Ally Bank Drops Rate on 9-Month No-Penalty CD
Looks like Ally Bank dropped their rates over the weekend, about a week after my Ally Bank review. I don’t think this means they are an under-capitalized bank though, as the rates are still much higher than the upcoming FDIC rate caps. More likely, they simply got enough money at their previous rates, and felt they didn’t have to offer as much to attract deposits.
By Jonathan Ping | Banking | 6/8/09, 5:16am
June 8th, 2009 at 8:33 am
I can’t believe they lowered it so fast! I was just about to open one of those CD’s based on your last week posting
June 8th, 2009 at 10:26 am
Dang, I just opened the savings last week and this week was going to put it in chunks into the 2.5% CD. oh well, 2.3% ain’t bad for these days.
June 8th, 2009 at 12:22 pm
Bummer…I was about a week late with my transfer.
June 8th, 2009 at 12:33 pm
Yeah one year CD rate down from 2.80% on Friday.. Should have put more there..
June 8th, 2009 at 12:52 pm
I opened it when it was 2.5% CD. and sent check this week, don’t know I get 2.5% or 2.3%.
June 8th, 2009 at 6:32 pm
So far, I’m not impressed with Ally. I recently moved, so had to fax in evidence of my new address. I sent the fax in on Monday June 1 (after applying the previous weekend)–and haven’t heard anything since. I called in late last week and was told it would take from 1-4 business days for processing. It’s now been over a full week … and nothing. At this point, I just assume forget it (now that they’ve lowered their rates)! There’s no point in transferring funds from DSD for 5 piddly basis points.
June 9th, 2009 at 3:17 am
Thats pretty lame that everyone is so exited about a 2.5% return.
June 9th, 2009 at 4:24 am
I would hope the rates should be effective when you applied and were approved for the account, given that you don’t dawdle if sending a paper check. Electronic transfers should be pretty quick. I’d call and argue if they didn’t give me the rate when I applied and I put a good faith effort into getting the money there ASAP.
June 9th, 2009 at 5:23 am
I’ve heard several reports that rates are based on when the account was funded, not when you applied. There were several people who applied online last Thursday and funded by ACH transfer, and received the lower rate since the account funded on Friday.
June 9th, 2009 at 5:35 am
Yes, I’ve also heard reports that they have adjusted rates for people in that situation who called in and asked for the rate when they applied. Call in! The wait time is on the website.
June 9th, 2009 at 7:12 am
I opened a set of ladder CDs last week – 3, 6, 9 and 12 months a day or two before the rates were lowered. I opened the 12 mo. at the 2.8% rate. The funds transfer was initiated on Friday and hit my account today.
I noticed that I was given the 2.49% rate for the 12 month. I figured this was because the funds hit the account after the rates were lowered. Not satisfied with this, I called to inquire why I received the lower rate instead of 2.8%. The girl put me on hold for a few minutes and said she would forward my request to the banking operations group to set the rates the previous, higher ones. She said it would take 3-5 days so hopefully when I check again it will be corrected.
Maybe this will work for others?
June 9th, 2009 at 5:02 pm
I opened tuesday, my transfer didn’t hit until friday. I called and complained about the 2.3 and they said they would review. They called me 2 days later to confirm they would raise it to 2.5.
June 9th, 2009 at 5:09 pm
That being said the website still says 2.3. I didnt do the math to see what rate im getting. I’ll check the website again in a week to see if it changed.
June 10th, 2009 at 10:05 am
“Thats pretty lame that everyone is so exited about a 2.5% return.”
Well if you saw what Chase lowered their savings account rate to then you would be exicted also
June 10th, 2009 at 3:09 pm
Ok now my web account reflects the 2.5%