Dedicated to Deposits: Deals, Data, and Discussion

More Rate Cuts at Ally Bank

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Ally Bank
This is the second Friday in a row that Ally Bank made significant rate cuts, and it makes you wonder if the pressure from the FDIC is having an effect. On the positive side, the no-penalty 9-month CD rate remains at 2.30% APY and the online savings account rate remains at 2.05% APY.

The largest rate cut was on the 3-month CD. That rate fell from 1.60% to 1.40%. With a 3-month CD rate this low, I don't know why anyone would open this rather than the online savings account. The 12-month CD rate also had a sizable rate cut. It fell from 2.49% to 2.35% APY.

Last week, the savings account rate fell, and the money market account rate held. It's the other way around this week, but the money market rate drop was minor with a cut of 5 basis points. It's now 1.85% APY.

The table below shows how the deposit rates have fallen over the last two weeks.

Account 5/29 Rates 6/5 Rates 6/12 Rates 2-Week Chg
Term APY APY APY BPS

Savings 2.25% 2.05% 2.05% -20
MMA 1.90% 1.90% 1.85% -05
No-Penalty CD
9-month 2.50% 2.30% 2.30% -20
Classic CDs
3-month 1.70% 1.60% 1.40% -30
6-month 2.10% 2.00% 1.90% -20
9-month 2.60% 1.90% 1.85% -75
12-month 2.80% 2.49% 2.35% -45
18-month 2.60% 2.40% 2.30% -30
24-month 2.75% 2.55% 2.50% -25
36-month 3.10% 3.00% 3.00% -10
48-month 3.25% 3.00% 3.00% -25
60-month 3.50% 3.50% 3.45% -05

For more information on Ally Bank and the savings accounts and CDs, please refer to this post. Ally Bank deposit accounts are FDIC insured (FDIC Certificate # 57803).

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  Tags: Ally Bank, CD rates, savings account

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