Slickdeals is community-supported.  We may get paid by brands or deals, including promoted items.
Forum Thread

ALLY BANK 20 month (1 y 8 month) CD no minimum to open pays 2.00% APY

-5 Deal Score
4,151 Views
https://www.ally.com/go/bank/20m-select-cd/


Promotional term available through 7/31/22


No minimum deposit to open


Interest compounded daily


Automatically renews into a 18-month High Yield CD (you can change this feature in your account panel after opening)


Your deposits are insured by the FDIC up to the maximum allowed by law


Early withdrawal penalty will apply
Get Deal at Retailer
Add Comment
Reply
Created 05-17-2022 at 01:25 PM by SUCHaDEAL
in Finance
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
Deal
Score -5
4,151 Views
Get Deal at Retailer

24 Comments

View Forum Thread
12

Your comment cannot be blank.

Sign up for a Slickdeals account to remove this ad.

Joined Dec 2008
L5: Journeyman
> bubble2 652 Posts
138 Reputation
joseatt
05-17-2022 at 01:29 PM.
05-17-2022 at 01:29 PM.
The last auction of 2 years (3 weeks ago) from treasury direct was 2.5%... FYI
2
Like
Funny
>
Helpful
Not helpful
Reply
Joined Jul 2006
MISTERCHEAPs TWIN BROTHER
> bubble2 18,894 Posts
70,168 Reputation
Original Poster
Pro
Expert
This user is an Expert in Home & Home Improvement
SUCHaDEAL
05-17-2022 at 01:31 PM.
05-17-2022 at 01:31 PM.
Quote from joseatt :
The last auction of 2 years (3 weeks ago) from treasury direct was 2.5%... FYI
That's if you want to invest in treasury bonds.

This is the highest CD rate for less than 2 year term out there right now.
Like
Funny
>
Helpful
Not helpful
Reply
Joined Oct 2013
All u need is ❤️
> bubble2 3,542 Posts
6,237 Reputation
Pro
freshsqueezed
05-17-2022 at 01:57 PM.

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

05-17-2022 at 01:57 PM.
Fidelity has no fee FDIC insured new issue CDs for a better rate. 12 month is currently 2.10%, 18 month 2.50%, and 2 years is 2.90%.

Fidelity 800-544-5372

https://fixedincome.fidelity.com/...-issue|all
6
>
1
Like
Funny
>
Helpful
Not helpful
Reply
Joined Aug 2009
L10: Grand Master
> bubble2 10,452 Posts
5,296 Reputation
Pro
Conformer101
05-17-2022 at 02:01 PM.
05-17-2022 at 02:01 PM.
Wait a few months. You'll get a higher rate, and make more by the end date of this 20-month CD.
Like
Funny
>
Helpful
Not helpful
Reply
Joined Jun 2005
L9: Master
> bubble2 4,212 Posts
1,219 Reputation
Examiner44
05-17-2022 at 02:12 PM.
05-17-2022 at 02:12 PM.
Anyone interested should look at this thread about series i Treasury Bonds. They are currently paying 9.62%. Even with the 3 month penalty, the rate is far better than anything you can get at any bank and it's fully guaranteed by the US Government.

https://slickdeals.net/f/15758386-us-treasury-series-i-savings-bonds-inflation-rate-earnings-may-october-22-9-62-interest-annualized-for-6-months-limit-10k-year-per-person?src=SiteSearch
5
1
Like
Funny
>
Helpful
Not helpful
Reply
Joined Jul 2006
MISTERCHEAPs TWIN BROTHER
> bubble2 18,894 Posts
70,168 Reputation
Original Poster
Pro
Expert
This user is an Expert in Home & Home Improvement
SUCHaDEAL
05-17-2022 at 02:15 PM.
05-17-2022 at 02:15 PM.
Quote from Examiner44 :
Anyone interested should look at this thread about series i Treasury Bonds. They are currently paying 9.62%. Even with the 3 month penalty, the rate is far better than anything you can get at any bank and it's fully guaranteed by the US Government.

https://slickdeals.net/f/15758386-us-treasury-series-i-savings-bonds-inflation-rate-earnings-may-october-22-9-62-interest-annualized-for-6-months-limit-10k-year-per-person?src=SiteSearch
We know about that, but the max is $10K per SSN and you have to hold it 5 years for full payout. Some people may need shorter term options for larger amounts they are planning to use to buy a house in a couple of years, etc.
1
1
Like
Funny
>
Helpful
Not helpful
Reply
Joined Aug 2006
L9: Master
> bubble2 4,410 Posts
630 Reputation
huge
05-17-2022 at 02:17 PM.
05-17-2022 at 02:17 PM.
This is absolutely terrible
3
Like
Funny
>
Helpful
Not helpful
Reply

Sign up for a Slickdeals account to remove this ad.

Joined Apr 2007
L3: Novice
> bubble2 149 Posts
44 Reputation
kimchee
05-17-2022 at 02:27 PM.
05-17-2022 at 02:27 PM.
Quote from Conformer101 :
Wait a few months. You'll get a higher rate, and make more by the end date of this 20-month CD.
unlike investing in the stock market where I believe time in the market beats DCA...

I do believe you should "DCA - dollar cost average" in CDs to counteract your concerns
Like
Funny
>
Helpful
Not helpful
Reply
Joined Aug 2009
L10: Grand Master
> bubble2 10,452 Posts
5,296 Reputation
Pro
Conformer101
05-17-2022 at 02:28 PM.
05-17-2022 at 02:28 PM.
Quote from kimchee :
unlike investing in the stock market where I believe time in the market beats DCA...

I do believe you should "DCA - dollar cost average" in CDs to counteract your concerns
Rates are only going higher. This is predictable. No need to time this one - the writing is on the wall. Banks are simply slow to move up deposit and CD rates as the Fed moves.
Like
Funny
>
Helpful
Not helpful
Reply
Joined Apr 2007
L3: Novice
> bubble2 149 Posts
44 Reputation
kimchee
05-17-2022 at 02:31 PM.
05-17-2022 at 02:31 PM.
Quote from Conformer101 :
Rates are only going higher. This is predictable. No need to time this one - the writing is on the wall. Banks are simply slow to move up deposit and CD rates as the Fed moves.
Nobody denies that... I absolutely agree with you! But does the writing on the wall tell you how much higher? Cuz I want to buy the CDs at the highest point. Obviously not!
Like
Funny
>
Helpful
Not helpful
Reply
Joined Aug 2009
L10: Grand Master
> bubble2 10,452 Posts
5,296 Reputation
Pro
Conformer101
05-17-2022 at 02:33 PM.
05-17-2022 at 02:33 PM.
Quote from kimchee :
Nobody denies that... I absolutely agree with you! But does the writing on the wall tell you high much higher? Cuz I want to buy the CDs at the highest point. Obviously not!
No, it obviously doesn't tell us the peak, but we are going a lot higher than we are now.
Like
Funny
>
Helpful
Not helpful
Reply
Joined Nov 2010
L5: Journeyman
> bubble2 859 Posts
523 Reputation
Pro
nirvanaguy
05-17-2022 at 03:59 PM.
05-17-2022 at 03:59 PM.
Quote from SUCHaDEAL :
We know about that, but the max is $10K per SSN and you have to hold it 5 years for full payout. Some people may need shorter term options for larger amounts they are planning to use to buy a house in a couple of years, etc.

You still can lock in 8.x% guaranteed return for the first year or 9.x averaged with the rate change in November MINIMUM. 10k is a limit, yes, but the 8.x rate with the I bond is literally still 4x the rate of this crap CD. And the 5 year thing is not a valid reason not to do it. After one year if the rate plummeted you wait 3 months at the low interest and cash out with the lower rate penalty which dilutes your net APR only by a small amount.

The CD deal posted here is legitimately awful. You're better off putting it in a liquid money market at that low of a rate. But best off in an i bond. If you're not maxing an i bond with money you don't need for at least 12-15 months, you're wrong
Like
Funny
>
Helpful
Not helpful
Reply
Joined Oct 2012
SD for profit
> bubble2 3,373 Posts
722 Reputation
SturgeonGeneral
05-17-2022 at 04:09 PM.
05-17-2022 at 04:09 PM.
Quote from nirvanaguy :
You still can lock in 8.x% guaranteed return for the first year or 9.x averaged with the rate change in November MINIMUM. 10k is a limit, yes, but the 8.x rate with the I bond is literally still 4x the rate of this crap CD. And the 5 year thing is not a valid reason not to do it. After one year if the rate plummeted you wait 3 months at the low interest and cash out with the lower rate penalty which dilutes your net APR only by a small amount.

The CD deal posted here is legitimately awful. You're better off putting it in a liquid money market at that low of a rate. But best off in an i bond. If you're not maxing an i bond with money you don't need for at least 12-15 months, you're wrong
I think the main point is the 10k max. 10k is just a laughably low amount.
Like
Funny
>
Helpful
Not helpful
Reply
Joined Oct 2012
SD for profit
> bubble2 3,373 Posts
722 Reputation
SturgeonGeneral
05-17-2022 at 04:10 PM.
05-17-2022 at 04:10 PM.
Quote from SUCHaDEAL :
That's if you want to invest in treasury bonds.

This is the highest CD rate for less than 2 year term out there right now.
Navy Federal has 3% for 12 month minimum.
Like
Funny
>
Helpful
Not helpful
Reply
Page 1 of 2
12
Start the Conversation
 
Link Copied

The link has been copied to the clipboard.