Ally Bank Ten Day CD Rate Guarantee

Not quite a year ago, we started building a CD ladder. We’re building a five year ladder, and that first rung is nearly up for renewal. I’ve thus been looking around for the best CD rates.

In doing so, I ran across the ten day CD rate guarantee at Ally Bank. In short, if you open a CD with Ally and the rates go up within the first ten days, they’ll automatically increase your rate to the higher level.

When you fund your CD within ten days of opening or renewing your Ally account, you automatically get the best rate we offer during that time period.

This isn’t a huge deal, but it’s nice to know that you won’t have any regrets about locking in your rate a few days before they raise them. Since our CDs are already at Ally (formerly GMAC Bank), and since their rates are still near the top, we’ll be leaving the money in place and just changing the term.


7 Responses to “Ally Bank Ten Day CD Rate Guarantee”

  1. Kyle: We just started it last year. Ally (GMAC at the time) had the best rates across the board, so that’s what we did. Going forward, if rates are signficantly different, I would consider spreading the money across banks. Right now, however, Ally is within 0.10% of the highest available APY, so we’ll just keep the money there.

  2. Don: This is just where we’re holding our longer term cash.

    Chris: The best promo rates right now top out around 2.5%. Over the past year, our ladder has averaged 4.66%. While this will dip a bit when we renew the next rung (to 4.46%) we’re still massively outperforming the rate-chasing strategy.

  3. Anonymous

    Say, what is the goal of your CD Ladder, or is it just for investment purposes in general?

    There is some really nice information on your site, it looks like you have wrote some really informational piece here… I’ll have go through your archive!!!


  4. Anonymous

    Do you keep your ladder at one institution or is it spread across the best rates? We are still working to build enough cash reserves that we can start a ladder.

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