A week ago I posted that we were starting a move of our emergency fund cash to Ally Bank in order to take advantage of their “No Penalty CD” product. This will allow us to stop laddering our funds in 6-month CDs, which are generally sporting pretty low rates right now. So I was just checking to see if the last transfer had completed when I noticed that they’ve already dropped the rate from a 2.15% APY to a 2.05% APY.

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So earlier this week my wife and I opened up a new online savings account over at Ally bank, and I’ve gone back since to browse around Ally’s website trying to understand how to make the best use of their services and products. The information about their “No Penalty CD” really caught my eye, as it seems almost too good to be true.

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I started paying pretty close attention to our GI-qualified income late last year. And thus I can say that this month is already shaping up to be a bit unusual as we’ve had cash deposits totaling over $300 as a result of two credit card rewards programs. Here’s the story so far.

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We’ve decided to stop making extra principal payments on our loans. Instead we’re going to direct that money into our GI portfolio to increase our liquidity. Here is our reasoning.

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ING Direct lowered their interest rates on a number of bank products yesterday. It hasn’t been all that long from ING’s last rate drop which I wrote about on December 30th, 2008, so I’m guessing this answers my previous question regarding how frequently ING changes its rates. More often, but smaller sized changes.

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