Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays Bank.
Two years ago, I set up a CD ladder at Ally Bank, though they were still technically GMAC Bank at the time. I did this by buying a one, two, three, four, and five year CD and have been renewing each “rung” on the ladder into a new 5 year CD every November.
While CD rates have been awful over the past couple of years, we’ve been receiving a nice little bonus from Ally in the form of a 0.25% bonus for renewing our CDs each time.
It works like this: When your CD matures, simply leave it alone and it will auto-renew into a CD of the same term at the prevailing rate + 0.25%. If you’d like to change the term or add money, you have ten days to do so and you will still get the bonus.
Note that the bonus isn’t cumulative, so you can’t just leave your CDs in place year after year and keep accruing bonus on top of bonus. Rather, as long as this offer is in place, you’ll get a 0.25% bonus on top of the prevailing market rate.
Another nice aspect of Ally Bank CDs is that their early withdrawal penalty is only 60 days of interest, so you’re not risking much if you lock in a longer term CD and rates end up rising.
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math (692)
- Dish Network Customer Service SUCKS (534)
- $8,000 Homebuyer Tax Credit (429)
- Pay Off Mortgage Early or Invest? (424)
- How to Claim the First-Time Homebuyer Tax Credit (352)
- Termite Control: Sentricon vs. Termidor (325)
- How Much Should You Pay a Babysitter? (284)
- Ethanol Blended Gas = Lower Mileage? (272)
- Reduced Credit Limits? Share Your Experience (256)
- $15,000 Homebuyer Tax Credit (242)
- Buying Furniture off the Back of a Truck (228)
- Will Mac OS X Lion Kill Quicken 2007? (191)