Ally Bank Ten Day CD Rate Guarantee
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FacebookNot quite a year ago, we started building a CD ladder. We’re building a five year ladder, and that first rung is nearly up for renewal. I’ve thus been looking around for the best CD rates.
In doing so, I ran across the ten day CD rate guarantee at Ally Bank. In short, if you open a CD with Ally and the rates go up within the first ten days, they’ll automatically increase your rate to the higher level.
When you fund your CD within ten days of opening or renewing your Ally account, you automatically get the best rate we offer during that time period.
This isn’t a huge deal, but it’s nice to know that you won’t have any regrets about locking in your rate a few days before they raise them. Since our CDs are already at Ally (formerly GMAC Bank), and since their rates are still near the top, we’ll be leaving the money in place and just changing the term.
Published on October 22nd, 2009 - 7 Comments
Filed under: Banking, Saving & Investing
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About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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That CD ladder idea was a good one! Rates have got to start moving up soon.
John DeFlumeri Jr
Comment by John DeFlumeri Jr — Oct 22nd 2009 @ 8:04 pmDo you keep your ladder at one institution or is it spread across the best rates? We are still working to build enough cash reserves that we can start a ladder.
Comment by Kyle — Oct 23rd 2009 @ 8:54 amSay, what is the goal of your CD Ladder, or is it just for investment purposes in general?
There is some really nice information on your site, it looks like you have wrote some really informational piece here… I’ll have go through your archive!!!
-D
Comment by Don — Oct 23rd 2009 @ 9:13 amCouldn’t you beat the ROI of a CD ladder by opening a few online high yield savings and moving money when appropriate?
Comment by Chris — Oct 23rd 2009 @ 9:28 amDon: This is just where we’re holding our longer term cash.
Chris: The best promo rates right now top out around 2.5%. Over the past year, our ladder has averaged 4.66%. While this will dip a bit when we renew the next rung (to 4.46%) we’re still massively outperforming the rate-chasing strategy.
Kyle: We just started it last year. Ally (GMAC at the time) had the best rates across the board, so that’s what we did. Going forward, if rates are signficantly different, I would consider spreading the money across banks. Right now, however, Ally is within 0.10% of the highest available APY, so we’ll just keep the money there.
I have had to do some business with ALLY (aley) bank. Ihey are rude and grubby little people, be ware
Comment by R. Long — Nov 5th 2009 @ 7:51 pm