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2% APY on 12-month CD from Ally Bank

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Ally just released a 2 percent rate on their 12 month CD's with no minimum deposit, which is comparable to most 5 year rates you'll see. Withdrawal penalty is 60 days interest, rate is available through Jan 2.

https://www.ally.com/bank/high-yield-cd/?term=12
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Created 12-20-2017 at 09:57 AM by krazrunner
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24 Comments

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Joined Aug 2007
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#2
thank you for posting
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#3
Where does it say good until January 2nd? I don't see an expiration anywhere
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#4
Quote from mordak
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Where does it say good until January 2nd? I don't see an expiration anywhere
Look at the screenshot laugh out loud
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#5
Quote from doboy007
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Look at the screenshot laugh out loud
The January 2 date is nowhere on the website though. Someone told me the deal is good until the end of January, so I'm trying to find what's actually correct
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#6
Quote from mordak
:
The January 2 date is nowhere on the website though. Someone told me the deal is good until the end of January, so I'm trying to find what's actually correct
It is one the website. Click on the link on the front page of Ally. Read it carefully
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#7
I thought they always had 2%. I did a cd a year back with them at the same rate.
Edit: Just saw it's 1 year. Mine was 5
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#8
Will there a hard pull for opening a CD account with Ally? Any experiences ?please advise.
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#9
why not buy some stocks which give 3-4 % div ?????
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#10
Quote from slickdude1234
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why not buy some stocks which give 3-4 % div ?????
For those who want a guaranteed 2% return vs a risk. I agree the market is a better investment right now but not everyone is willing to gamble their money away
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#11
Quote from slickdude1234
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why not buy some stocks which give 3-4 % div ?????
Because some companies in this economy could be dividend traps. For example, GE (GE) is one of America's most widely held stocks, and countless shareholders, including retirees, rely on the dividend payments. But the company is under enormous pressure to restore investor confidence shaken by a serious cash crunch.
The stock has lost 40% of its value this year. GE plunged 8% on Monday (Nov 13, 2017), to the lowest level in five and a half years, after the company announced the restructuring and diminished financial targets. The new dividend will be 12 cents a share, down from 24 cents.
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#12
Quote from tmarket
:
Because some companies in this economy could be dividend traps. For example, GE (GE) is one of America's most widely held stocks, and countless shareholders, including retirees, rely on the dividend payments. But the company is under enormous pressure to restore investor confidence shaken by a serious cash crunch.
The stock has lost 40% of its value this year. GE plunged 8% on Monday (Nov 13, 2017), to the lowest level in five and a half years, after the company announced the restructuring and diminished financial targets. The new dividend will be 12 cents a share, down from 24 cents.
need little bit of research... but you could see much better return vs CD
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#13
While 2% for 12 months is a good rate especially tied to the low EWP with the overall trend being rates going up everywhere due to the fed changes you'd do better parking your funds in No Penalty CD's while you evaluate where things will go. With Ally's 11 month no penalty cd being 1.75% right now you are not even losing a big percentage. With no penalty cd's the longer the months the better because your rate is guaranteed but you can still withdraw it at any time with no penalty. I have closed my existing no penalty ally cd and reopened a new one 3 times now in last 6 months or so taking advantage of rate increases from 1.50% to 1.65% to 1.75%.

If you have a big interest in cd's you might find these threads worth reading:

http://www.fragiledeal.com/t/cd-d...thread/643

http://depositaccounts.com cd section.
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#14
Quote from slickdude1234
:
why not buy some stocks which give 3-4 % div ?????
Because the majority of folks are expecting a market adjustment anytime now and the ones who want to be prepared are keeping funds "liquid" so they can actually buy IN when the market drops as opposed to being worried about losing their shirt.

You should have retirement accounts and possibly other accounts doing a stock/bond blend of some sort although I'm personally minimizing bond investment due to the low ROI. CD's should be money you may potentially have to put in play or rainy day expenses money (if talking about no penalty cd's).

If you are not making at least 3% you are not even breaking even with inflation so you are losing money long term. Another time it's useful though for example if you have the willpower to take a zero percent offer on a credit card, put the entire amount in a cd or savings earning some interest and immediately pay the full balance off when the balance is due you can make some "free money".
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Last edited by famewolf December 30, 2017 at 03:17 PM.
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#15
Guys, I learn my lesson for opening a CD in Ally, you need have ALL the fund ready in 1 account, not pool your money from multiple accounts.. I got burn with insufficient fund fee when Ally tries to withdraw from a single account the entire CD account's funds.
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