Ally Bank retention offer

A CD I opened with Ally Bank a year ago matured a few days ago. I called to cash it out, and was very pleasantly surprised by their response.

In general, I find that when a CD matures, the bank will try to roll it over into a low rate CD. Many wont allow you to put the money into a promotional rate. So, when I called Ally Bank a few days ago, I expected that I would need to cash out and look for a new CD. Instead, Ally offered me a retention bonus of 0.5%. So the new 1 year Cd would have a rate of 2.34% (1.84% plus the retention bonus). This is the best rate available anywhere. In addition, they allowed me to put additional money into the CD at that rate.

I was also very pleased with their customer service- I was actually able to speak to a real person, with minimal hold time, on three occasions and they were helpful in terms of arranging a wire transfer of more money into the account.

Joshua Avram
Joshua Avram: MD, Wash U; BS, Yale. A noted cardiologist, the doctor applies his medical knowledge to his investing in large pharm and biotechs. The doctor has correctly predicted several very exciting biotech acquisitions over the past several years, including the acquisitions of Esperion (Pfizer), Amylin (Bristol Myers) and Imclone (Bristol Myers). The doctor is presently long Novo Nord


  • AronLiv

    January 09, 2010

    You need to call and ask for this within 7 days of the expiration of your CD. Otherwise, they do roll you into a new CD with the same term and no retention bonus.

  • Rick S.

    January 11, 2010

    I called this morning to try to lock in to a retention bonus after reading this article. Following a long wait during which the representative checked with her manager, I was told that this Ally Bank retention bonus program was discontinued / expired yesterday evening.

  • Jim Simmons

    January 11, 2010

    It is exactly the same bait and switch that they advertise that they don't engage in. Two young kids on a bicycles. One can take it out for a ride and the other needs to stay within the box that they drew on the ground. A different kind of bank? NOT.

  • sagitarius84

    January 12, 2010

    I don't liek the fact that you HAVE TO CALL in order to get your money back. That makes me feel uncomfortable. In contract all other online banks simply give you options on their website what to do with your money - either get a bonus and keep your money invested there or get your cash back.

  • JRodgers

    January 12, 2010

    @ sagitarius84, Calling isn't the problem, but treating one customer different from another is. Offering a retention bonus to one caller because they call at 7 PM and not to another because they call at 7 AM is absurd.

  • Rick S.

    January 12, 2010

    Would you like a pony? In my case, I even asked for a real pony and said that I know that they are giving them out, and they said that all I could have is a toy one.

  • Rick S.

    January 22, 2010

    Even worse than all of this: I told them that I wanted the money bank at maturity in the form of a check. It is now 9 days and I am still waiting.

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