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Ally Bank: 11-Month No Penalty CD Expired

4.75% APY
(no minimum deposit)
+209 Deal Score
256,487 Views
Ally Bank is offering an 11-Month No Penalty Certificate of Deposit at 4.75% APY with no minimum deposit.

Thanks to Community Member homeyhomedawg for posting this deal.

Editor's Notes & Price Research

Written by
  • About this deal:
    • There's no minimum deposit required to open your account, and you can withdraw your full balance and interest any time after the first 6 days of funding your CD. Plus, we don't charge monthly maintenance fees.
    • 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 also applies at renewal.
    • Interest compounded daily
    • Your deposits are insured by the FDIC up to the maximum allowed by law
Good Deal?

Original Post

Written by
Edited March 11, 2023 at 12:30 PM by
pretty competitive now with short term treasuries but with less hassle. can be withdrawn anytime after first 6 days, all or nothing.

https://www.ally.com/bank/no-penalty-cd/
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Deal
Score
+209
256,487 Views
4.75% APY

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Featured Comments

The FDIC protects your Ally Bank deposits up to $250,000 per depositor for each qualifying account ownership category.
Ally Financial Inc. — the third largest bank on the list by Dec. 31 total assets — stands out as having the largest percentage of negative accumulated comprehensive income relative to total equity capital as of Dec. 31.

To be sure, these numbers don't mean that a bank is in trouble, or that it will be forced to sell securities for big losses. But SVB had both a troubling pattern for its interest margins and what appeared to be a relatively high percentage of securities losses relative to capital as of Dec. 31.
Try telling the full truth.

Marcus Savings $100 Bonus Offer

Marcus is offering $100 when you deposit $10,000 or more in new funds into a new or existing Online Savings Account within 10 days of enrollment. You must maintain those funds plus your current balance for at least 90 days.

This bonus is stackable with other deals from Marcus Bank. If you're a new customer, open an account with the referral link in the next section first to earn an extra 1.00% APY for 3 months. All customers can also earn an extra 0.10% if they're an AARP member which you can get for free.

So lock the funds for 90 days to get the same rate that Ally is offering upfront and if you need to use ANY of the money your rate drops to 3.75% for whole time. Not to long ago Ally did an identical type deal where they gave 1% savings rate bonus to EXISTING customers if they kept the funds in for 6 months on top of an already competitive rate.

Apparently new customers can STILL get that 1% bonus according to https://www.ally.com/getpaidWe for their SAVINGS which was 3.60% last time I looked.

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Joined Oct 2013
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Original Poster
homeyhomedawg
03-11-2023 at 06:13 AM.
03-11-2023 at 06:13 AM.
Quote from unknownanonymous :
Any catch here? Does anyone suspect a SVB happening here?
this is literally what the fed rate is. ally just increased it from 4% so it's actually competitive now.
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iahawks550
03-11-2023 at 06:22 AM.
03-11-2023 at 06:22 AM.
Quote from unknownanonymous :
Any catch here? Does anyone suspect a SVB happening here?
No one suspected SVB until it was too late. Bu, this isn't some fantastic rate to bring in money. It's pretty standard, and even less than what's available elsewhere.
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Joined Oct 2014
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yeahok
03-11-2023 at 06:26 AM.
03-11-2023 at 06:26 AM.
Time to change my current NPCD.
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mrdizle
03-11-2023 at 06:28 AM.
03-11-2023 at 06:28 AM.
Quote from jackky :
yeah, it is better to draw all out from bank and keep it as cash in hand for risk concern

I just bought 5 safes

I bought five couches with deep cushions
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jackky
03-11-2023 at 06:32 AM.
03-11-2023 at 06:32 AM.
Quote from mrdizle :
I bought five couches with deep cushions

it must feel great to sit atop cash bricks, like a king
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iyg
03-11-2023 at 06:40 AM.

Our community has rated this post as helpful. If you agree, why not thank iyg

03-11-2023 at 06:40 AM.
Quote from unknownanonymous :
Any catch here? Does anyone suspect a SVB happening here?
The FDIC protects your Ally Bank deposits up to $250,000 per depositor for each qualifying account ownership category.
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Joined Nov 2007
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hockeydon
03-11-2023 at 06:52 AM.

Our community has rated this post as helpful. If you agree, why not thank hockeydon

03-11-2023 at 06:52 AM.
Ally Financial Inc. — the third largest bank on the list by Dec. 31 total assets — stands out as having the largest percentage of negative accumulated comprehensive income relative to total equity capital as of Dec. 31.

To be sure, these numbers don't mean that a bank is in trouble, or that it will be forced to sell securities for big losses. But SVB had both a troubling pattern for its interest margins and what appeared to be a relatively high percentage of securities losses relative to capital as of Dec. 31.
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warsaws
03-11-2023 at 07:10 AM.
03-11-2023 at 07:10 AM.
Quote from jackky :
yeah, it is better to draw all out from bank and keep it as cash in hand for risk concern

I just bought 5 safes
How did you arrive at that from what the poster said?
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skeleton516
03-11-2023 at 07:24 AM.
03-11-2023 at 07:24 AM.
Whats the difference then between this and a regualr savings account (i know none exisits) at 4.75%?

Why does Ally have to do a 11 month CD as opposed too just give this rate out?

nvrmind: googled
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Last edited by skeleton516 March 11, 2023 at 07:35 AM.
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