Ally Bank - No Penalty CD

Average Score:

•   Easy to setup for existing customers

  I was already an ally bank customer with their online savings account when one day they emailed me and told me I could get a better rate (.25% higher) if I moved my money to their no-penalty 9-month CD.

  I moved my money because I figured that I might as well get a higher rate, and since it's a no-penalty CD, I could withdraw my money at any time just like my savings account.

  Setting up the CD was easy - I just logged in and moved money from my savings account to the CD. No weird forms or anything.

  I was pleasantly surprised that the bank would email me to tell me that I could be making more money - you'd think they'd be happy with me earning less. But I do worry that there's a catch somewhere - that it'll be harder to get out my money, or they'll automatically renew the CD at a low rate.

  But for now I'm happy to be earning the extra rate and if they pull any games like that I'll make sure to update this review!

  Posted by jay_squared -- June 16, 2009