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Ally Bank: 9-Month High Yield Certificate of Deposit Account (CD) Expired

5% APY
(w/ No Minimum Deposits)
+38 Deal Score
62,505 Views
Ally is offering their Ally Bank: 9-Month High Yield Certificate of Deposit (CD) at a 5% Annual Percentage Yield on All Balance Tiers (No Minimum Deposit) when you open an account and deposit funds.

Thanks to community member MsGal for finding this deal

Note, ensure that you have select the '9-Month' term to receive your 5% annual percentage yield on your balance tiers/account
  • FDIC-Insured Deposited (allowed by law)
  • Flexibility/Security/Open Name of a Trust
  • No Monthly Maintenance Fees
  • Digital Banking Tools Anywhere/Anytime
  • No Minimum Deposit Required
  • 0.05% Loyalty Reward w/ New or Renew CD
  • Manage your CD Online
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Original Post

Written by
Edited July 30, 2023 at 03:34 PM by
Ally Bank [ally.com] is offering a 9 Month High Yield Certificate of Deposit at 5% APY with no minimum deposit.



About this deal:
No minimum deposit to open
Interest compounded daily
Deposits are insured by the FDIC up to the maximum allowed by law
Early withdrawal penalty applies
APY is fixed for the term of the CD and is subject to change upon renewal
Manage all aspects of your CD account online, including making early withdrawals, all without having to pick up the phone
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in Financial Tools & Services (4) ally - Bank Advertiser
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174 Comments

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Or you can buy a short-term treasury ETF like SGOV instead, get 5.3% of yield, interest is exempt from state income tax, and way more liquid.
·
Do not do what this guy says. Get a financial advisor if you're considering it. Do not get you financial advice from SD. Good luck.
·
I've never had any issues. I've had a checking, savings, and invest account with them for 6 years now.
·

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Joined Jan 2020
L3: Novice
> bubble2 118 Posts
26 Reputation
MaroonEducation852
08-01-2023 at 10:59 AM.
08-01-2023 at 10:59 AM.
Quote from MikeyMike01 :
Financial advisers are salespeople that charge exorbitant fees and lose their clients money. No one on this site needs a financial advisor.
Through work, I had a financial advisor who managed one of me retirement accounts. Every month I would receive a statement of what he bought and sold and at the end of the year, the firm always sent me a nice box of chocolates. After a number of years, I switched jobs and looked closely at the numbers. During all that time, I had made almost nothing on the invested money while he was being paid a fee every time he moved the money around. Literally 10 years resulted in minimal profit. I asked him not to manage my money anymore and simply moved it to an index fund. Over the last few years made 4x what he brought in over 10 years and that includes the crappy market during covid that we endured. I'm sure there are good Advisors out there but there are also plenty of them who just use your money to create their own paycheck.
Reply
Joined Apr 2008
L4: Apprentice
> bubble2 409 Posts
69 Reputation
umonster
08-01-2023 at 11:05 AM.
08-01-2023 at 11:05 AM.
Quote from Senor C :
"When you CD matures, you can withdraw your money at no charge during a 10-day grace period; withdrawal before the maturity date are subject to penalties"

Does that mean, starting on day 11, you have to pay Ally a ransom to get your matured deposit back?
No, your quote says penalties if withdrawn _before_ maturity, which is normal
Reply
Joined Jun 2007
L10: Grand Master
> bubble2 8,953 Posts
2,788 Reputation
DrRad
08-01-2023 at 11:06 AM.
08-01-2023 at 11:06 AM.
No issues with Ally, their website sucks though. These threads always have people recommending some quarter percentage better fund, but the point is to diversify your assets especially if you're at FDIC limits.
Reply
Joined Dec 2014
Frugal Money Waster
> bubble2 5,743 Posts
1,243 Reputation
Vanquished
08-01-2023 at 11:09 AM.
08-01-2023 at 11:09 AM.
Money Market gives 4.5% now btw.
Reply
Joined Jan 2014
L1: Learner
> bubble2 22 Posts
136 Reputation
Sports_Guy
08-01-2023 at 11:11 AM.
08-01-2023 at 11:11 AM.
Quote from Senor C :
"When you CD matures, you can withdraw your money at no charge during a 10-day grace period; withdrawal before the maturity date are subject to penalties"

Does that mean, starting on day 11, you have to pay Ally a ransom to get your matured deposit back?
You have 10 days to request what you want done with the matured CD money.
Most likely is that on day 11 they have rolled your money into a new CD. Then if you withdraw early from it you are penalized. You have 10 days to request what you want done with the matured CD money.
Reply
Joined Nov 2013
wow
> bubble2 113 Posts
14 Reputation
ah10591
08-01-2023 at 11:30 AM.
08-01-2023 at 11:30 AM.
or you can do a t bill with a higher rate and no state tax, why is this a slickdeal?
Reply
Joined Aug 2011
L5: Journeyman
> bubble2 631 Posts
185 Reputation
Christopher9995
08-01-2023 at 11:38 AM.
08-01-2023 at 11:38 AM.
NBKC is 5.25%

Almost EVERYONE is 5% now for 9 and 11 month CDs

https://www.nbkc.com/personal/cer...-deposits#
Reply

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Joined Oct 2006
L3: Novice
> bubble2 270 Posts
36 Reputation
bigmonster
08-01-2023 at 11:45 AM.
08-01-2023 at 11:45 AM.
Only knock against Ally bank is their security isn't the best, e.g. MFA devices instead of SMS codes.

I've also been with them for years, no issues.
Reply
Joined Aug 2011
L4: Apprentice
> bubble2 374 Posts
66 Reputation
bobdelt
08-01-2023 at 11:54 AM.
08-01-2023 at 11:54 AM.
Why not a treasury to avoid state income tax too? Higher yielding
Reply
Joined Dec 2018
L2: Beginner
> bubble2 50 Posts
10 Reputation
nitinn5528
08-01-2023 at 12:03 PM.
08-01-2023 at 12:03 PM.
Quote from 02nz :
Or you can buy a short-term treasury ETF like SGOV instead, get 5.3% of yield, interest is exempt from state income tax, and way more liquid.

Can I invest in any brokerage or there is a different process that interest does not get taxed
Reply
Joined Mar 2009
Spender
> bubble2 756 Posts
153 Reputation
boriszima
08-01-2023 at 12:11 PM.
08-01-2023 at 12:11 PM.
Quote from ah10591 :
or you can do a t bill with a higher rate and no state tax, why is this a slickdeal?
Quote from bobdelt :
Why not a treasury to avoid state income tax too? Higher yielding
That is what i been buying, staggering/ladder purchases. A downside, i migth be wrong, you dont really know the final % before you buy it.

https://smartasset.com/investing/...nvestments
Reply
Joined Aug 2011
L5: Journeyman
> bubble2 919 Posts
118 Reputation
MikeAnnon
08-01-2023 at 12:14 PM.
08-01-2023 at 12:14 PM.
Quote from michaelmantis :
Was going to get some CD's but decided just to go right to TreasuryDirect (run by the Government) and purchase a few scattered Treasury Bills at various intervals (1 month, 13 week, 26 week) that are set to roll over and automatically renew.

Gives me the flexibility to take a portion of the money out if I need it but the goal would be to keep it there for ~2 years.

Interest rates a year out are lower than short term rates and I wasn't looking for a way to make a ton of cash just not have it sit making 0.01% at Chase.

Not a financial planner, not trying to give advice, but it took 15 minutes to set up the account and add a bank account to fund. Your money isn't instantly available like a checking/savings account but it's liquid enough that if you do it right extra funds can be cashed out without much issue.
That's usually referred to as a "ladder" and is generally a prudent way to do what you seem to want to do.
Reply
Joined Mar 2006
L10: Grand Master
> bubble2 6,016 Posts
1,174 Reputation
Core2Quad
08-01-2023 at 12:15 PM.
08-01-2023 at 12:15 PM.
Is it very difficult to transition a 4.7% no penalty CD to this 5%?
Reply
Joined Oct 2017
L7: Teacher
> bubble2 2,818 Posts
867 Reputation
02nz
08-01-2023 at 12:17 PM.
08-01-2023 at 12:17 PM.
Quote from MaroonEducation852 :
Through work, I had a financial advisor who managed one of me retirement accounts. Every month I would receive a statement of what he bought and sold and at the end of the year, the firm always sent me a nice box of chocolates. After a number of years, I switched jobs and looked closely at the numbers. During all that time, I had made almost nothing on the invested money while he was being paid a fee every time he moved the money around. Literally 10 years resulted in minimal profit. I asked him not to manage my money anymore and simply moved it to an index fund. Over the last few years made 4x what he brought in over 10 years and that includes the crappy market during covid that we endured. I'm sure there are good Advisors out there but there are also plenty of them who just use your money to create their own paycheck.
Yep, that's all too typical. They are absolute bloodsuckers. If you need financial advice, get it from someone who charges by the hour, not a salesman which is what 99% of "financial advisors" are.
Reply

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Joined Oct 2017
L7: Teacher
> bubble2 2,818 Posts
867 Reputation
02nz
08-01-2023 at 12:18 PM.
08-01-2023 at 12:18 PM.
Quote from nitinn5528 :
Can I invest in any brokerage or there is a different process that interest does not get taxed
Any brokerage. The tax treatment is inherent to the type of bonds that SGOV (and other similar funds) hold. You get a 1099 at the end of the year that says how much interest you received and that it was for federal government debt.

A big advantage of an ETF like SGOV and treasuries over a bank CD (that's not no-penalty) is the liquidity - you can sell them at pretty much any time, and the "spreads" on them are razor thin so you do not lose any significant money by selling early. There's a small risk that you'll lose a tiny bit if interest rates go up in the meantime, but far less than typical early withdrawal penalties on bank CDs.
Reply
Last edited by 02nz August 1, 2023 at 12:24 PM.
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