Move 11 month Ally CD (1.5%) to Ally Savings (1.6%)?

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runner9
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Location: Ohio

Move 11 month Ally CD (1.5%) to Ally Savings (1.6%)?

Post by runner9 » Fri May 11, 2018 8:16 pm

I want to make sure I'm not missing something.

I have 2 Ally No Penalty 11 Month CDs that each earn 1.5%. Ally has been continually raising its saving's rate, which is now at 1.6%

Is there any reason to not cancel the 2 No Penalty CDs and move the money back into our Ally Savings account?

I can't think of one but want to double check. Thanks!

kappy
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Joined: Tue Jun 21, 2016 7:13 pm

Re: Move 11 month Ally CD (1.5%) to Ally Savings (1.6%)?

Post by kappy » Fri May 11, 2018 8:29 pm

Can't think of any unless things go to crap and rates drop again. I'd think about Vanguard Prime MM currently @1.85%.

csm
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Re: Move 11 month Ally CD (1.5%) to Ally Savings (1.6%)?

Post by csm » Sat May 12, 2018 2:22 am

Unless you think you'll need the money within a year, you might consider the Ally 12-month CD which is currently paying between 2.10% and 2.25% depending on the amount. You can always break it with a penalty if needed.

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N1CKV
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Re: Move 11 month Ally CD (1.5%) to Ally Savings (1.6%)?

Post by N1CKV » Sat May 12, 2018 7:40 am

The only thing that the No Penalty 11 Month Cd (currently) has to offer over the Savings account is that the rate is guaranteed.
In my opinion, which could be wrong and is worth less than what you are paying for it, we are in a rising interest rate environment. I would cancel the 11 month CD and put the funds in Savings if that is the only alternative being considered.
I have met a lot of people that claim to love money, but they also seem to be the same people that are in the biggest hurry to get rid of it.

Kathys
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Re: Move 11 month Ally CD (1.5%) to Ally Savings (1.6%)?

Post by Kathys » Sat May 12, 2018 8:24 am

Why not Popular Bank savings account 2.00% APY?

MikeG62
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Re: Move 11 month Ally CD (1.5%) to Ally Savings (1.6%)?

Post by MikeG62 » Sat May 12, 2018 8:36 am

runner9 wrote:
Fri May 11, 2018 8:16 pm
I want to make sure I'm not missing something.

I have 2 Ally No Penalty 11 Month CDs that each earn 1.5%. Ally has been continually raising its saving's rate, which is now at 1.6%

Is there any reason to not cancel the 2 No Penalty CDs and move the money back into our Ally Savings account?

I can't think of one but want to double check. Thanks!
OP, see this thread which I started two weeks ago...

viewtopic.php?f=1&t=248432&p=3907258#p3907258
Real Knowledge Comes Only From Experience

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