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Ally Bank: 9-Month High Yield Certificate of Deposit Account (CD) Expired
5% APY
(w/ No Minimum Deposits)
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
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
Original Post
Written by
Edited July 30, 2023
at 03:34 PM
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
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
in
Financial Tools & Services
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ally - Bank Advertiser
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Does that mean, starting on day 11, you have to pay Ally a ransom to get your matured deposit back?
Does that mean, starting on day 11, you have to pay Ally a ransom to get your matured deposit back?
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.
Almost EVERYONE is 5% now for 9 and 11 month CDs
https://www.nbkc.com/personal/cer...-deposits#
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I've also been with them for years, no issues.
Can I invest in any brokerage or there is a different process that interest does not get taxed
https://smartasset.com/investing/...nvestments
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.
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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.