So what is Ally's High Yield CD: If you have some savings left to be invested into a 2 year CD then this may be a good place to consider. It is a 24 month CD featuring 2.10% APY, and Ally allows you, once, to call them and request for a new higher rate (bump-up) if you notice a better rate during the term of your CD for the remaining term.
Let me put this in simple words: Suppose I open Ally's 2 years High Yield CD today at 2.10% APY. Now suppose Ally bumps up the APY for this product to 2.50% after 1 year, then I may call Ally and request them to apply this new higher rate to my CD funds for the remaining term that is, for this example, 1 year.
Like Ally's most other products, this CD comes with no fees, no minimum deposit amount, FDIC insured, etc. The 2.10% APY is pretty high already and considering the market improving day by day, I believe, the APY will definite increase a lot by 2012 thus making this product a bright option.