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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
62,626 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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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.
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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.
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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 Aug 2011
L5: Journeyman
> bubble2 919 Posts
118 Reputation
MikeAnnon
08-01-2023 at 12:19 PM.
08-01-2023 at 12:19 PM.
Quote from PurpleLeopard195 :
Do not do what this guy says. Getting a financial advisor is completely unnecessary. Spend a few minutes on the internet to educate yourself on the merits of CDs vs. buying treasuries outright. You can buy treasuries for free on most major online brokerages as well as TreasuryDirect. The 1-year T-Bill is yielding 5.4% and as the other person said, is exempt from state and local taxes.
There are many people paying for much worse advice than the good advice you have just provided free of charge.
Reply
Joined Aug 2011
L5: Journeyman
> bubble2 919 Posts
118 Reputation
MikeAnnon
08-01-2023 at 12:25 PM.
08-01-2023 at 12:25 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.
That is actually a very common scenario. They rely on the fact that the vast majority of people won't bother to do the math (very easy these days). The overwhelming majority underperform a simple index 500 ETF. Over 10 yrs virtually ALL of them do. You may however have a cause of action against that advisor, if your records establish "churning". If the $$$ are significant, you might want to talk with a securities attorney.
Reply
Joined Aug 2011
L5: Journeyman
> bubble2 919 Posts
118 Reputation
MikeAnnon
08-01-2023 at 12:28 PM.
08-01-2023 at 12:28 PM.
Quote from nitinn5528 :
Can I invest in any brokerage or there is a different process that interest does not get taxed
If you are a neophyte, I would suggest Vanguard rather than just "any brokerage".
Reply
Joined Aug 2009
L7: Teacher
> bubble2 2,137 Posts
249 Reputation
Bostonian2017
08-01-2023 at 01:25 PM.
08-01-2023 at 01:25 PM.
Quote from unknown00 :
5% not much a deal nowadays, looking for garunteed 6%+, anyone?

and remember the yield is for 1 year.
Reply
Joined Mar 2008
L6: Expert
> bubble2 1,198 Posts
14,188 Reputation
Pro
dealwars
08-01-2023 at 01:37 PM.
08-01-2023 at 01:37 PM.
Quote from DonRab :
I've never had any issues with Ally. They also have an HYSA at 4.25%.
Quote from wizzerdo :
Just got an email today that's its moving to 4.25%
Quote from MsGal :
Their Money Market pays 4.40% and operates just like a savings account. I have never really understood what the difference is. Dontknow
Quote from eb50 :
Citizens access savings is 4.5% with full liquidity
Quote from xmonger :
When, mine is still at 4% and I got no email.
Quote from joecmeyer :
From the email:

"Update:
Your Savings Account rate is increasing from 4.00% to 4.25% Annual Percentage Yield (APY) on all balance tiers. Your new APY goes into effect on 08/01/2023, and will appear in your account on 08/02/2023."
Quote from Vanquished :
Money Market gives 4.5% now btw.
Anything under 5% isn't worth it given that you can get 5%+ from a FDIC insured online savings account. That's interest and liquidity, right there.

If you want a CD style lock in, buy a t-bill for your duration. You get the interest AND a tax discount.

Not sure why this is a FP deal when there are other options that pay more interest and/or offer more liquidity.
1
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Joined Mar 2004
L10: Grand Master
> bubble2 7,834 Posts
1,523 Reputation
eb50
08-01-2023 at 01:54 PM.
08-01-2023 at 01:54 PM.
Quote from dealwars :
Anything under 5% isn't worth it given that you can get 5%+ from a FDIC insured online savings account. That's interest and liquidity, right there.

If you want a CD style lock in, buy a t-bill for your duration. You get the interest AND a tax discount.

Not sure why this is a FP deal when there are other options that pay more interest and/or offer more liquidity.

Where is 5%+? Also my example you quoted is FDIC insured and a savings account with full liquidity...
Reply
Joined Oct 2017
L7: Teacher
> bubble2 2,818 Posts
867 Reputation
02nz
08-01-2023 at 01:59 PM.
08-01-2023 at 01:59 PM.
Quote from eb50 :
Where is 5%+? Also my example you quoted is FDIC insured and a savings account with full liquidity...
https://www.cit.com/cit-bank/bank...gs-account

You need a balance of $5K or more, but you get the rate on the entire balance, not just the amount over $5K.

But again, I don't know why anybody is even bothering with savings accounts when you can buy an ETF that yields more, is backed by full faith and credit of the US gov't, with dividends free from state income tax, and is just about as liquid (you need to wait a couple of days for settlement before you can take out the money).
Reply

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Joined Dec 2012
L5: Journeyman
> bubble2 645 Posts
395 Reputation
litesdsd
08-01-2023 at 02:02 PM.
08-01-2023 at 02:02 PM.
I have a sum of money that will be dollar cost averaged into the stock market over the next 12 months. I have an Ally account and a Vanguard account, where should I park the funds waiting to enter the stock market? Thank you for the advice!
Reply
Joined Mar 2008
L6: Expert
> bubble2 1,198 Posts
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Pro
dealwars
08-01-2023 at 02:18 PM.
08-01-2023 at 02:18 PM.
Quote from eb50 :
Where is 5%+? Also my example you quoted is FDIC insured and a savings account with full liquidity...
Vio just updated from 5.02% -> 5.15% last week when the Fed bumped rates. Every time the Fed bumps up, they bump up. $100 min to open.

They have 6-month CDs at 5.20% and 12-month CDs at 5.00% if you want a CD for some reason.

Ally, SoFi, CIT Bank, etc., Vio consistently beats their rates.

https://slickdeals.net/f/16830167-vio-bank-cornerstone-money-market-savings-account-interest-rate-tracks-fed-5-15-apy-as-of-7-28-2023?v=1
Reply
Joined Mar 2004
L5: Journeyman
> bubble2 991 Posts
156 Reputation
netstroller
08-01-2023 at 03:02 PM.
08-01-2023 at 03:02 PM.
Quote from litesdsd :
I have a sum of money that will be dollar cost averaged into the stock market over the next 12 months. I have an Ally account and a Vanguard account, where should I park the funds waiting to enter the stock market? Thank you for the advice!
One way that's worth considering is buying T Bills with maturities matching your dollar averaging schedule, very easy to do with T Bill holdings at major brokerages, provided your dollar amounts meet the minimum purchase requirement to buy into each particular T Bill offering.
Reply
Joined Jul 2004
L∞: WTF
> bubble2 2,634 Posts
677 Reputation
Pro
ilovetofu
08-01-2023 at 03:25 PM.
08-01-2023 at 03:25 PM.
Quote from gr8nrg :
Have had Ally for more than 8 years. Excellent if not the BEST online bank and consistently highly ranked. Will definitely do 18 month CD at 5%. rates are expected to fall, so better to lock in your cash if you can.
Why are rates expected to fall?
Reply
Joined May 2008
Somewhere in Time
> bubble2 762 Posts
217 Reputation
gr8nrg
08-01-2023 at 03:29 PM.
08-01-2023 at 03:29 PM.
Quote from ilovetofu :
Why are rates expected to fall?
that's what I've been hearing from reading online and some financial people's projections. But not for another 9-12 months or so. In reality, no one knows, but these are projections.
Reply
Joined May 2008
Somewhere in Time
> bubble2 762 Posts
217 Reputation
gr8nrg
08-01-2023 at 03:33 PM.
Reply
Joined Jan 2012
L6: Expert
> bubble2 1,075 Posts
357 Reputation
tjones261
08-01-2023 at 03:36 PM.
08-01-2023 at 03:36 PM.
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?
I think they mean this happens IF you have it automatically roll over to another CD. But you CAN change what happens. You can specify the cd doesn't roll over and have it automatically transfer to money market or your own external account when the cd matures.
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Joined Aug 2007
L6: Expert
> bubble2 1,630 Posts
252 Reputation
dealmaster98
08-01-2023 at 03:37 PM.
08-01-2023 at 03:37 PM.
Betterment pays 5.5% now through end of year in a liquid savings account FDIC insured up to 2M. Chances are it will go up another quarter point after next Fed hike in September. So why lock yourself in at 5%?
1
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