Update on Ally Bank's CD Renewal Bonus

I had a one-year CD that matured on the 7th of January, and, after seeing this post on Bank Deals, I called just now (Sunday, the 10th) to ask about the renewal rates. I waited less than a minute to speak to a CSR, and he clearly and efficiently explained to me everything I wanted to know. The renewal for another year was for 1.80 percent plus the "loyalty bonus" of an additional 0.50 percent, making it 2.30 percent. In today's market, that's a very good deal, so I gladly renewed it. The whole process took barely a minute. I was really impressed -- it's a lot better than the customer service I've experienced with most banks. (And thanks also to Bank Deals for prompting me to call!)

had the same story with Ally as Mark K. but i renewed for 9 mothns (as i choose the no risk) and we got 1.90%. great CS, i tried to get more by contacting the exec dep. but they said thats the most approved by the their Board.

I had a 9 month CD mature 1/2/10 and rolled it into a 12 month. I'm still waiting to see the 2.30% reflected online.
I called and was told it would show 10 days after it matured. I can't complain about customer service. They answered all my questions and no wait time.
Now it's just wait and see that the new rate shows up.
I still prefer the ease of opening and renewing CD's at ING.

I actually received a call from them 10 days before maturity. They offered me the 0.50% bump if I called back to renew it for 12 months at the onset of the grace period.

As good a deal as that would have been, I am currently engaged in an installment savings program with Hanmi, and am depositing approximately the amount of the Ally CD every month, so I had to decline.

Yes - I also called and was offered the bonus of 0.5% plus was able to add funds form my money market account. Went for 12 months, got 2.3% - not bad. Was told that bonus would only show up after the 10 day grace period since they have the deal to increase rates should they change during these 10 days.

Nice surprise after my ordeal with UmbrellaBank/Beal Bank.

it's a lot better than the customer service I've experienced with most banks

Called today and was told the bonus expired yesterday

My one year CD matured 12/30. I not only renewed it for a year at 1.84% + .5% for a 2.34% APY, I also added funds. The added funds posted 1/6/10, the day I called to confirm because the funds had not been taken from my account when I checked on 1/2/10, and I complained that I should have been earning interest within a day. I received a call back on 1/9 that the bank backdated my interest earned to 1/1/10.

My CD was maturing on 01/06 and I got a call a few days ago about the bonus 0.5%. I called after 01/06 as it was not showing the additional 0.5% rate. CSR told me that it will reflect after 10 days.

Thank you for choosing Ally Bank. We certainly appreciate your business. The loyalty program is no longer available. It was ended on 01/10/2010 and was only available to customers who had a CD maturing on or before the date of 01/10/2010. If you have any other questions please do not hesitate to ask.

Have a fantastic day!

I had a 1-year CD mature today 1/12.

They're telling me that they're withholding about 25% of the interest because I didn't turn in a signature card.

Claims they already paid it to the IRS and that I won't have any documentation of it until they send me the 1098 for Tax Year 2010, meaning over a year from now.

There is nothing online nor in any of the statements indicating this withholding. Certainly there was nothing disclosed when I opened the account online. They mailed me stuff like other online banks have but I usually ignore these welcome letters.

No other institution has attempted to withhold money, especially with absolutely no documentation.

I don't want to withdraw a partial balance in case its a tacit agreement to their tactics. But I don't want the CD to roll over either.

Backup withholding is standard practice and required by law. Many banks double the signature card as an affidavit that the withholding is not required.

If you did not sign and return such a document, it's your fault, not the institution's.

I was the one that emailed you about this renewel bonus, which I opted for with a CD that expired 12/27.

Days after it didnt show the bonus rate and even yesterday it still did not. I called, they said they made a mistake but that my account was well documented so they would fix it. I havent verified it yet to see if the new rate is indeed showing.

I have had dozens of CDs opened online. Never returned a signature card for any of them.

For instance, one-year for Wamu and similar terms for DSD and others.

They claim signature is needed to verify identify. They have my social security and other personal info.

Why if my identity was in question would they release the principal and 75% of the accrued interest to me?

No other institution that I've encountered is engaging in this practice. Now, I don't even get a chance to earn a return on the withheld money for another year?

This is shady.

I have had a good experience with Ally. Customer service is always helpful. I wish it'd offer regular banking.

When my CD was set to expire, I called with the intent of transferring my money to a money market account. Ally asked me if I knew about the loyalty rate. I said no, and the loyalty rate was explained to me. I signed up, and was given a .5 bonus.

About two weeks after renewing, Ally sent me a statement reflecting my rate. On this statement, I wasn't given the loyalty rate. After calling Ally up on the issue, the issue was quickly addressed. A new correct statement arrived about 10 days later.

Definitely one of the better banks i have dealt with.

I had a 1-year CD at Ally that matured on 12/31/09. A CSR called me a few weeks prior and told me about the .5%, and how to go about doing it. Right around 12/31, I called to renew the CD, changed the term to 3 years, and added some money to it, and got the additional .5%. It was all very painless. I haven't received anything in the mail yet, but all is in place online.

Once again, backup withholding is standard practice and *required by law*. Many, *but not all*, banks double the signature card as an affidavit that the withholding is not required.

If you did not sign and return such a document, it's your fault, not the institution's. wco81 now knows what happens when you assume....

Spoke to a CSR today. The .5% bonus ended on CD's expiring on 1/10. It was mentioned that Ally will open up a new checking account this weekend!

I just called Ally and was denied the 0.50% APY bonus because my CD is maturing on January 21; the CSR said the deal was only good for CDs with maturity dates through January 10.

I had 2 accts mature in Dec, read this site after the fact and complained, was told the rollover bonus would be applied retroactively to date of maturity (full .50%) for each, that the bonus was discontinued 1/10/10, that CSR would call back 2 days later to confirm change in rate. When she called back the next day she offered that the rollover was back in effect again through the end of Jan, so that my last CD which matures 1/22 would also be eligible for the bonus. That applies to change of duration till maturity, also to changes in amount so I can take out money needed now and get the bonus on the remaining amount. Overall have been satisfied for 2 years now with CD rates and services at Ally.

Ally offers a 2 year CD for 2.15% 

with an option to upgrade yield.

Renewal bonus still in effect as of today, but only at 0.25%... same terms as described in post and comments.

I let a 9 mo. CD renew a few days ago, but called about another one that matured yesterday because I wanted to change it to a 24 month term.  That's when the CSR told me I would get the .50% Loyalty Bonus on the 24 mo. CD.  I asked about the 9 mo. that automatically renewed a few days ago.  He said when the 10 day grace period is up I will be getting a letter saying they bumped that one up .50% too.

I had an interesting twist on the loyalty bonus issue- I was misinformed by an Ally CSR concerning the application of the bonus, based on the information that I received, I made a decision to reallocate my funds into several CDS because I was told that the bonus would apply to each CD.

WRONG- they now say that the CSR I spoke with was misinformed and there will be no loyalty bonus- I am being penalized becaue they did not train the CSR properly.

I have been advised that this has occurred to many customers and the CSRs are very busy calling people to alert them that the bonus either doesn't apply or that instead of .50 some will receive .25.

This is the straighforward bank that places a emphasis on customer service and seeks to reward you for your loyalty - the say that they have no small print, well that is because none of this is in writing and there are no policies that cover this ---they make it up as they go along!!

This is probably a sure sign that other things are changing. 

I have an Ally no-penalty CD maturing soon.  I received an e-mail offering me a 0.25% bump if I renew.  Is anyone getting a better offer?  Like 0.50%?

Still getting the 0.25% loyalty bonus from Ally on CDs maturing on May 8 and June 21.