Ally Bank Cuts Rates on Savings, Money Market and CDs

Actually, as of today, Ally's 5-year CD is a lower 3.10% APY.

I, too, discovered the drop of Ally's 60-month CD from 3.15% to 3.10% APY when I opened one today which I plan to fund with the proceeds of another Ally CD that matures tomorrow.

Ally's Deposit Agreement states:

"Ally’s Ten Day Best Rate Guarantee —

 

We guarantee the best rate we offer for your CD within ten days of opening an account, when you fund during that time."

Question ... does anyone know whether the "ten days" extend backward as well as forward? The wording sounds like it should ... but I'd like to know what others have been told before I ask Ally.

Thanks, and I'll share my own experience here later.

I just had an online chat with Ally about their best rate guarantee:

“We guarantee the best rate we offer for your CD within ten days of opening an account, when you fund during that time."

I was firmly told, “The 10 day rate guarantee applies to the 10 calendar days after the CD is opened,” even after I pointed out that it says “within 10 days” and that the word “after” is never used.

Frankly, I think they’re on shaky ground legally … given the wording in their agreement.

And I can’t help wondering how many times, if ever, the guarantee has come into play. Does anyone know whether Ally’s CD rates have even gone up since the guarantee went into effect? If not, then it’s never been used.

Which raises the question … when interest rates inevitably start going up, will Ally keep the guarantee in effect … or cancel it without it ever having been used?