If you’ve ever bought CDs from Ally Bank, there’s a good chance that you’re familiar with their loyalty bonus.
In short, when one of your CD matures, they’ll give you 0.25% on top of the best available rate if you renew it.
Well, I have a four year CD maturing in a week and I have other plans for the money so I pinged their online chat to ask for the proceeds to be moved into our online savings account instead of renewing into another CD.
Side note: This CD, which I bought in the fall of 2008, has been paying 4.75% APY. If I renewed? Roughly one-third of that, even with the bonus.
While chatting with the rep, he reminded me of the policy, saying:
“Are you aware that any CD that matures up to December 31, 2012 qualifies for the loyalty reward of an additional 0.25% interest on the best rate available?”
Hmmm. Interesting. Through December 31st, but (seemingly) not beyond? I was curious if this deal was really ending in December, or if they just hadn’t extended it yet, so I asked.
“To my knowledge we have no plans to extend the loyalty reward at this time.”
I’m not sure how accurate that information is, but it came straight from the horse’s mouth (so to speak), so… There you go.
Update: The bonus has been extended for (at least) another quarter.
As an aside, I also learned that Ally will let you change the term of the CD that you’re renewing and still get the bonus. I wasn’t aware of that option.