Do I have a problem? ;)

[IOBA]

SynnDiesel - Ally bank is great!  You can do everything online - to include opening your bank account!   Their minimum is $100 for a CD.   But that is ok.   Maybe you can do one every other month until your cc is paid off?

How much further or longer until the cc is paid off?  What is the interest rate?

[FrugalRican]

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@IOBA wrote:

SynnDiesel - Ally bank is great!  You can do everything online - to include opening your bank account!   Their minimum is $100 for a CD.   But that is ok.   Maybe you can do one every other month until your cc is paid off?

How much further or longer until the cc is paid off?  What is the interest rate?

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Hey IOBA.

Have you ever closed an account with them? How would they pay you, do they send a check to your address?

IF I do the payments I can afford right now, I'd be done paying it off by October 2013.

I'm "supposed" to be getting some help within the next few months, but it's not 100% certain... if it does come through, it'd be as early as January 2013. But for now, I'm just counting on October 2013 as the final date.

The interest rate right now is 14.24%.

I've just been using the extra $100 to fund the emergency account in the meantime and stashing away some extra for a DP on a car.

Once the CC comes off, that's an extra $260 a month I'm saving up.

[IOBA]

FrugalRican - Ally bank can send you a check, if you request it.   Or, you can transfer funds to another bank, free of charge.  

I have never set foot into an Ally branch.   Heck, I dont' even know where one physically exists!  I do all of my dealings with them on the web (like opening a new CD) and through bank transfers (I can send money to or from Ally, from their website, no charge).

They are very easy to work with.   They even offer onine real time, real person chat.

I think it's great you are working diligently to pay off the cc.  One of the tricks I do, when I have a bill, is I put everything I can on that bill, to include ALL loose change!  Sometimes, I make up to 20 pymts in a cycle.  Seems silly, but hey, I get it paid off SOOO much faster than what the budget says will happen.  And interest is usually calculated on the daily average balance.  So lots of payments could actually lower your overall interest that you pay each month.

Go for it...once you have some money saved up, enough to pay rent and bills for a month, then put EVERYTHING into your cc.   Right now, put EVERYTHING into that bill except for what you absolutely need for an emergency fund.

[FrugalRican]

Sounds like a plan.

I got a lot to take care of within the next year!!!

And I definitely love this idea.

I look forward to a lot more of your posts.

[Repo-ed]

I like this. I like this alot! I even have an Ally account that I had forgotten about

[Repo-ed]

So I opened two. Messed up the reoccuring set-up on the first...

So, just so I understand this correctly.

You literally open a new CD (so submit a new app, every 2weeks?) So you have a list of accounts, like this?

summaryAccount Type Number of Accounts Total Balance

CDs	2	$0.00
Total	2	$0.00

Certificates Of DepositAccount  Account Name Interest Accrued  Balance Available

XXXXXXXX9	High Yield CD 12-Month	$0.00	$0.00	$0.00
XXXXXXXX7	High Yield CD 12-Month	$0.00	$0.00	$0.00

[Repo-ed]

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@Repo-ed wrote:

So I opened two. Messed up the reoccurring set-up on the first...

So, just so I understand this correctly.

You literally open a new CD (so submit a new app, every 2weeks?) So you have a list of accounts, like this?

summaryAccount Type Number of Accounts Total Balance

CDs	2	$0.00
Total	2	$0.00

Certificates Of DepositAccount  Account Name Interest Accrued  Balance Available

XXXXXXXX9	High Yield CD 12-Month	$0.00	$0.00	$0.00
XXXXXXXX7	High Yield CD 12-Month	$0.00	$0.00	$0.00

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Having re-read the thread, I'm guessing I messed up the occurrences - in my favor, as that would just add funds to that particular CD and not open a new one bi-weekly.

[Anonymous]

I've actually just started building a 6-month ladder for my E-fund, buying a 3 month and 6 month CD for the next 3 months, then buying recurring 6 month CDs from thereon out.

I've also thought of buying a new CD every paycheck, but due to simplicity I don't want to leave USAA just for CDs (especialyl since their rates are decent), and their lowest minimum is $250 on an adjustable CD... so I figured I'd just buy 1 $250 a month, at 1 year terms, and just keep doing that, adding more money to them each time. ..hmm..

[Repo-ed]

i have usaa as well, but certainly not leaving them for ally. just using ally for cds, now.

[IOBA]

Repo-ed - for the most part, you have it correct.

With Ally, it looks like:

CD 1 4 yr, adjustable rate (matures 12/2015)

CD 2, 4 yr, adjustable rate (matures 01/2016)

CD 3, 4 yr, adjustable rate (matures 02/2016)

My goal with Ally is to open one new CD per month.   I have been going with the 4 yr term (with two rate bumps permitted) since that was the best interest rate offer.  I can open it with any dollar amount I want.  I choose a $100 for consistency.  I dont' think I can add to the CD during the year with the ones I choose.   BUT I can bump up the rate, if the overal interest rates increase.

At Navy, I open up a new CD every two weeks, without fail.  So  my statement with them looks like this:

CD 1, 1 yr, .85% 

CD 2, 1 yr, .85%

CD 22, 1 yr, .85%

Navy offers a high yield CD (with limits and terms) that is earning 3% APY.  I have one of those, maxed out to the fullest amount Navy will allow (3k).  It's also a 1 yr term.

When I have loose change, I add it to one of the CD's.   Navy requires a minimum of $100 to open the CD, but you can add as much, or as little, as often as you want.

At USAA, I have four CD's.   The goal is one a kid plus me.   It looks like this...

CD 1, xx terms (usually 6 months).  <---- mine.  Usually refund money or extra paycheck.  I do a shorter term so I know I have a chunk of change coming if needed.

CD 2, 1 yr term, .85%

CD 3, 1 yr term, 85%

CD 4, 1 yr term, .85%

USAA lets you open a CD with as little as $250.   You can add to the CD in increments of $25.

And no,I do not and have never worked for any of these guys.