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Ally Yo-Yoing Their CD Rates?

Thursday, June 21, 2012 - 8:40 PMAlly Bank - Details
 
So what's with this flip flopping of CD rates the past
couple of month's by Ally?  No big deal, but it seems an
awkward strategy just to allow them to assert a "raise
in rates".

For example,
on 5-8-12 the 5 year CD APY changed to 1.69%, then
on 6-15     "   "   "     "    "       "         "   1.65%, then today
on 6-21     "   "   "     "    "       " back  "   1.69%.

In the similar time frame their
3 month CD APY went 0.39% -> 0.34% -> 0.39% and their
9     "     "     "     "      0.74% -> 0.64% -> 0.74%  "    "
11   "     "     "     "      0.94% -> 0.91% -> 0.94%.

I dunno --- perhaps I'm brainwashed by the steady APY
decreases of the past few years that I'm now overly
suspicious when I see any increases!
7
cumuluscumulus332 posts since
Jan 16, 2010
Rep Points: 1,563
1. Friday, June 22, 2012 - 5:47 PM
Thanks for posting on this issue. It is interesting. I discussed one possible reason that could explain the rate fluctuations in my weekly CD survey.
2
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
2. Friday, June 22, 2012 - 6:59 PM
With their 10-day best rate guarantee, it almost doesn't matter...
1
larkinlarkin65 posts since
Jun 18, 2010
Rep Points: 289
3. Monday, June 25, 2012 - 5:16 PM
Although I'd like to give Ally the benefit of the doubt on
these flip-flops this also reeks of a (very poor) marketing
strategy to create artificial rate hikes.  Kind of an insult
to customers.
2
cumuluscumulus332 posts since
Jan 16, 2010
Rep Points: 1,563
4. Wednesday, June 27, 2012 - 7:56 PM
Cumulus, never criticize a bank or credit union for raising its rates. I don't care what the reason is, just be thankful for the rate increase.
1
loulou543 posts since
Aug 3, 2010
Rep Points: 3,395
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