Comments on: Find Best Bank CD Rates with Money Aisle

By: Kevin

Kevin — Sat, 27 Jun 2009 02:03:33 +0000

@Adam: I don’t think Money Aisle is Ally/GMAC. Not in the least. Separate companies.

I think it is garbage that the FDIC told them to drop their rates. It is a business that is trying to rebuild a customer base. Let them do what they want!

I do agree that Money Aisle seemed to be a bit of theatrics and they limit how many searches you can do to 10 per day. Odd.

@Kip: Yea I’ve heard of those, but I’m still to skeptical to try them out myself.

@Jake: Theoretically yes, but the CD locks in your rate of return. If Ally drops their high yield rate below the CD rate, then the CD would be a better option. I agree though, it would have to drop quite a bit.

By: Jake

Jake — Thu, 25 Jun 2009 03:01:09 +0000

3 month CD @ $30,000 – 1.41%
High Yield Savings @ $20,000 – 2.30%

Shouldn’t the CD, which locks in my money, be higher than the savings?

By: Kip Nickell

Kip Nickell — Wed, 24 Jun 2009 18:01:17 +0000

Though it may be too much a hassle, you could always go the way of Rewards checking. Some offer up to about 5% interest. The only catch is that you have to have to sign up for wireless bills, make one deposit, and make 10 withdrawals. I have setup two accounts at two banks and send the deposits and withdrawals to each other. This fulfills the requirements and I am able to enjoy the relatively high rates of return. Disclaimer: I did have one account closed because of all the small withdrawals.

By: Adam

Adam — Wed, 24 Jun 2009 11:36:15 +0000

I just gave it a try, it went 10 whole bidding rounds and there were 3 banks in it from rounds 3-10… Curiously round 1 started at 0.9% and by round two it had dropped to 0.6%.

After all that silliness I ended up right at 1.9% for a 6 month CD.

Seems like a load of theatrics to me. Why can’t the whole system be nearly instant? Its not like there is an individual at these 94 banks pushing buttons to send bids out.

Anyone want to register on the MoneyAisle site and see if it really is the reorganized GMAC bank “Ally Bank”? I just checked Bankrate.com and that is what they come up with for a 6month CD. Took much less time to get too.

As far as FDIC insured banks go, I don’t know if I would rate Ally as a equal competitor. FDIC told them to drop rates because they were out of line and they offer their 9month “no penalty” CD which strikes me as a too-good-to-be-true product. Imagine a savings account where the rate can’t go down for 9 months, and as long as you call every week and “renew” (take the no-penalty option withdrawal and open a new account), well I think you see where I’m going with this.