When we first started banking online, we opened an account with ING Direct. They were one of the pioneers in online banking, and they also used to offer some of the best rates around. Since that time, a number of competitors have appeared and ING has struggled to keep up in terms of rates.
In the past few years, we’ve opened accounts with a variety of other online banks, including FNBO Direct, EverBank, and Ally Bank (though it was GMAC Bank back when we opened our account). While we’re still using ING Direct, we’ve recently been transitioning more of our business to Ally.
Why? In part because they’ve consistently offered some of the best online savings interest rates, and have also been very competitive when it comes to CD rates. In the few times I’ve dealt with their customer service reps, I’ve also been highly impressed (though the same can be said for ING Direct).
The latest thing that makes me love Ally is a letter that we received over the weekend regarding one of our CDs. Here’s a portion of the text:
Part of our commitment to being a better bank means offering better products. That’s why your 2-Year CD is now the Ally Raise Your Rate CD. The current rate and existing term for your Ally Raise Your Rate CD will remain the same, but we’ve added a new feature which allows you a one-time rate increase if our rates go up during the remainder of your term. You can take advantage of this benefit by just giving us a call.
While other banks have been making one anti-consumer decision after another, Ally is not only improving their products, but they’re also offering these improvements to exiting customers who already have their money locked away in a CD.
In reality, this CD expires in less than a year, and it’s unlikely that rates will rise enough for us to benefit. Nonetheless, it’s nice to see a bank doing the right thing when it comes to taking care of their customers.
See also: Ally Bank Review