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Investing Blog Roundup: Ally Bank Changes CD Terms

Author and financial planner Allan Roth has often written about using CDs instead of bonds or bond funds for the fixed income part of a portfolio — with the primary idea being that if you shop around for rates you can get a higher overall return without any additional risk because of the FDIC guarantee.

Over the last few years, Ally Bank has been one of the best places to implement such a strategy because they typically offer competitive rates, and they have very low penalties for cashing out a CD early. (So, for example, you could throw everything into 5-year CDs even if there was a decent chance you’d need the money before the CDs matured.)

A very astute observer over at the Bogleheads forum, however, recently noticed a change in Ally’s CD terms. The Finance Buff covered the changes and the impact in an article this week:

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