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forum threadi_deal_man posted Sep 28, 2023 08:40 PM
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forum threadi_deal_man posted Sep 28, 2023 08:40 PM

Ally bank 8 month special CD - 5.25%

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Ally Bank has a new 8-Month Select CD
5.25% Annual Percentage Yield (APY)
No minimum deposit to open or earn APY.
Guaranteed return at a boosted, fixed rate for the term of the CD.
Early withdrawal penalty will apply.
Limited time offer ends 3/20/2024.


https://www.ally.com/go/bank/8m-select-cd
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Deal Details
Community Notes
About the Poster
Ally Bank has a new 8-Month Select CD
5.25% Annual Percentage Yield (APY)
No minimum deposit to open or earn APY.
Guaranteed return at a boosted, fixed rate for the term of the CD.
Early withdrawal penalty will apply.
Limited time offer ends 3/20/2024.


https://www.ally.com/go/bank/8m-select-cd

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10 Comments

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Pro
Sep 28, 2023 08:54 PM
9,012 Posts
Joined Aug 2007
Butcherboy
Pro
Sep 28, 2023 08:54 PM
9,012 Posts
looking at Fidelity brokerage CDs I see Goldman Sachs 9 months @ 5.5% and Bank of America 9 months 5.40%
these rates are non-callable
I also see one year in 18 months at 5.5% non-callable
Sep 28, 2023 08:55 PM
3,683 Posts
Joined Feb 2007
sgbSep 28, 2023 08:55 PM
3,683 Posts

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

Not sure what the advantage of these CDs is when treasury rates are higher than this.
1
Sep 28, 2023 09:11 PM
95 Posts
Joined Oct 2011
bluebird1002Sep 28, 2023 09:11 PM
95 Posts
Quote from sgb :
Not sure what the advantage of these CDs is when treasury rates are higher than this.
Can you advise on which Treasury note or bond has the highest rate?.
Sep 28, 2023 11:30 PM
1,987 Posts
Joined Jan 2011
briank642Sep 28, 2023 11:30 PM
1,987 Posts
Quote from bluebird1002 :
Can you advise on which Treasury note or bond has the highest rate?.
6 month T-Bills
Sep 28, 2023 11:47 PM
3,663 Posts
Joined Dec 2007
iahawks550Sep 28, 2023 11:47 PM
3,663 Posts
Quote from sgb :
Not sure what the advantage of these CDs is when treasury rates are higher than this.
Longer term of guaranteed rates? Live in a state with no income tax which nullifies that benefit?
Sep 29, 2023 01:01 AM
3,683 Posts
Joined Feb 2007
sgbSep 29, 2023 01:01 AM
3,683 Posts
Quote from iahawks550 :
Longer term of guaranteed rates? Live in a state with no income tax which nullifies that benefit?
6 months treasury yield is 5.56%, 1 year treasury yield is 5.5%. Both are better than this CD, unless you absolutely need to invest for 8 months. On top of that, treasuries are more liquid and there is no penalty if you sell them early, other than the small drop in value you may have if the rates rise.
Sep 29, 2023 01:55 AM
4,881 Posts
Joined Sep 2005
ugabugaSep 29, 2023 01:55 AM
4,881 Posts
Thoughts about dumping some money into something like SGOV versus this 8 month CD and or treasuries?

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Sep 29, 2023 09:52 AM
3,663 Posts
Joined Dec 2007
iahawks550Sep 29, 2023 09:52 AM
3,663 Posts
Quote from sgb :
6 months treasury yield is 5.56%, 1 year treasury yield is 5.5%. Both are better than this CD, unless you absolutely need to invest for 8 months. On top of that, treasuries are more liquid and there is no penalty if you sell them early, other than the small drop in value you may have if the rates rise.
I'm referring more to the abundance of 18-24 month cds offering 5.5% also.

I'm not against treasury stuff, just giving an argument as to why cds may be a better option for some. There is a segment of the population that will take guaranteed rates for a longer period with no cares about liquidity.
Oct 05, 2023 02:32 PM
683 Posts
Joined Dec 2022
BlueDesk9616Oct 05, 2023 02:32 PM
683 Posts
Quote from iahawks550 :
Longer term of guaranteed rates? Live in a state with no income tax which nullifies that benefit?
Both treasuries and CDs are subject to federal income tax, but treasuries are not subject to state income tax.

So no matter where you live if the treasury has higher yield it also has higher post-tax yield. If you live in a high tax state treasuries may have higher post-tax yield even if their pre-tax yield is lower.
Oct 05, 2023 11:53 PM
3,663 Posts
Joined Dec 2007
iahawks550Oct 05, 2023 11:53 PM
3,663 Posts
Quote from BlueDesk9616 :
Both treasuries and CDs are subject to federal income tax, but treasuries are not subject to state income tax.

So no matter where you live if the treasury has higher yield it also has higher post-tax yield. If you live in a high tax state treasuries may have higher post-tax yield even if their pre-tax yield is lower.
Absolutely correct, but I'm referring more to the CDs available now that are better than treasury yields, for longer terms.

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