered the limit on savings account transactions (amazing when I remember anything). I have a checking account at Ally so I was able to use that as a place to park money while selling and buying CDs. I’m sitting on some inherited cash I plan to use for a new house if we can ever find one we like.
As you say, it was a very easy process to close and open these accounts.
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.
Your initial deposit has been processed to fund your new Ally account and should be available to view in your account within 3 business days. Interest begins to accrue on your deposit on the business day on which it posts to your account.
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.
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."
- 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
Well so far I didn't get the 1.75% on my new CDs. I got the 1.60% rate.I believe Ally guarantees the rate as long as the CD is funded within 10 days.
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Well so far I didn't get the 1.75% on my new CDs. I got the 1.60% rate.
I opened the CDs on Dec 31. I got an email that "Your initial deposit has been processed to fund your new Ally account" early on Jan 2. Today they are showing the transfer occurred on Jan 4 and the rate at 1.60%.
I'm still within the 10 day initial opening period, so I don't know if some resolution will occur. I've sent a secure email asking why I didn't get the 1.75% rate since I opened it before the deadline, and the funding had processed the day of the deadline according to my email quoted above.
Most places I have dealt with give you the offered rate based on when you open the CD even if it takes a few days to fund it
We'll see what happens.
I'm in the same boat. I opened the last of my 11-mo CDs on Dec 31, I got the "funding in process" email on Jan 1 (the day before the deadline), and it funded today, Jan 4. It shows an interest rate of 1.60% while the other 11-mo CDs I opened prior to Dec 31 show 1.75%.
Hopefully it's just a glitch and they'll make it right.
Please let us know what you hear from Ally.
No guarantees here, but our experiences may be of some assurance. We converted 4 CDs to 1.6% offer about the day before the 1.75% was announced.
At the 10 day anniversary, we got an email announcing the original 1.6 CDs had been converted to 1.75% YMMV
It's confusing because my account finally funded within the 10 day limit, but when I checked on line it had my interest rate at the new rate 1.7% instead of the previous rate of 2%. I called Ally and after sitting on hold forever they told me that the interest rate will show 1.7% the first 10 days and then will change to 2% on the 11th day. Seems weird to me, but I guess it's okay as long as it's true.I believe Ally guarantees the rate as long as the CD is funded within 10 days.
Hmmmm - well I guess that’s what we’ll see for the 11 month - a switch to 1.75% on day 11.It's confusing because my account finally funded within the 10 day limit, but when I checked on line it had my interest rate at the new rate 1.7% instead of the previous rate of 2%. I called Ally and after sitting on hold forever they told me that the interest rate will show 1.7% the first 10 days and then will change to 2% on the 11th day. Seems weird to me, but I guess it's okay as long as it's true.
It's not a glitch. They wait 10 days on purpose to make sure you get the highest rate in case there is a rate increase.Hopefully it's just a glitch and they'll make it right.
I'm mad at AmEx Savings (all sorts of delays in getting a freaking $1,100 TOD disbursement out of them), so this was the push I needed to go sign up at Ally.
Synchrony looks pretty strong now with 2% 12 month CD and 1.45% high yield savings