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EWP Question (Ally Vs Synchrony)

sbkim
sbkim   |     |   2 posts since 2014

Hello everyone,

First and foremost, I want to thank Ken for the awesome site!   I am finding the EWP calculator to be extremely helpful and I am on the fence between Ally and Synchrony.  I recognize that Ally is currently 5 months and Synchrony is 6 months of 5 year term CDs.  Are there other specifics I should consider before choosing one over the other?  For example, is one bank easier to deal with than the other in terms of early withdrawals processing?  I see that Ally doesn't do partial - does that mean I can't do monthly interest transfers?   All things being equal, I am leaning towards Synchrony as I do not believe I will be doing the early withdrawal anytime soon and certainly not before 18 months...

Thank you



Answers
John Sears
John Sears   |     |   55 posts since 2015
I have 5 mos. left on multiple $10K and $20K Ally CD's based on 5 years.  They had 2 mo. early withdrawal and they transfer interest to me monthly, typically at midnight of the 30th or 31st.  The exception is the IRA I have with them, the interest cannot be withdrawn.  That also has the 2 mo. early penalty.
CDInvestor1
CDInvestor1   |     |   17 posts since 2015
In my experience with both banks, Ally only pays the interest quarterly, and Synchrony pays it monthly.  If you really need the monthly income, Synchrony would be the way to go.
sbkim
sbkim   |     |   2 posts since 2014
Thank you CDinvestor1.