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.

Comments

  1. Will Go says:

    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

  2. Frankie says:

    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.

  3. Baughman says:

    Bummer…I was about a week late with my transfer.

  4. Yeah one year CD rate down from 2.80% on Friday.. Should have put more there..

  5. I opened it when it was 2.5% CD. and sent check this week, don’t know I get 2.5% or 2.3%.

  6. 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.

  7. Froderick says:

    Thats pretty lame that everyone is so exited about a 2.5% return.

  8. 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.

  9. 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.

  10. 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.

  11. 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?

  12. Froderick says:

    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.

  13. Froderick says:

    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.

  14. “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

  15. Froderick says:

    Ok now my web account reflects the 2.5%

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