Ally Bank is always looking at ways to differentiate themselves from the competition. Usually banks introduce offer sign up bonuses, or sweepstakes promotions, a tactic we have yet to see Ally do. Instead Ally takes a different approach, by trying to always improve their products for the consumer. This week the online institution rolled out a new upgrade feature on their 2 year CD.
Ally second year CD
Adjust Your Rate
Here is how Ally explains their new offer:
“…as a special feature of our 2 Year CD, you’ll have the flexibility to raise your rate once if you see we have a better rate during the term of that CD.”
While most banks only offer the rate you see on the day you make your deposit, Ally is giving you a second chance to reset your rate if you see that they are offering a better one at any time during your CD’s term.
Ally Bank is currently has the sixth highest 2 year CD rate with a 2.10% APY, behind AIG, Discover and Hudson City Savings Bank.
Keeping Other Banks on Their Toes
With this new offer, along with Ally’s Ten Day Best Rate Guarantee, which ensures you get the best option within 10 days of opening the account, Ally bank has definitely taken the direction to separate themselves from the competition. A move we love, because it only benefits the consumer when Ally and other banks stay competitive.
For more information visit the Ally website here.
