Thursday, June 9, 2011 - 8:06 PM

Ally 5 Year CD Rate Change Alert

Once again Ally has updated the CD rates on its automated telephone
(1-877-247-2559) system one day prior to their actual
implementation! This is also one day prior to Ally updating these
rates on their Website. This is also one day prior to Ally
updating the CSR private database of CD rates (so the CSRs don't
even know about the upcoming change)!

Specifically, tomorrow (Friday 6-10-11) Ally is decreasing its 5
year CD rate/APY from 2.36%/2.39% to 2.34%/2.37%.

So of what use is this bit of trivia? Well, for rate increases,
not much since Ally's best-rate-within-the-next-10-days-of-opening-
a-CD policy already gives you the benefit of a higher (ie., the
next day's) rate. But, for rate decreases like this, it is worth
making the phone call to check the rate. So if you're debating
opening this Ally CD "today" or "tomorrow" be sure to open the CD
before midnite today to get the higher rate.

cumulus133 posts since
Jan 16, 2010
Rep Points: 583

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Summary

1. Thursday, June 23, 2011 - 5:50 AM

CDs have typically been attractive for their low risk and mid-level compensation. Low CD rates prompt consumers to pay off credit cards. The typical choice for several has been to pay down high-interest debt like charge cards. Of the amount that was not rolled over, surveys indicate at least 15 percent was used to pay down credit cards. The rest went into liquid accounts like checking, savings and money markets. Of the amount that was not rolled over, surveys indicate at least 15 percent was used to pay down credit cards. The rest went into liquid accounts like checking, savings and money markets.

danicaB2 posts since
Jun 23, 2011
Rep Points: 3