Contents
The Offer
- Ally Bank is offering a 11 month 4.75% APY no penalty CD
Our Verdict
Rates are expected to continue to rise, but this is near the top rate currently.
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Rate is now upped to 4.55%
Dropped the rate to 4.25%.
Dropped the rate to 4.35%.
Ally is incredible, Mar 14, opened up new CD, Ally chat rep closed out my old C, with promise the CD will be closed in 1-2 biz days if not the same day (she has escalated the closure). 7 days has go by, the old CD is still open fund still in there. yesterday another chat promised it will be certainly closed today, still, not closed. Wondering if I should close by myself online instead of via Chat agent, how long does the closure take if DIY?
I just want someone to explain to me why the FUD about Ally isn’t better moderated. This stuff causes needless bank failures and makes me wonder who is shorting these banks.
Does a CD compound in interest? Or is it only based on the amount deposited?
Most CD’s compound, unless you choose to withdraw the credited interest
Interest with Ally CDs compound daily. You can have the interest paid monthly/quarterly/on disbursement either into the CD or into another account (depositing into another account will mean that interest will no longer be in the CD and compounding).
Bloomberg gave out a list of 10 banks with highest ratio for (Loss to Resulting Assets after loss). Higher ratio being worse. SVB ratio was at 12 and 3rd or 4th on that list, Ally ratio stood at 24 and on top of that list. That explains their interest play.
My question is, if Ally goes in receivership or bailout, will the high rate on the 11 month CD hold or will they dissolve that CD?
Where can I find this list?
Try googling something, Franasiak
Google “marketwatch banks at risk” That’s where I saw the list. And then I pulled most everything out of Ally.
People like you are why banks fail.
keep you head in the sand boys, according to Kyle.
If you’re over $250k then I totally understand. I was just taking that part as a given.
Typically, FDIC pays interest through the date of failure, not beyond.
FYI for those that opened a CD within the last 10 days, according to Ally CS at the end of the 10 day period, you’ll automatically get the higher rate. My 10 days is up middle of this week, so I’ll update this post then!
It will update automatically to the higher rate. Ally is pretty good with their systems.
Update: happened on day 11 no intervention needed!
If Ally goes down I am assuming Ally invest will go down with it? Is there any insurance for funds in an invest account?
Look up SIPC.
😩 Please tell me that you’re asking because you don’t currently have funds invested.
Are you saying that people who owned 100 shares of an ETF would lose those 100 shares just because they used Ally Invest as their broker?
what? what?
capital one 11 months CD 5.0% apr
CapOne has a 3 month penalty vs no penalty Ally, FWIW
This is a no penalty CD so you can break anytime without forfeiture of interest.
Pacific Western Bank Beverly Hills has a 3-month brokered CD at 5.00%, 2 months at 4.90%, and 1 month at 4.80%.
ONline shows 7 and 9 months 4.19 and 4.4%