ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum
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@mistercheap said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
https://secure.ally.com/products-and-rates/cd-products/2/0/0/
Are we sure they’re not gonna go undetermined by then?
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1 Reply
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@dangeruss said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
@mistercheap said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
https://secure.ally.com/products-and-rates/cd-products/2/0/0/
Are we sure they’re not gonna go undetermined by then?
Ally has been around for some time now, you can look up their ratings/solvency. Just stay within the FDIC limits and you have no worries.
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Good rate for Ally. I just closed a NPCD and opened a new one earlier today. Treasury bills are still higher, plus no state tax.
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@c3 said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
Good rate for Ally. I just closed a NPCD and opened a new one earlier today. Treasury bills are still higher, plus no state tax.
True on state tax, but not necessarily ‘penalty free’ to get out of really if you get a 1-2 year Treasury. As rates climb, you take a loss trying to unload them on the secondary market.
This is ideal for funds you don’t want to tie up per se, that you can get your hands on easily. Not sure if you can ‘no penalty’ withdraw part of the money if needed (say open for $20K, pull $7,500 out in 4 months) but if not, you can open smaller amount CD’s, say 4 x $5,000 so you can cash one or two in early if you need the money.
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@mistercheap said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
@c3 said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
Good rate for Ally. I just closed a NPCD and opened a new one earlier today. Treasury bills are still higher, plus no state tax.
True on state tax, but not necessarily ‘penalty free’ to get out of really if you get a 1-2 year Treasury. As rates climb, you take a loss trying to unload them on the secondary market.
This is ideal for funds you don’t want to tie up per se, that you can get your hands on easily. Not sure if you can ‘no penalty’ withdraw part of the money if needed (say open for $20K, pull $7,500 out in 4 months) but if not, you can open smaller amount CD’s, say 4 x $5,000 so you can cash one or two in early if you need the money.
no you cannot withdraw partially … you have to take the entire sum when you withdraw. You can open multiple accounts but make sure if transferring from your Ally Savings or MM then don’t exceed the max # of transactions.
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@mistercheap said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
True on state tax, but not necessarily ‘penalty free’ to get out of really if you get a 1-2 year Treasury
Rates drop after the 17/26-week ones. Most people are buying the 4/8-week ones as the replacement for savings.
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Someone posted this on DOC. Ally is on the list.
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@c3 said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
Someone posted this on DOC. Ally is on the list.
yes I saw that, but keep in mind if you stay within the FDIC limits you shouldn’t have any concerns. But I certainly understand someone being hesitant to park money here based on that report.
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@mistercheap said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
@c3 said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
Someone posted this on DOC. Ally is on the list.
yes I saw that, but keep in mind if you stay within the FDIC limits you shouldn’t have any concerns. But I certainly understand someone being hesitant to park money here based on that report.
When I spoke to a financial planner he mentioned that it might take some time to get your money back from FDIC.
0If you purchase something through a post on our site, PhatWallet may get a small share of the sale.
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@dangeruss said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
@mistercheap said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
@c3 said in ALLY BANK 11 Month NO PENALTY CD 4.75% No Minimum:
Someone posted this on DOC. Ally is on the list.
yes I saw that, but keep in mind if you stay within the FDIC limits you shouldn’t have any concerns. But I certainly understand someone being hesitant to park money here based on that report.
When I spoke to a financial planner he mentioned that it might take some time to get your money back from FDIC.
In the case of the Silicon Valley Bank, individual with FDIC protected accounts had access to their money at opening on Monday. That has been the case with other bank failures over the last 10-15 years (you can google it)