Comments on: Unique CD Strategy to Lock in Higher Rate http://www.mydollarplan.com/unique-cd-strategy-to-lock-in-higher-rate/ because money doesn't grow on trees Thu, 09 Feb 2012 14:28:55 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Sebastian http://www.mydollarplan.com/unique-cd-strategy-to-lock-in-higher-rate/#comment-13059 Sebastian Sat, 10 Jul 2010 21:26:10 +0000 http://www.mydollarplan.com/?p=1241#comment-13059 Hi Madison, I am suspicious of Ally Bank. I had to call them after I bought a couple of CD's. They had the wrong interest rate. You have to call them to redeem the CD's, you cant do it online. I don't trust them. Hi Madison,
I am suspicious of Ally Bank. I had to call them after I bought a couple of CD’s. They had the wrong interest rate. You have to call them to redeem the CD’s, you cant do it online. I don’t trust them.

]]> By: Andy http://www.mydollarplan.com/unique-cd-strategy-to-lock-in-higher-rate/#comment-12762 Andy Wed, 30 Jun 2010 15:06:53 +0000 http://www.mydollarplan.com/?p=1241#comment-12762 Isn't there a clause in some CD agreements that the bank is not required to honor an early termination request? (I have not studied Ally's agreement, so do not know if this applies to them) Isn’t there a clause in some CD agreements that the bank is not required to honor an early termination request?

(I have not studied Ally’s agreement, so do not know if this applies to them)

]]> By: Randy http://www.mydollarplan.com/unique-cd-strategy-to-lock-in-higher-rate/#comment-12749 Randy Wed, 30 Jun 2010 03:32:58 +0000 http://www.mydollarplan.com/?p=1241#comment-12749 Just tonight, before reading this article, I had my girlfriend open a 5 year at Ally for just this reason. We also opened a 2 year "raise your rate" CD because I absolutely believe the rates MUST go up within and year and Ally WILL eventually change their 60 day penalty back to the previous penalty. I'm not sure it was 6 months, though. For some reason I'm thinking 3 months. Just tonight, before reading this article, I had my girlfriend open a 5 year at Ally for just this reason. We also opened a 2 year “raise your rate” CD because I absolutely believe the rates MUST go up within and year and Ally WILL eventually change their 60 day penalty back to the previous penalty. I’m not sure it was 6 months, though. For some reason I’m thinking 3 months.

]]> By: Jill http://www.mydollarplan.com/unique-cd-strategy-to-lock-in-higher-rate/#comment-12735 Jill Tue, 29 Jun 2010 21:07:49 +0000 http://www.mydollarplan.com/?p=1241#comment-12735 Good to know! Thanks for the tip. Good to know! Thanks for the tip.

]]> By: The Best Money Blog http://www.mydollarplan.com/unique-cd-strategy-to-lock-in-higher-rate/#comment-12723 The Best Money Blog Tue, 29 Jun 2010 16:29:00 +0000 http://www.mydollarplan.com/?p=1241#comment-12723 Good post, this is a very easy way to get some extra interest, however, I think if you look hard enough there are better choices for investing that are as safe and liquid as a CD, depending on how much you have in savings and can afford to spend freely. Good post, this is a very easy way to get some extra interest, however, I think if you look hard enough there are better choices for investing that are as safe and liquid as a CD, depending on how much you have in savings and can afford to spend freely.

]]> By: Howard http://www.mydollarplan.com/unique-cd-strategy-to-lock-in-higher-rate/#comment-12720 Howard Tue, 29 Jun 2010 15:43:07 +0000 http://www.mydollarplan.com/?p=1241#comment-12720 Very clever. I like it. A lot of things I read I think to myself aren't worth the time/effort. For example, I'm not into the whole credit card arbitrage thing. But this is one I'm going to seriously consider. Just 1 caveat, they can't change the penalty once you lock in a CD correct? What about switching to a higher rate? If you switch to a higher rate, could there be a new fee structure with this "new" cd? Very clever. I like it. A lot of things I read I think to myself aren’t worth the time/effort. For example, I’m not into the whole credit card arbitrage thing.

But this is one I’m going to seriously consider.

Just 1 caveat, they can’t change the penalty once you lock in a CD correct? What about switching to a higher rate? If you switch to a higher rate, could there be a new fee structure with this “new” cd?

]]> By: pksublime http://www.mydollarplan.com/unique-cd-strategy-to-lock-in-higher-rate/#comment-12719 pksublime Tue, 29 Jun 2010 15:13:51 +0000 http://www.mydollarplan.com/?p=1241#comment-12719 Thanks for the tip, I'm going to move over half my Emergency fund to Ally due to only the 60 days of interest penalty. If I need that money the 60 days of interest is the least of my worries. Thanks for the tip, I’m going to move over half my Emergency fund to Ally due to only the 60 days of interest penalty. If I need that money the 60 days of interest is the least of my worries.

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