Having worked for a bank for several years after college, I’ve had a lot of experience with CDs but I never thought any bank would be willing to allow customers to raise the rate! After all, a CD’s rate is usually set in stone but not with Ally Bank.
How to raise your CD rate with Ally Bank
With Ally’s Raise Your Rate CD, you can increase your interest rate once (for a 2 year CD) or twice (for a 4 year CD) if rates go up any time during your CD’s term. You can actually open your CD with Ally without funding it, but if you fund your CD within ten days of opening (including your open date) or when your Ally CD renews, you automatically get the best rate they offer during those ten days with the Ally Ten Day Best Rate Guarantee.
10 reasons you should use Ally Bank for your CD investments
Ally grows your money faster by compounding interest daily. Many others compound monthly, quarterly, or even annually. What’s the big deal? The more often your investments are compounded, the more money you’ll make.
2. Open a CD without any money
You can go ahead and get your CD account opened even if you don’t have the money to fund it yet. Then you can fund it when you wish.
3. No fees
Back when I was selling CD investments, a small monthly fee was commonplace. Ally doesn’t charge a fee.
4. Raise your rate once for a 2 year CD
When you invest for a period of 24 months, you can arbitrarily raise your CD’s interest rate once over the term/
5. Raise your rate TWICE with a 4 year CD
Investing for 48 months allows you to raise your rate twice!
6. Personalized alerts
Ally allows you to personalize alerts when it may be a favorable time to raise your rate.
7. The Ally Ten Day Best Rate Guarantee
If you fund your CD within 10 days of opening (or renewing your CD), you automatically get the best rate Ally offers during those 10 days starting with your open or maturity date.
8. Peace of mind
Ally Bank CDs are fully insured up to the maximum amount.
9. Automatic renewal
When your CD renews, you can set it up to automatically renew. That way you won’t have money sitting around not making anything.
10. Consistently HIGH rates
Ally consistently has among the highest rates for their CDs anyway. Add to it the option of increasing your rate and you can personally make certain you have the highest rate going.
If you’ve considered moving money into a CD, take time to consider Ally’s Raise Your Rate CD!