So following my gold sale I was looking for a place to store the cash while I research and sell/buy options and found that not many banks are paying to hold your cash these days. Through my search I stumbled upon Ally bank who currently pay 1.29% for savings or money market accounts which is pretty good considering what is out there now.
Ally is an online only bank that you can link to your current bank and or investment accounts and use as a cash storage earning interest. Transfers seem to go through in 1-2 business days which is normal and I haven't had trouble in the week or so I have had the account. Opening the account was also pretty easy and was complete in one week. linking accounts took 2-3 business days to verify. All in all I am happy so far in my new cash storage bank.
If you are looking for a good rate CD or have one expiring soon that you want to roll over into a higher yielding one Ally also has a good deal on that. Here is how to take advantage:
Basically I would suggest you open one of their 5 year CD's at 2.99%. This CD has an early withdrawal penalty of only two months interest which is the most lenient you will find at any bank. Cash it out after one year and you will end up with close to a 2.5% yield after the penalty. If you keep it for two years even with the minuscule penalty you would earn over 2.9%, I challenge you to find a better 12 or 24 month CD rate than that!
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